International Seaways, Inc. reported a decline in financial performance for the third quarter of 2025, with total shipping revenues of $196.4 million, down from $225.2 million in the same period last year. The company's net income also decreased to $70.5 million, or $1.43 per share, compared to $91.7 million, or $1.85 per share, in the prior year. For the nine months ending September 30, 2025, revenues totaled $575.4 million, a significant drop from $757.0 million in 2024, while net income for the period fell to $181.8 million from $380.9 million.
The decrease in revenue and profitability was attributed to lower average daily rates across the fleet, particularly in the Suezmax, LR1, and MR sectors, as well as a reduction in the number of operational days due to the sale of older vessels. Time charter equivalent (TCE) revenues for the third quarter decreased by 12% year-over-year, reflecting a rates-based decline of $19.7 million and a days-based decline of $11.6 million. The company’s operational fleet consisted of 71 vessels as of September 30, 2025, with five new LR1 vessels scheduled for delivery between late 2025 and mid-2026.
In terms of strategic developments, International Seaways has been active in optimizing its fleet. The company completed the sale of several older vessels, including two VLCCs and multiple MRs, generating net proceeds of approximately $94.6 million. Additionally, the company entered into agreements to purchase a 2020-built VLCC for $119 million, expected to be funded through proceeds from vessel sales and available liquidity. The company also announced plans to redomicile certain subsidiaries from the Marshall Islands and Liberia to Bermuda, aiming to enhance operational flexibility and compliance with evolving global tax regulations.
Operationally, the company reported a total of 71 vessels in its fleet, with a focus on maintaining a balance between spot and time charters. The average daily TCE rate for the Crude Tankers segment was $36,671, while the Product Carriers segment saw an average rate of $25,690. The company’s liquidity position remained strong, with total liquidity of $984.8 million, including $412.6 million in cash and $572.2 million in undrawn revolver capacity.
Looking ahead, International Seaways expressed optimism about its ability to navigate market challenges, supported by a strong balance sheet and a diversified fleet. The company plans to continue its disciplined capital allocation strategy, focusing on fleet renewal, debt reduction, and shareholder returns. However, it remains cautious about potential risks, including fluctuations in market demand and regulatory changes impacting the shipping industry.
About International Seaways, Inc.
International Seaways, Inc. owns and operates a fleet of oceangoing crude oil tankers and petroleum product carriers. Its core business involves transporting energy commodities globally through segments of crude tankers and product carriers. The company provides flexible shipping services to major oil companies, traders, and refineries, utilizing spot and time charters. It emphasizes safety, environmental sustainability, and strategic fleet management to maximize returns and shareholder value.
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