International Seaways (NYSE: INSW) lifts Q1 profit and $4.55 dividend
Rhea-AI Filing Summary
International Seaways reported a very strong first quarter 2026 and raised its dividend sharply. Net income jumped to $286 million, or $5.75 per diluted share, from $50 million, or $1.00 per share, a year earlier, as shipping revenues rose to $325 million and TCE revenues to $317 million. Adjusted EBITDA increased to $244 million and adjusted net income to $194 million, or $3.90 per diluted share.
The Board declared a combined dividend of $4.55 per share, including a $4.43 supplemental dividend and a $0.12 regular quarterly dividend, more than double the $2.15 per share paid in March 2026. Management highlighted nearly $1 billion of liquidity, $216 million of vessel sale proceeds and $88 million of related gains, plus ongoing fleet renewal with LR1 newbuildings and expanded commercial pooling through sole ownership of Tankers International.
Positive
- Exceptional earnings growth and margins with Q1 2026 net income rising to $286 million and Adjusted EBITDA to $244 million, driven by significantly higher TCE rates across both crude and product tanker fleets.
- Substantial capital return to shareholders via a combined $4.55 per share dividend for Q2 2026, more than double the $2.15 per share paid in March 2026, alongside an 85% adjusted earnings payout ratio.
- Strong balance sheet and liquidity including nearly $1 billion of liquidity, ongoing access to the $240 million ECA Credit Facility, and vessel sale proceeds of approximately $216 million generating about $88 million of gains.
- Strategic fleet renewal and commercial scale-up through LR1 newbuild deliveries, expected remaining construction spend of about $122 million largely funded by the ECA Credit Facility, and acquisition of sole ownership of Tankers International with a new Suezmax pool.
Negative
- None.
Insights
INSW delivered record-like Q1 profitability, a large cash dividend, and continued fleet upgrading.
International Seaways reported Q1 2026 net income of $286 million, up sharply from $50 million a year earlier, with diluted EPS rising from $1.00 to $5.75. Shipping revenues increased to $325 million and consolidated TCE revenues to $317 million, driven by materially higher spot and time-charter rates across crude and product tankers.
Profitability improvements flowed into cash generation: Adjusted EBITDA reached $244 million, while vessel sales produced about $216 million of proceeds and $88 million of gains. Management cited nearly $1 billion of liquidity and low leverage, supported by the ECA Credit Facility drawings for LR1 newbuildings, leaving significant financial flexibility.
The Board declared a combined dividend of $4.55 per share, including a $4.43 supplemental component and a regular $0.12 dividend, more than double the $2.15 paid in March 2026. The payout ratio was increased to 85% of adjusted earnings for the quarter, illustrating a strong capital return focus while the company continues fleet optimization, newbuild deliveries through September 2026, and expansion of Tankers International’s pooling platform.
8-K Event Classification
Key Figures
Key Terms
Time charter equivalent (TCE) revenues financial
Adjusted EBITDA financial
supplemental dividend financial
ECA Credit Facility financial
dual-fuel ready technical
commercial pools financial
Earnings Snapshot
United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM
CURRENT REPORT
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Symbol | Name of each exchange on which registered |
| N/A |
Section 2 – Financial Information
| Item 2.02 | Results of Operations and Financial Condition. |
The following information, including the Exhibit to this Form 8-K, is being furnished pursuant to Item 2.02 — Results of Operations and Financial Condition of Form 8-K. This information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into any Securities Act of 1933 registration statements.
On May 7, 2026, International Seaways, Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing first quarter 2026 earnings.
Section 7 – Regulation FD
| Item 7.01 | Regulation FD Disclosure. |
The following information, including the Exhibit to this Form 8-K, is being furnished pursuant to Item 7.01 — Regulation FD Disclosure of Form 8-K. This information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into any Securities Act of 1933 registration statements.
On May 6, 2026, INSW’s Board of Directors declared a combined dividend of $4.55 per share of common stock payable in the second quarter of 2026, comprised of a supplemental dividend of $4.43 per share of common stock and a regular quarterly dividend of $0.12 per share of common stock. Both such dividends are payable on June 26, 2026 to shareholders of record at the close of business on June 12, 2026.
