--- title: "International Seaways | 8-K: FY2026 Q1 Revenue: USD 325.48 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285544395.md" datetime: "2026-05-07T11:47:38.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285544395.md) - [en](https://longbridge.com/en/news/285544395.md) - [zh-HK](https://longbridge.com/zh-HK/news/285544395.md) --- # International Seaways | 8-K: FY2026 Q1 Revenue: USD 325.48 M Revenue: As of FY2026 Q1, the actual value is USD 325.48 M. EPS: As of FY2026 Q1, the actual value is USD 5.75, beating the estimate of USD 2.9413. EBIT: As of FY2026 Q1, the actual value is USD 295.1 M. #### Net Income International Seaways, Inc. reported net income of $286 million for the first quarter of 2026, a significant increase from $50 million in the first quarter of 2025. Diluted net income per share also rose to $5.75 for Q1 2026, up from $1.00 for Q1 2025. #### Adjusted Net Income Adjusted net income for the first quarter of 2026 was $194 million, or $3.90 per diluted share, compared to $39,544 thousand, or $0.80 per diluted share, for the first quarter of 2025. #### Adjusted EBITDA Adjusted EBITDA for the first quarter of 2026 was $244 million, an increase from $90,701 thousand for the first quarter of 2025. #### Total Shipping Revenues Total shipping revenues for the first quarter of 2026 were $325,476 thousand, up from $183,394 thousand in the first quarter of 2025. #### Consolidated TCE Revenues Consolidated TCE revenues for the first quarter of 2026 were $317 million, compared to $178 million for the first quarter of 2025. #### Operating Income Operating income for the first quarter of 2026 was $292,484 thousand, substantially higher than $59,173 thousand in the first quarter of 2025. #### Total Operating Expenses Total operating expenses decreased to $38,811 thousand in Q1 2026 from $124,221 thousand in Q1 2025, primarily due to a substantial gain on disposal of vessels. #### Interest Expense Interest expense decreased to - $8,959 thousand in Q1 2026 from - $11,452 thousand in Q1 2025. #### Cash Flows from Operating Activities Net cash provided by operating activities increased to $141,061 thousand in Q1 2026 from $69,947 thousand in Q1 2025. #### Cash Flows from Investing Activities Net cash used in investing activities was - $37,634 thousand in Q1 2026, contrasting with net cash provided of $36,915 thousand in Q1 2025. This includes expenditures for vessels of - $70,655 thousand and proceeds from disposal of vessels of $222,833 thousand in Q1 2026. #### Cash Flows from Financing Activities Net cash used in financing activities was - $78,502 thousand in Q1 2026, an improvement from - $131,599 thousand in Q1 2025. This includes cash dividends paid of - $106,435 thousand in Q1 2026. #### Segment Performance - Crude Tankers - **Shipping Revenues:** $191 million in Q1 2026, up from $88 million in Q1 2025. - **TCE Revenues:** $184 million in Q1 2026, compared to $85 million in Q1 2025. - **Average Spot Earnings:** Increased by over $41,000 per day in Q1 2026 compared to Q1 2025. - **Average Time Charter Earnings:** Increased by approximately $46,500 per day in Q1 2026 compared to Q1 2025. #### Segment Performance - Product Carriers - **Shipping Revenues:** $134 million in Q1 2026, up from $95 million in Q1 2025. - **TCE Revenues:** $133 million in Q1 2026, compared to $94 million in Q1 2025. - **TCE Revenues from Spot Earnings:** Increased by approximately $21,000 per day in Q1 2026 compared to Q1 2025. #### Balance Sheet Highlights (as of March 31, 2026) - **Total Liquidity:** Approximately $918 million, comprising $377 million in cash and $541 million in undrawn revolving credit capacity. - **Net Loan-to-Value:** Below 7%. - **Long-term Debt:** $573,927 thousand, compared to $541,291 thousand as of December 31, 2025. - **Total Equity:** $2,194,275 thousand, an increase from $2,020,277 thousand as of December 31, 2025. #### Operational Metrics International Seaways, Inc. sold seven vessels (five MRs, two VLCCs) for approximately $216 million net proceeds, recognizing $88 million in gains in Q1 2026. The company took delivery of _Seaways Bonita_ in Q1 2026 and _Seaways Cristobal_ in April 2026, with the remaining two LR1 vessels expected to deliver during Q3 2026. As of March 31, 2026, the fleet totaled 67 vessels (59 owned, 8 chartered-in), with 3 LR1 newbuilds remaining. An additional three-year time charter for a Suezmax was entered into, providing approximately $43 million in future contracted revenue, bringing the total future contracted revenues for 14 vessels on time charter to approximately $223 million as of April 1, 2026. #### Dividends International Seaways, Inc.’s Board of Directors declared a combined dividend of $4.55 per share of common stock, payable in the second quarter of 2026, consisting of a supplemental dividend of $4.43 per share and a regular quarterly dividend of $0.12 per share. This represents the largest quarterly dividend in company history, increasing the payout ratio to 85% of adjusted net income with an additional discretionary component. The company paid $2.15 per share in total dividends in March 2026, reaching $1 billion returned to shareholders since 2020. #### Outlook International Seaways, Inc. anticipates a strong market environment, expecting tanker markets to benefit from rebalancing trade flows and inventory replenishment. The company remains focused on delivering attractive returns and creating long-term value for shareholders, maintaining a robust balance sheet with low leverage and significant liquidity. A strong start to the second quarter further positions the company opportunistically across its capital allocation priorities. ### Related Stocks - [INSW.US](https://longbridge.com/en/quote/INSW.US.md) ## Related News & Research - [International Seaways Director Sold Shares Worth Over $2.2M](https://longbridge.com/en/news/286323505.md) - [International Seaways (INSW) Is Up 7.9% After Record Q1 Earnings And $4.55 Dividend - Has The Bull Case Changed?](https://longbridge.com/en/news/285890692.md) - [Yext to Announce First Quarter Fiscal Year 2027 Financial Results on June 2, 2026 | YEXT Stock News](https://longbridge.com/en/news/286970613.md) - [LOWE'S REPORTS FIRST QUARTER 2026 SALES AND EARNINGS RESULTS | LOW Stock News](https://longbridge.com/en/news/287043063.md) - [International Seaways Launches $200 Million ATM Program With BTIG, B. Riley, Clarksons, Fearnleys](https://longbridge.com/en/news/286000923.md)