International Seaways, Inc. reported significant financial growth in its latest quarterly results, with total shipping revenues reaching $325.5 million for the three months ended March 31, 2026, a 77% increase from $183.4 million in the same period last year. The company’s net income surged to $286.1 million, or $5.78 per share, compared to $49.6 million, or $1.00 per share, in the prior year. This remarkable performance was driven by a substantial rise in time charter equivalent (TCE) revenues, which increased by 78% to $317.2 million, reflecting higher average daily rates across the fleet.
The company’s operational metrics also showed notable improvements. The average daily TCE rate for its crude tankers rose to $72,811, up from $34,528 a year earlier, while the product carriers segment saw an increase in average daily TCE rates to $39,131 from $22,061. The total number of vessels in the operating fleet remained stable at 64, with three new LR1 newbuilds expected to be delivered in 2026, enhancing the company’s capacity in the crude oil and refined petroleum transportation market.
Strategically, International Seaways completed the acquisition of Tankers (UK) Agencies Limited (TUKA) for $10 million, consolidating its position in the VLCC pool management sector. This acquisition is expected to enhance operational efficiencies and revenue generation from commercial management services. Additionally, the company reported a gain of $88.2 million from the disposal of older vessels, which contributed positively to its financial results.
The company’s balance sheet reflects a strong liquidity position, with total liquidity of $917.9 million as of March 31, 2026, including $376.8 million in cash and short-term investments. Working capital increased significantly to $575.7 million, up from $268.2 million at the end of 2025. The total debt outstanding was reported at $602.1 million, with a net debt to capital ratio of 9.3%, indicating a solid financial foundation for future growth and capital expenditures.
Looking ahead, International Seaways remains optimistic about its operational outlook, despite potential market volatility due to geopolitical tensions affecting oil supply routes. The company plans to continue its disciplined capital allocation strategy, focusing on fleet renewal, debt reduction, and shareholder returns. The management anticipates that the ongoing geopolitical developments may lead to fluctuations in charter rates, but they are confident in their ability to navigate these challenges effectively.
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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