Section 9 – Financial Statements and Exhibits
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
Pursuant to General Instruction B.2 of Form 8-K, the following exhibit is furnished with this Form 8-K.
| Exhibit No. | Description | |
| 99.1 | Press Release dated May 7, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
INTERNATIONAL SEAWAYS, INC. (Registrant) | |||
| Date: May 7, 2026 | By | /s/ James D. Small III | |
| Name: | James D. Small III | ||
| Title: | Chief Administrative Officer, Senior Vice President, Secretary and General Counsel | ||
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Press Release dated May 7, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Exhibit 99.1
INTERNATIONAL SEAWAYS REPORTS
FIRST QUARTER 2026 RESULTS
New York, NY – May 7, 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.
HIGHLIGHTS & RECENT DEVELOPMENTS
Quarterly Results:
| · | 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. |
Returns to Shareholders:
| · | 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. |
Healthy Balance Sheet:
| · | 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. |
Fleet Optimization Program:
| · | 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.”
FIRST QUARTER 2026 RESULTS
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.
Crude Tankers
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.
Product Carriers
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.
RETURNING CASH TO SHAREHOLDERS
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.
HEALTHY BALANCE SHEET
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.
FLEET OPTIMIZATION PROGRAM
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) This is a non-GAAP financial measure used throughout this press release; please refer to the section “Reconciliation to Non-GAAP Financial Information” for explanations of our non-GAAP financial measures and the reconciliations of reported GAAP to non-GAAP financial measures.
CONFERENCE CALL
The Company will host a conference call to discuss its first quarter 2026 results at 9:00 a.m. Eastern Time on Thursday, May 7, 2026. To access the call, participants should dial (800) 715-9871 for domestic callers and (646) 307-1963 for international callers and entering 1842743. Please dial in ten minutes prior to the start of the call. A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at https://www.intlseas.com.
An audio replay of the conference call will be available until May 14, 2026, by dialing (800) 770-2030 for domestic callers and (609) 800-9909 for international callers, and entering Access Code 1842743.
ABOUT INTERNATIONAL SEAWAYS, INC.
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 https://www.intlseas.com.
Forward-Looking Statements
This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the U.S. Securities and Exchange Commission (the “SEC”), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to plans to issue dividends, the Company’s prospects, including statements regarding vessel acquisitions, expected synergies, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2025 for the Company, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.
Investor Relations & Media Contact:
Tom Trovato, International Seaways, Inc.
(212) 578-1602
ttrovato@intlseas.com
Category: Earnings
| Consolidated Statements of Operations | |||||||
| ($ in thousands, except per share amounts) |
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Shipping Revenues: | ||||||||
| Pool revenues | $ | 248,498 | $ | 137,596 | ||||
| Time and bareboat charter revenues | 61,015 | 35,857 | ||||||
| Voyage charter revenues | 15,963 | 9,941 | ||||||
| Total Shipping Revenues | 325,476 | 183,394 | ||||||
| Other Operating Income | 1,900 | - | ||||||
| Operating Expenses: | ||||||||
| Voyage expenses | 8,231 | 5,052 | ||||||
| Vessel expenses | 61,039 | 67,028 | ||||||
| Charter hire expenses | 7,696 | 9,145 | ||||||
| Depreciation and amortization | 40,567 | 39,705 | ||||||
