International Seaways Reports Record Q1 Earnings and Declares Largest-Ever $4.55/Share Dividend
INSW has more than doubled off its 52-week low of $35.6.
Summary
International Seaways announced record first-quarter 2026 earnings, with adjusted EPS of $3.90, and declared its largest-ever quarterly dividend of $4.55 per share, reflecting strong financial performance and a commitment to shareholder returns.
Key Events · Earnings and Guidance · INSW
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Record Q1 2026 Financial Performance
Reported net income of $286 million ($5.75 per diluted share) and adjusted net income of $194 million ($3.90 per diluted share), significantly exceeding prior year results and analyst consensus. Adjusted EBITDA reached $244 million, up from $91 million in Q1 2025.
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Largest-Ever Quarterly Dividend Declared
The Board declared a combined dividend of $4.55 per share ($4.43 supplemental + $0.12 regular), payable June 26, 2026. This represents the largest quarterly dividend in company history and an increased payout ratio of 85% of adjusted net income.
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Strong Liquidity and Balance Sheet
Maintained approximately $918 million in total liquidity as of March 31, 2026, including $377 million in cash and $541 million in undrawn revolving credit capacity, with net loan-to-value below 7%.
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Fleet Optimization and Asset Sales
Sold seven older vessels for approximately $216 million, recognizing $88 million in gains, and took delivery of two new LR1 vessels, with two more expected by Q3 2026. The company also acquired sole ownership of Tankers International.
Analysis · INSW · Energy & Transportation
International Seaways, Inc. reported exceptionally strong first-quarter 2026 results, significantly surpassing analyst expectations with adjusted EPS of $3.90. This robust performance, driven by higher TCE revenues across its crude and product tanker segments, led the Board to declare a record-high combined dividend of $4.55 per share. This dividend, which includes a substantial supplemental component and increases the payout ratio to 85% of adjusted net income, signals strong confidence in the company's cash generation capabilities and commitment to shareholder returns. The company also highlighted a healthy balance sheet with nearly $1 billion in liquidity and continued fleet optimization through vessel sales and newbuilding deliveries, positioning it well in a favorable market environment. This positive news comes as the stock is trading near its 52-week high, reinforcing investor sentiment.
At the time of this filing, INSW was trading at $90.00 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $4.2B. The 52-week trading range was $35.60 to $88.52. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.