International Seaways (INSW) Q3 2025 earnings summary

Executive summary

• Reported Q3 2025 net income of $71 million ($1.42 per diluted share) and adjusted net income of $57 million ($1.15 per share), with adjusted EBITDA of $108 million; maintained a 75% payout ratio and declared a $0.86 per share dividend.

• Extended $50 million share repurchase program through 2026 and continued disciplined capital allocation, including significant fleet renewal and optimization.

• Successfully completed a cross-border redomiciliation of key subsidiaries to Bermuda in October 2025, with full lender consent and legal safeguards to ensure continuity of all financing arrangements and security interests.

Financial highlights

• Q3 2025 adjusted EBITDA was $108 million, with TCE revenues of $195.6 million and shipping revenues of $196 million.

• Free cash flow for Q3 2025 was $63 million; total liquidity as of September 30, 2025, was $985 million, including $413 million in cash and $572 million undrawn revolver.

• Net loan-to-value at 13% on over $3 billion in fleet value; net debt under $400 million.

• Issued $250 million in senior unsecured bonds at 7.125% coupon to refinance sale-leasebacks and unencumber six vessels.

Outlook and guidance

• Q4 2025 blended spot TCE fixed at $40,400 per day on 47% of revenue days; continued strong free cash flow generation expected.

• 2026 break-even rate expected at $14,500 per day, up from $13,100 previously, mainly due to higher operating and dry dock costs.

• Contracted revenue of $229 million (excluding profit share) with an average time charter duration of 1.5 years.