| General and administrative | 9,311 | 13,217 | ||||||
| Other operating expenses | 138 | 95 | ||||||
| Gain on disposal of vessels and other assets, net | (88,171 | ) | (10,021 | ) | ||||
| Total operating expenses | 38,811 | 124,221 | ||||||
| Income from vessel operations | 288,565 | 59,173 | ||||||
| Holding gain on previously held equity interest | 3,919 | - | ||||||
| Operating income | 292,484 | 59,173 | ||||||
| Other income | 2,618 | 1,844 | ||||||
| Income before interest expense | 295,102 | 61,017 | ||||||
| Interest expense | (8,959 | ) | (11,452 | ) | ||||
| Net income | $ | 286,143 | $ | 49,565 | ||||
| Weighted Average Number of Common Shares Outstanding: | ||||||||
| Basic | 49,460,962 | 49,307,449 | ||||||
| Diluted | 49,714,857 | 49,528,814 | ||||||
| Per Share Amounts: | ||||||||
| Basic net income per share | $ | 5.78 | $ | 1.00 | ||||
| Diluted net income per share | $ | 5.75 | $ | 1.00 | ||||
| Consolidated Balance Sheets | ||||||
| ($ in thousands) |
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 141,847 | $ | 116,922 | ||||
| Short-term investments | 235,000 | 50,000 | ||||||
| Voyage receivables | 242,467 | 177,887 | ||||||
| Other receivables | 25,719 | 13,836 | ||||||
| Inventories | 5,407 | 611 | ||||||
| Prepaid expenses and other current assets | 15,729 | 7,384 | ||||||
| Current portion of derivative asset | 317 | 406 | ||||||
| Total Current Assets | 666,486 | 367,046 | ||||||
| Vessels and other property, less accumulated depreciation | 1,987,355 | 2,077,986 | ||||||
| Vessels construction in progress | 64,223 | 57,725 | ||||||
| Deferred drydock expenditures, net | 98,043 | 109,257 | ||||||
| Operating lease right-of-use assets | 6,222 | 7,220 | ||||||
| Pool working capital deposits | 27,571 | 33,051 | ||||||
| Goodwill | 7,372 | - | ||||||
| Long-term derivative asset | - | 5 | ||||||
| Other assets | 14,071 | 16,352 | ||||||
| Total Assets | $ | 2,871,343 | $ | 2,668,642 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 60,388 | $ | 69,921 | ||||
| Current portion of operating lease liabilities | 2,240 | 3,182 | ||||||
| Current installments of long-term debt | 28,161 | 25,788 | ||||||
| Total Current Liabilities | 90,789 | 98,891 | ||||||
| Long-term operating lease liabilities | 5,793 | 5,954 | ||||||
| Long-term debt | 573,927 | 541,291 | ||||||
| Other liabilities | 6,559 | 2,229 | ||||||
| Total Liabilities | 677,068 | 648,365 | ||||||
| Equity: | ||||||||
| Total Equity | 2,194,275 | 2,020,277 | ||||||
| Total Liabilities and Equity | $ | 2,871,343 | $ | 2,668,642 | ||||
| Consolidated Statements of Cash Flows | ||||||
| ($ in thousands) |
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Cash Flows from Operating Activities: | ||||||||
| Net income | $ | 286,143 | $ | 49,565 | ||||
| Items included in net income not affecting cash flows: | ||||||||
| Depreciation and amortization | 40,567 | 39,705 | ||||||
| Amortization of debt discount and other deferred financing costs | 1,261 | 983 | ||||||
| Stock compensation | 1,461 | 1,946 | ||||||
| Other – net | (529 | ) | 456 | |||||
| Items included in net income related to investing and financing activities: | ||||||||
| Gain on disposal of vessels and other assets, net | (88,171 | ) | (10,021 | ) | ||||
| Holding gain on previously held equity interest | (3,919 | ) | — | |||||
| Payments for drydocking | (13,850 | ) | (16,900 | ) | ||||
| Insurance claims proceeds related to vessel operations | 95 | 312 | ||||||
| Changes in operating assets and liabilities | (81,997 | ) | 3,901 | |||||
| Net cash provided by operating activities | 141,061 | 69,947 | ||||||
| Cash Flows from Investing Activities: | ||||||||
| Expenditures for vessels, vessel improvements, and vessels under construction | (70,655 | ) | (82,973 | ) | ||||
| Security deposits returned for vessel exchange transactions | — | 5,000 | ||||||
| Proceeds from disposal of vessels and other property, net | 222,833 | 115,264 | ||||||
