Quarterly ResultMay 7, 2026, 07:47 AM
International Seaways Q1 Net Income $286M; Declares Record $4.55 Dividend
AI Summary
International Seaways reported strong first quarter 2026 results, with net income reaching $286 million and adjusted EBITDA at $244 million, driven by higher TCE revenues across its crude and product tanker segments. The company declared its largest quarterly dividend in history at $4.55 per share, reflecting robust performance and market conditions. Additionally, International Seaways continued its fleet optimization program by selling seven older vessels for $216 million and taking delivery of two new LR1 vessels.
Key Highlights
- Net income for Q1 2026 was $286 million, or $5.75 per diluted share, up from $50 million in Q1 2025.
- Adjusted net income for Q1 2026 was $194 million, or $3.90 per diluted share.
- Adjusted EBITDA for Q1 2026 was $244 million, significantly up from $91 million in Q1 2025.
- Board declared a record combined dividend of $4.55 per share, payable in June 2026.
- Sold seven older vessels for approximately $216 million, recognizing $88 million in gains.
- Took delivery of two LR1 newbuildings, Seaways Bonita and Seaways Cristobal.
- Crude Tankers TCE revenues increased to $184 million from $85 million YoY.
- Product Carriers TCE revenues increased to $133 million from $94 million YoY.