International Seaways (INSW) Q4 2025 earnings summary

Executive summary

• Reported Q4 2025 net income of $128 million ($2.56 per diluted share), with adjusted net income of $122 million ($2.45 per share), and adjusted EBITDA of $175 million; full-year net income was $309 million ($6.23 per share), and adjusted net income was $269 million ($5.42 per share).

• Declared a record quarterly dividend of $2.15 per share (87% payout ratio), surpassing $1 billion in shareholder returns since 2020, and extended the $50 million share repurchase program through 2026.

• Achieved a compounded annual shareholder return of over 25% over the past decade, with total shareholder return since inception reaching approximately 735%.

• Consolidated ownership of Tankers International, expanded Suezmax pool, and executed significant fleet optimization through vessel sales and newbuild deliveries.

Financial highlights

• Q4 2025 TCE revenues reached $260 million, with adjusted EBITDA of $175 million and free cash flow of $135 million.

• Total liquidity at year-end 2025 was $724 million, including $167 million in cash and $557 million in undrawn revolver capacity.

• Gross debt at year-end was $578 million; net loan-to-value stood at 13%, with 31 unencumbered vessels.

• Paid $42 million in dividends in December and repaid $258 million in sale-leasebacks on six VLCCs.

Outlook and guidance

• Spot TCE for Q1 2026 averages $50,900/day at 71% of expected revenue days; breakeven rate for 2026 is below $15,000/day.

• FY 2026 guidance includes revenue of $240–250 million, vessel expenses of $165–170 million, and capex (excluding newbuilds) of $70–78 million.

• Four of six LR1 newbuildings are on track for 2026 delivery; two delivered in 2025.

• Projected continued strong free cash flow and shareholder returns, supported by robust market fundamentals and a constructive tanker outlook.