International Seaways, Inc. reported significant financial growth in its latest quarterly results, with total shipping revenues reaching $467.3 million for the three months ended June 30, 2026, a substantial increase from $195.6 million in the same period last year. The company’s net income also saw a dramatic rise, amounting to $294.9 million, compared to $61.6 million in the prior year, reflecting a 377% increase. For the first half of 2026, revenues totaled $792.8 million, up from $379.0 million in the first half of 2025, while net income surged to $581.1 million from $111.2 million.
The company attributed this growth to a 130% increase in time charter equivalent (TCE) revenues, which reached $434.2 million in the second quarter, driven by higher average daily rates across its fleet. The Crude Tankers segment contributed significantly, with TCE revenues increasing to $253.4 million from $98.9 million year-over-year. The Product Carriers segment also performed well, with TCE revenues rising to $180.8 million from $89.9 million. The increase in revenues was partially offset by a decrease in gains from vessel sales, as no vessels were sold during the current quarter.
Strategically, International Seaways completed the acquisition of Tankers (UK) Agencies Limited (TUKA) for $10 million, consolidating its position in the VLCC pool management sector. The company also took delivery of two new LR1 vessels and has plans for additional newbuilds, with four more dual-fuel ready LR1 vessels scheduled for delivery by 2028. As of June 30, 2026, the company operated a fleet of 64 vessels and has plans to expand this to 68 with the new deliveries.
Operationally, the company reported a total of 651.5 million in working capital as of June 30, 2026, a significant increase from $268.2 million at the end of 2025. The company’s cash and cash equivalents rose to $159.4 million, up from $116.9 million at the end of the previous fiscal year. The company also maintained a strong liquidity position with total liquidity of $935.1 million, which includes cash, short-term investments, and undrawn revolver capacity.
Looking ahead, International Seaways expressed optimism about its operational strategy and market conditions, despite the potential for volatility in the oil and shipping markets due to geopolitical tensions and fluctuating demand. The company plans to continue its disciplined capital allocation strategy, focusing on fleet renewal, debt reduction, and shareholder returns, while remaining poised to capitalize on strategic opportunities as they arise.
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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