| Expenditures for other property | (319 | ) | (376 | ) | ||||
| Cash consideration paid for the purchase of equity method investment, net of cash acquired | (4,493 | ) | — | |||||
| Investments in short term time deposits | (225,000 | ) | — | |||||
| Proceeds from maturities of short term time deposits | 40,000 | — | ||||||
| Net cash (used in)/provided by investing activities | (37,634 | ) | 36,915 | |||||
| Cash Flows from Financing Activities: | ||||||||
| Borrowings on nonrevolving credit facility debt | 42,604 | — | ||||||
| Borrowings on revolving credit facilities | — | 20,000 | ||||||
| Repayments on revolving credit facilities | — | (101,600 | ) | |||||
| Repayments of nonrevolving credit facility debt | (1,019 | ) | — | |||||
| Payments on sale and leaseback financing | (5,293 | ) | (12,242 | ) | ||||
| Payments of deferred financing costs | (1,563 | ) | — | |||||
| Cash dividends paid | (106,435 | ) | (34,495 | ) | ||||
| Cash paid to tax authority upon vesting or exercise of stock-based compensation | (6,796 | ) | (3,262 | ) | ||||
| Net cash used in financing activities | (78,502 | ) | (131,599 | ) | ||||
| Net increase/(decrease) in cash and cash equivalents | 24,925 | (24,737 | ) | |||||
| Cash and cash equivalents at beginning of year | 116,922 | 157,506 | ||||||
| Cash and cash equivalents at end of period | $ | 141,847 | $ | 132,769 | ||||
Spot and Fixed TCE Rates Achieved and Revenue Days
The following table provides a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three months ended March 31, 2026 and the comparable period of 2025. Revenue days in the quarter ended March 31, 2026 totaled 5,799 compared with 6,635 in the prior year quarter. The information in these tables excludes commercial pool fees/commissions averaging approximately $1,185 and $896 per day for the three months ended March 31, 2026 and 2025, respectively.
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | |||||||||||||||||||||||
| Spot | Fixed | Total | Spot | Fixed | Total | |||||||||||||||||||
| Crude Tankers | ||||||||||||||||||||||||
| VLCC | ||||||||||||||||||||||||
| Average TCE Rate | $ | 86,693 | $ | 128,264 | $ | 33,531 | $ | 37,974 | ||||||||||||||||
| Number of Revenue Days | 693 | 265 | 958 | 657 | 270 | 927 | ||||||||||||||||||
| Suezmax | ||||||||||||||||||||||||
| Average TCE Rate | $ | 68,027 | $ | 36,964 | $ | 30,911 | $ | 29,170 | ||||||||||||||||
| Number of Revenue Days | 979 | 184 | 1,163 | 1,088 | 78 | 1,166 | ||||||||||||||||||
| Aframax | ||||||||||||||||||||||||
| Average TCE Rate | $ | 51,379 | $ | 38,511 | $ | 25,422 | $ | 38,502 | ||||||||||||||||
| Number of Revenue Days | 266 | 90 | 356 | 270 | 89 | 359 | ||||||||||||||||||
| Total Crude Tankers Revenue Days | 1,988 | 539 | 2,477 | 2,015 | 437 | 2,452 | ||||||||||||||||||
| Product Carriers | ||||||||||||||||||||||||
| Aframax (LR2) | ||||||||||||||||||||||||
| Average TCE Rate | $ | - | $ | 39,509 | $ | - | $ | 39,417 | ||||||||||||||||
| Number of Revenue Days | - | 90 | 90 | - | 90 | 90 | ||||||||||||||||||
| Panamax (LR1) | ||||||||||||||||||||||||
| Average TCE Rate | $ | 70,664 | $ | - | $ | 27,367 | $ | - | ||||||||||||||||
| Number of Revenue Days | 507 | - | 507 | 719 | - | 719 | ||||||||||||||||||
| MR | ||||||||||||||||||||||||
| Average TCE Rate | $ | 37,224 | $ | 22,037 | $ | 21,408 | $ | 21,782 | ||||||||||||||||
| Number of Revenue Days | 2,192 | 533 | 2,725 | 2,664 | 710 | 3,374 | ||||||||||||||||||
| Total Product Carriers Revenue Days | 2,699 | 623 | 3,322 | 3,383 | 800 | 4,183 | ||||||||||||||||||
| Total Revenue Days | 4,637 | 1,162 | 5,799 | 5,398 | 1,237 | 6,635 | ||||||||||||||||||
Revenue days in the above table exclude days related to full service lighterings and certain of the Company’s vessels that were employed in transitional voyages.
During the 2026 and 2025 periods, each of the Company’s LR1s participated in the Panamax International Pool and transported crude oil cargoes exclusively.
