International Seaways (INSW) Q3 2026 earnings summary

Executive summary

• Record Q3 net income was $344.2 million, or $6.90 per diluted share; adjusted net income was $294.4 million and adjusted EBITDA was $344.5 million.

• TCE revenue reached $442.6 million as blended spot TCE averaged $67,700/day; Q4 fixtures were 53% fixed at a blended $172,300/day as of Oct. 28.

• Strong liquidity, fleet renewal and shareholder returns continued, including a $5.05/share dividend and the post-quarter Bruton acquisition.

Financial highlights

• Q3 shipping revenue was $483.2 million and operating income was $351.3 million; net income rose from $70.5 million in Q3 2025.

• Q3 free cash flow was $234.1 million and operating cash flow was $243.0 million.

• 9M net income was $925.3 million versus $181.8 million; 9M adjusted EBITDA was $933.3 million versus $299.9 million.

• Q3 adjusted results exclude a $52.8 million vessel-disposal gain; adjusted net income was $294.4 million.

Outlook and guidance

• Q4 fixtures were 53% fixed at a blended TCE of $172,300/day as of Oct. 28; realized rates may change as additional voyages are fixed.

• FY 2027 contracted time-charter revenue excluding profit share is estimated at $148–156 million; vessel expenses at $268–280 million, cash interest at $45–53 million, debt repayments at $42–47 million, and drydock/capex at $109–125 million.

• Four LR1 newbuilds are scheduled for H2 2028 delivery at an aggregate $244 million contract price; planned funding combines long-term financing and available liquidity.

• Historically high tanker rates may not persist; trade-flow rebalancing and inventory replenishment could support markets as conditions normalize.