$INSW earnings report

International Seaways reported a record third quarter, with GAAP net income of $ 344,238, compared with $ 70,546 in the prior-year quarter, and diluted net income per share of $ 6.90, compared with $ 1.42. Total Shipping Revenues were $ 483,202 versus $ 196,388, while time charter equivalent revenues were $ 442,557 versus $ 192,468. Management attributed the increase primarily to spot earnings that increased an average of approximately $38,300 per day across the fleet and higher profit-sharing results on applicable time charters by approximately $75 million.

Crude Tankers supplied the largest uplift. Segment shipping revenues were $359 million and TCE revenues were $321 million, compared with $96 million and $93 million, respectively, in the third quarter of 2025. Management cited higher average spot earnings of over $78,000 per day and average time-charter earnings of approximately $274,000 per day. Product Carriers shipping revenues were $124 million and TCE revenues were $121 million, compared with $100 million and $99 million, respectively. Total revenue days declined to 5,840 from 6,245, showing that stronger tanker rates rather than more operating days drove the period’s revenue expansion.

Profitability and cash generation were strong even after separating vessel-sale effects. Adjusted Net Income was $ 291,421, compared with $ 56,888, and Adjusted EBITDA was $ 344,546, compared with $ 107,681. Quarterly free cash flow was $ 234,052, compared with $ 63,384. GAAP net income included a gain on disposal of vessels and other assets, net, of $ 52,817, principally associated with the sale of a 2012-built Suezmax for $74 million, net of commissions and fees. For the nine months ended September 30, 2026, vessel sales generated aggregate proceeds of approximately $290 million and gains of approximately $141 million.

Capital allocation combined substantial shareholder distributions with fleet renewal and expansion. The Company paid $5.05 per share in September, declared a further $5.05 per share dividend payable December 23, 2026, and increased and extended its share repurchase program to $100 million through the end of 2028. The Company completed its six-vessel LR1 newbuilding program during the quarter at an aggregate contract price of approximately $359 million, has four additional LR1s contracted for the second half of 2028 at an aggregate contract price of $244 million, and executed transactions to acquire Bruton and its four newbuilding VLCCs.

Liquidity was approximately $964 million as of September 30, 2026, including cash and short-term investments of $454 million and $510 million of undrawn revolving credit capacity, while net loan-to-value was less than 6%. The Bruton transaction adds construction commitments, with remaining installments totaling $279 million as of October 31, 2026, although sale leaseback financing agreements are in place for up to 90% of construction price. Forward contracted coverage includes 11 vessels on time charter as of October 1, 2026, with total future contracted revenues through expiry of approximately $305 million, excluding applicable profit share. The filing provides fleet and charter expectations but no conventional financial outlook for revenue, expenses, margins or tax rate.

International Seaways reported record second-quarter financial results. Net income was $295 million, or $5.91 per diluted share, compared to $62 million, or $1.25 per diluted share, in the second quarter of 2025. Shipping revenues were $467 million compared to $196 million, while consolidated TCE revenues were $434 million compared to $189 million. Adjusted EBITDA was $345 million compared to $102 million, and quarterly free cash flow was a record $261 million.

The release attributes the earnings increase primarily to higher fleetwide spot earnings, which increased an average of approximately $51,500 per day, and higher profit-sharing on applicable time charters. Crude Tankers shipping revenues were $285 million compared to $104 million, with TCE revenues of $253 million compared to $99 million. Product Carriers shipping revenues were $182 million compared to $92 million, with TCE revenues of $181 million compared to $90 million. This indicates strength across both crude and product tanker operations in the reported period.

Capital allocation remained centered on shareholder distributions and fleet investment. The Company paid total dividends of $4.55 per share in June 2026 and declared a quarterly dividend of $5.05 per share, payable on September 24, 2026. It also retained $50 million of share-repurchase authorization through the end of 2026. The Company contracted four additional LR1 newbuildings for $244 million in aggregate, while the remaining two vessels from the original six-vessel program are expected to deliver in the third quarter of 2026.

Liquidity and leverage provide the stated capacity for both distributions and vessel investment. Total liquidity was approximately $935 million at June 30, 2026, including $409 million of cash, including short-term investments, and $526 million of undrawn revolving credit capacity. Net loan-to-value was approximately 6%. The Company drew $43 million under the ECA Credit Facility during the quarter, has approximately $73 million of remaining construction costs for the original six LR1 vessels, and made $13 million in scheduled principal repayments during the six months ended June 30, 2026.

The filing does not provide conventional revenue, margin, expense, tax-rate, EPS or cash-flow guidance. The principal forward items are the expected third-quarter 2026 delivery of two LR1 vessels, second-half 2028 delivery of four additional LR1 vessels, and expected financing through long-term financing and available liquidity. Investors should focus on spot earnings, time-charter profit sharing, completion of the LR1 program, and execution of contracted future charter revenues of approximately $240 million as of July 1, 2026, excluding applicable profit share.