New York – 7 May 2026
International Seaways, Inc. (NYSE: INSW) (the “Company,” “Seaways,” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today reported results for the first quarter 2026.
• Net income for the first quarter of 2026 was $286 million, or $5.75 per diluted share.
• Adjusted net income (1) for the first quarter of 2026 was $194 million, or $3.90 per diluted share.
• Adjusted EBITDA (1) for the first quarter or 2026 was $244 million.
• Declared the largest quarterly dividend in Company history: $4.55 per share to be paid in June 2026.
• Increased payout ratio to 85% of adjusted net income and included an additional discretionary component for the quarter, reflecting strong performance and market conditions.
• Delivered total shareholder return of over 74% year to date, including share price appreciation and the March 2026 dividend.
• Paid $2.15 per share in total dividends in March 2026, reaching a milestone of $1 billion returned to shareholders since 2020.
• Total liquidity was approximately $918 million as of March 31, 2026, including cash of $377 million and $541 million undrawn revolving credit capacity.
• Net loan-to-value below 7% as of March 31, 2026.
• Sold seven vessels with an average age of 17 years for proceeds of approximately $216 million net of positioning, commissions, and fees, and recognized gains of $88 million in the first quarter.
• Took delivery of Seaways Bonita in the first quarter and Seaways Cristobal in April, the third and fourth of six LR1 newbuildings. The remaining two vessels are expected to deliver during the third quarter of 2026.
Lois K. Zabrocky, International Seaways President and CEO commented, “We delivered an excellent first quarter, our strongest since the fourth quarter of 2022, with meaningful contributions from both our crude and product tankers. Following the highest dividend in our history last quarter, we more than doubled our dividend this quarter to $4.55 per share by increasing our payout ratio to 85% of adjusted earnings and including an additional discretionary component that reflects the strength of today’s market and the performance we’ve built over time. With a robust balance sheet, nearly $1 billion of liquidity, and a notably strong start to the second quarter, we remain well positioned to continue delivering attractive returns and creating long-term value for our shareholders.”
Ms. Zabrocky continued, “Geopolitics are a constant in our business and typically create inefficiencies as markets adjust to new trading patterns. The situation in the Strait of Hormuz, however, is more significant, as the world cannot substitute more than 20 million barrels per day of oil and refined product. While excess supply on the water and available inventories have helped support the global economy in the early days of this conflict, a prolonged disruption would place considerable strain on global markets. In the near term, we remain focused on operating in a strong market environment as conditions evolve, while hoping for a resolution before any broader impact on the global economy emerges.
As conditions normalize, we would still expect tanker markets to benefit from the rebalancing of trade flows and the replenishment of inventories.”
Jeff Pribor, the Company’s CFO stated, “Underlying cash generation was the strongest in the Company’s history, excluding the impact of working capital movements. In addition, we generated $216 million in proceeds from vessel sales during the quarter. Together, this supported our decision to increase the minimum payout ratio to 85% and include a discretionary component in the dividend for this quarter, reinforcing our commitment to returning capital to shareholders. At the same time, we continue to maintain a strong balance sheet with low leverage and significant liquidity, positioning us to deliver attractive returns while remaining opportunistic across our capital allocation priorities.”
Net income for the first quarter of 2026 was $286 million, or $5.75 per diluted share, compared to net income of $50 million, or $1.00 per diluted share, for the first quarter of 2025. The increase was primarily driven by higher TCE revenues(1) from spot earnings that increased an average of approximately $30,000 per day across the fleet and an increase in gains on vessel sales.
Shipping revenues for the first quarter were $325 million, compared to $183 million for the first quarter of 2025. Consolidated TCE revenues(1) for the first quarter were $317 million, compared to $178 million for the first quarter of 2025.
Adjusted EBITDA(1) for the first quarter was $244 million, compared to $91 million for the first quarter of 2025.
