International Seaways Reports Record Q1 Earnings and Declares Largest-Ever $4.55/Share Dividend

summarizeSummary

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.

check_boxKey Events

• 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.

• 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.

• 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%.

• 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.

auto_awesomeAnalysis

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.