Aug 10, 2026, 7:30 AM ETEnergy

International Seaways — Second Quarter 2026 Earnings Summary

INSWINTERNATIONAL SEAWAYS INC

Financial Performance

Net income for Q2 2026 was $295 million ($5.91 per diluted share), compared to $62 million ($1.25 per diluted share) in Q2 2025.
Adjusted net income for Q2 2026 was $295 million, compared to $50 million in Q2 2025.
Shipping revenues reached $467 million in Q2 2026, up from $196 million in Q2 2025.
Consolidated Time Charter Equivalent (TCE) revenues were $434 million in Q2 2026, compared to $189 million in Q2 2025.
Adjusted EBITDA for Q2 2026 was $345 million, compared to $102 million in Q2 2025.
Free cash flow for Q2 2026 was $261 million, compared to $71 million in Q2 2025.
Total liquidity was approximately $935 million as of June 30, 2026, consisting of $409 million in cash and short-term investments and $526 million in undrawn revolving credit capacity.
Net loan-to-value ratio was approximately 6% as of June 30, 2026.

Four additional LR1 newbuildings were contracted for delivery in 2028 at an aggregate price of $244 million.
Two remaining LR1 newbuildings from the original six-vessel program are expected to deliver in Q3 2026.
Upon delivery, all ten newbuild vessels are expected to trade in the jointly owned Panamax International Pool.
The Company maintains financial flexibility to invest opportunistically while adhering to a disciplined capital allocation approach.

Crude Tankers: Shipping revenues were $285 million in Q2 2026 (vs. $104 million in Q2 2025); TCE revenues were $253 million (vs. $99 million). Average spot earnings exceeded $64,500 per day, and average time charter earnings were approximately $75,700 per day.
Product Carriers: Shipping revenues were $182 million in Q2 2026 (vs. $92 million in Q2 2025); TCE revenues were $181 million (vs. $90 million). Average spot earnings were approximately $42,600 per day.
Fleet Composition: As of August 1, 2026, the total fleet included 70 vessels (63 owned, 7 chartered-in), with 6 newbuild LR1s under construction.
New Agreements: A three-year time charter was entered into for a 2017-built Suezmax with future contracted revenue of approximately $45 million.
Asset Sales: In Q1 2026, seven vessels (five MRs, two VLCCs) were sold for aggregate proceeds of approximately $216 million, recognizing gains of approximately $88 million.

The Panamax International Pool has historically outperformed the broader LR1 market.
Tankers International, acquired in January 2026, expanded its commercial management into the Suezmax class in March 2026.
The Company operates a balanced fleet across crude and product tankers to maximize cash generation across market cycles.

Forward-looking statements regarding vessel acquisitions, synergies, market trends, and strategic investments are subject to change based on various factors.
Investors are directed to the 2025 Form 10-K and other SEC filings for detailed risk factors.

CEO Lois K. Zabrocky stated the Company delivered its highest quarterly net income in nearly ten years, highlighting the benefits of a strengthened balance sheet, lower cash break-even levels, and an expanded commercial platform.
CFO Jeff Pribor noted that record free cash flow exceeded the previous high by nearly $100 million and affirmed the Company's ability to invest opportunistically without compromising capital allocation discipline.

The Board declared a quarterly dividend of $5.05 per share, the largest in Company history, payable September 24, 2026.
The payout ratio for the third consecutive quarter was at least 85% of adjusted net income.
Dividends of $12.61 per share were paid over the last twelve months, representing a 21% yield.
A share repurchase program with $50 million authorized remains active through the end of 2026.
The Company acquired sole ownership of Tankers International on January 27, 2026.
The ECA Credit Facility with DNB Bank and K-Sure provides up to $240 million, secured by six LR1 newbuildings, with a 12-year term and blended interest rate of SOFR plus 125 basis points.