International Seaways Reports Record Q1 Earnings, Boosts Supplemental Dividend to $4.43/Share

summarizeSummary

International Seaways reported record Q1 2026 earnings with significantly higher net income and EPS, and declared a substantial $4.43 supplemental dividend, reflecting strong financial health and strategic fleet management.

check_boxKey Events

• Record First Quarter Financial Performance

  Net income surged to $286.1 million ($5.75 diluted EPS) in Q1 2026, a significant increase from $49.6 million ($1.00 diluted EPS) in Q1 2025, driven by a 78% rise in Time Charter Equivalent (TCE) revenues to $317.2 million.

• Substantial Supplemental Dividend Declared

  The Board declared a regular quarterly dividend of $0.12/share and a supplemental dividend of $4.43/share, totaling $4.55 per share, to be paid on June 26, 2026. This follows a previous supplemental dividend of $2.03/share.

• Strong Liquidity and Reduced Net Debt

  Total liquidity stands at $917.9 million as of March 31, 2026, with net debt to capital significantly reduced to 9.3% from 16.5% at year-end 2025, indicating robust financial health.

• Strategic Fleet Optimization and Acquisition

  The company generated $222.8 million in net proceeds from the disposal of seven older vessels (one 2007-built MR, four 2008-built MRs, one 2010-built VLCC, and one 2012-built VLCC), recognizing an $88.2 million gain. It also took delivery of two new LR1 vessels and acquired the remaining 50% interest in Tankers (UK) Agencies Limited (TUKA) for $10.0 million, recognizing a $3.9 million non-cash gain.

auto_awesomeAnalysis

International Seaways, Inc. has filed its detailed Q1 2026 earnings report, confirming the robust performance previously announced today. The company reported a significant increase in net income to $286.1 million and diluted EPS of $5.75, a substantial improvement from $49.6 million and $1.00, respectively, in Q1 2025. This exceptional financial performance is further underscored by a substantial increase in the supplemental cash dividend to $4.43 per share, bringing the total quarterly dividend to $4.55 per share. The company also highlighted its strategic fleet optimization, including $222.8 million in net proceeds from vessel disposals and the delivery of new LR1 vessels, alongside an improved balance sheet with net debt to capital reduced to 9.3%. While acknowledging ongoing geopolitical risks in the Middle East, the company states these have not had a material adverse effect on operations to date. This filing reinforces the company's strong operational execution and commitment to shareholder returns.