Shipping revenues for the Crude Tankers segment were $191 million for the first quarter of 2026, compared to $88 million for the first quarter of 2025. TCE revenues(1) were $184 million for the first quarter, compared to $85 million for the first quarter of 2025. The increase in TCE revenues(1) was driven by higher average spot earnings of over $41,000 per day and higher average time charter earnings of approximately $46,500 per day, reflecting higher profit-sharing results.
Shipping revenues for the Product Carriers segment were $134 million for the first quarter, compared to $95 million for the first quarter of 2025. TCE revenues(1) were $133 million for the first quarter, compared to $94 million for the first quarter of 2025. The increase in the first quarter of 2026 was attributable to higher TCE revenues(1) from spot earnings of approximately $21,000 per day compared to the first quarter of 2025.
In March 2026, the Company paid a combined dividend of $2.15 per share of common stock, composed of a regular quarterly dividend of $0.12 per share of common stock and a supplemental dividend of $2.03 per share.
On May 6, 2026, the Company’s Board of Directors declared a combined dividend of $4.55 per share of common stock, composed of a regular quarterly dividend of $0.12 per share of common stock and a supplemental dividend of $4.43 per share of common stock. Both dividends will be paid on June 26, 2026, to shareholders with a record date at the close of business on June 12, 2026.
The Company currently has $50 million authorized under its share repurchase program, which expires at the end of 2026.
During the first quarter of 2026, the Company drew $43 million under the Korean export agency-backed facility (the “ECA Credit Facility”) in connection with the delivery of Seaways Bonita.
In 2025, the Company entered into the ECA Credit Facility with DNB Bank and K-Sure for up to $240 million, secured by six LR1 newbuildings. The 12-year facility combines for a 20-year amortization profile and a blended interest rate of SOFR plus 125 basis points across two tranches. Funds will be drawn under the facility in connection with the delivery of each vessel. The Company drew another $43 million in April 2026 in connection with the delivery of Seaways Cristobal.
During the first quarter of 2026, the Company made $6 million in scheduled principal repayments in connection with all of its debt arrangements.
On January 27, 2026, the Company acquired sole ownership of Tankers International, a leading shipping pool founded in 2000, providing commercial management of modern VLCC tonnage. Tankers International has formed a new pool to expand its commercial management into the Suezmax class, which commenced operations in March.
In the first quarter of 2026, the Company sold seven vessels for aggregate proceeds of approximately $216 million, net of positioning, commissions and fees. The vessels were among the oldest remaining in the fleet, consisting of five MRs with an average age of 18 years and two VLCCs with an average age of 15 years. The Company recognized gains of approximately $88 million in connection with the sale of these vessels.
During 2026 to date, the Company took delivery of Seaways Bonita and Seaways Cristobal, the third and fourth of six LR1 newbuildings under construction in Korea with K Shipbuilding Co., Ltd. The remaining two vessels are expected to deliver by September 2026. The aggregate contract price for the six scrubber-fitted, dual-fuel ready LR1 vessels is approximately $359 million. As of March 31, 2026, the Company has approximately $122 million in remaining construction costs, of which approximately $116 million is expected to be drawn from the ECA Credit Facility in accordance with the delivery schedule.
During the first quarter, the Company entered into an additional time charter agreement for three years on a 2012-built Suezmax with future contracted revenue of approximately $43 million. As of April 1, 2026, the Company has 14 vessels on time charter agreements with an average duration of 1.4 years and total future contracted revenues through expiry of approximately $223 million, excluding any applicable profit share.
(1)
International Seaways, Inc. (NYSE: INSW) is one of the largest public tanker companies in the world, providing seaborne transportation services for crude oil and refined petroleum products. The Company owns and operates a fleet across the principal tanker asset classes, including vessels on order. The Company focuses on the safe and reliable operation of its fleet and primarily employs its vessels in commercial pools, most of which it has an ownership interest, enhancing scale and market access. The Company is headquartered in New York City, N.Y. Additional information is available at
