**International Seaways Reports Strong Financial Performance in 2025**
International Seaways, Inc. (INSW) reported shipping revenues of $843.3 million and time charter equivalent (TCE) revenues of $819.6 million for the year 2025. The company's income from vessel operations decreased to $345.4 million, compared to $455.2 million in the previous year, primarily due to lower average daily rates across the Product Carrier sectors. Adjusted EBITDA for 2025 was $474.7 million, a decrease from $583.3 million in 2024.
The company increased its total liquidity to $723.6 million, up from $632.2 million at the end of 2024. Capital investments totaled $426.1 million, allocated to vessel and other property purchases, vessel improvements, vessel construction, and drydocking. INSW returned $144.6 million to shareholders through cash dividends. The company sold 12 vessels, including two VLCCs, and ten MRs and LR1s, generating net proceeds of $246.3 million and recognizing net gains of $42.5 million. INSW took delivery of the first two of six dual-fuel ready LNG LR1 Product Carriers and one 2020-built VLCC for $119.0 million.
Strategic initiatives included locking in $34.9 million of minimum revenues on time charters for two Suezmaxes and two MRs. As of December 31, 2025, the remaining future minimum revenues under these charters, when aggregated with the remaining future minimum revenues under time charters entered into in previous years, totaled approximately $208.7 million. Subsequent to year-end, agreements were made to sell seven additional vessels for $216.4 million, expected to close in the first quarter of 2026. The company issued $250 million in senior unsecured bonds and exercised purchase options on six VLCCs, eliminating $22 million in annual mandatory principal payments. An ECA Credit Facility was established for the LR1 newbuilding program.
In an effort to maximize future operational and strategic flexibility while maintaining compliance with evolving global tax regulations, the company completed the redomiciliation of its vessel-owning subsidiaries and various intermediate holding companies from the Marshall Islands and Liberia to Bermuda. The company itself remains organized under the laws of the Republic of the Marshall Islands. The company is committed to sustainability and governance practices as a part of its core culture.
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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