Fleet Information
As of March 31, 2026, INSW’s fleet totaled 67 vessels, of which 59 were owned and 8 were chartered in.
| Total at March 31, 2026 | ||||||||||||||||
| Vessel Fleet and Type | Vessels Owned | Vessels Chartered-in1 | Total Vessels | Total Dwt | ||||||||||||
| Operating Fleet | ||||||||||||||||
| VLCC | 7 | 3 | 10 | 3,003,422 | ||||||||||||
| Suezmax | 13 | - | 13 | 2,061,754 | ||||||||||||
| Aframax | 4 | - | 4 | 452,375 | ||||||||||||
| Crude Tankers | 24 | 3 | 27 | 5,517,551 | ||||||||||||
| LR2 | 1 | - | 1 | 112,691 | ||||||||||||
| LR1 | 7 | 1 | 8 | 594,367 | ||||||||||||
| MR | 24 | 4 | 28 | 1,410,231 | ||||||||||||
| Product Carriers | 32 | 5 | 37 | 2,117,289 | ||||||||||||
| Total Operating Fleet | 56 | 8 | 64 | 7,634,840 | ||||||||||||
| Newbuild Fleet | ||||||||||||||||
| LR1 | 3 | - | 3 | 223,200 | ||||||||||||
| Total Newbuild Fleet | 3 | - | 3 | 223,200 | ||||||||||||
| Total Operating and Newbuild Fleet | 59 | 8 | 67 | 7,858,040 | ||||||||||||
(1) Includes bareboat charters, but excludes vessels chartered in where the duration of the charter was one year or less at inception.
Reconciliation to Non-GAAP Financial Information
The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures may provide certain investors with additional information that will better enable them to evaluate the Company’s performance. Accordingly, these non-GAAP measures are intended to provide supplemental information, and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.
Adjusted Net Income
Adjusted Net Income consists of Net Income adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. This measure does not represent or substitute net income or any other financial item that is determined in accordance with GAAP. While Adjusted Net Income is frequently used as a measure of operating results and performance, it may not be necessarily comparable with other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income, as reflected in the consolidated statement of operations, to Adjusted Net Income:
| Three Months Ended March 31, | ||||||||
| ($ in thousands) | 2026 | 2025 | ||||||
| Net income | $ | 286,143 | $ | 49,565 | ||||
| Gain on disposal of vessels and other assets, net | (88,171 | ) | (10,021 | ) | ||||
| Gain on equity method investment | (3,919 | ) | - | |||||
| Adjusted Net Income | $ | 194,053 | $ | 39,544 | ||||
| Weighted average shares outstanding (diluted) | 49,714,857 | 49,528,814 | ||||||
| Adjusted Net Income per diluted share | $ | 3.90 | $ | 0.80 | ||||
EBITDA and Adjusted EBITDA
EBITDA represents net income before interest expense, income taxes, and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be a substitute for, net income or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and performance, neither of them is necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income/(loss) as reflected in the condensed consolidated statements of operations, to EBITDA and Adjusted EBITDA:
| Three Months Ended March 31, | ||||||||
| ($ in thousands) | 2026 | 2025 | ||||||
| Net income | $ | 286,143 | $ | 49,565 | ||||
| Interest expense | 8,959 | 11,452 | ||||||
| Depreciation and amortization | 40,567 | 39,705 | ||||||
| EBITDA | 335,669 | 100,722 | ||||||
| Gain on disposal of vessels and other assets, net | (88,171 | ) | (10,021 | ) | ||||
| Holding gain on previously held equity interest | (3,919 | ) | - | |||||
| Adjusted EBITDA | $ | 243,579 | $ | 90,701 | ||||
Time Charter Equivalent (TCE) Revenues
Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. Time charter equivalent revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow:
| Three Months Ended March 31, | ||||||||
| ($ in thousands) | 2026 | 2025 | ||||||
| Time charter equivalent revenues | $ | 317,245 | $ | 178,342 | ||||
| Add: Voyage expenses | 8,231 | 5,052 | ||||||
| Shipping Revenues | $ | 325,476 | $ | 183,394 | ||||