--- title: "International Seaways | 10-Q: FY2026 Q1 Revenue: USD 325.48 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285549926.md" datetime: "2026-05-07T12:20:20.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285549926.md) - [en](https://longbridge.com/en/news/285549926.md) - [zh-HK](https://longbridge.com/zh-HK/news/285549926.md) --- # International Seaways | 10-Q: 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 298.83 M. ### Overall Company Financial Performance (Three Months Ended March 31) #### Operational Metrics - **Net Income:** Increased to $286,143 thousand in 2026 from $49,565 thousand in 2025 . - **Operating Income:** Rose to $292,484 thousand in 2026 from $59,173 thousand in 2025 . - **Total Shipping Revenues:** Increased to $325,476 thousand in 2026 from $183,394 thousand in 2025 . This includes Pool Revenues of $248,498 thousand (2026) vs. $137,596 thousand (2025), Time Charter Revenues of $61,015 thousand (2026) vs. $35,857 thousand (2025), and Voyage Charter Revenues of $15,963 thousand (2026) vs. $9,941 thousand (2025) . - **Time Charter Equivalent (TCE) Revenues:** Increased by 78% to $317,245 thousand in 2026 from $178,342 thousand in 2025 . - **Other Operating Income:** $1,900 thousand in 2026 vs. $0 thousand in 2025 . - **Total Operating Expenses:** Decreased to $38,811 thousand in 2026 from $124,221 thousand in 2025, largely due to a higher gain on disposal of vessels . - **Voyage Expenses:** $8,231 thousand (2026) vs. $5,052 thousand (2025) . - **Vessel Expenses:** $61,039 thousand (2026) vs. $67,028 thousand (2025) . - **Charter Hire Expenses:** $7,696 thousand (2026) vs. $9,145 thousand (2025) . - **Depreciation and Amortization:** $40,567 thousand (2026) vs. $39,705 thousand (2025) . - **General and Administrative Expenses:** Decreased to $9,311 thousand in 2026 from $13,217 thousand in 2025 . - **Other Operating Expenses:** $138 thousand (2026) vs. $95 thousand (2025) . - **Gain on Disposal of Vessels and Other Assets, Net:** $88,171 thousand (2026) vs. $10,021 thousand (2025) . - **Income from Vessel Operations:** $288,565 thousand (2026) vs. $59,173 thousand (2025) . - **Holding Gain on Previously Held Equity Interest:** $3,919 thousand (2026) vs. $0 thousand (2025) . - **Other Income:** $2,618 thousand (2026) vs. $1,844 thousand (2025) . - **Interest Expense:** Decreased to $8,959 thousand in 2026 from $11,452 thousand in 2025 . - **EBITDA:** $335,669 thousand (2026) vs. $100,722 thousand (2025) . - **Adjusted EBITDA:** $243,579 thousand (2026) vs. $90,701 thousand (2025) . #### Cash Flow (Three Months Ended March 31) - **Net Cash Provided by Operating Activities:** $141,061 thousand (2026) vs. $69,947 thousand (2025) . - **Net Cash (Used in)/Provided by Investing Activities:** - $37,634 thousand (2026) vs. $36,915 thousand (2025) . - **Expenditures for Vessels, Vessel Improvements, and Vessels Under Construction:** - $70,655 thousand (2026) vs. - $82,973 thousand (2025) . - **Proceeds from Disposal of Vessels and Other Property, Net:** $222,833 thousand (2026) vs. $115,264 thousand (2025) . - **Investments in Short-term Time Deposits:** - $225,000 thousand (2026) vs. $0 thousand (2025) . - **Proceeds from Maturities of Short-term Time Deposits:** $40,000 thousand (2026) vs. $0 thousand (2025) . - **Net Cash Used in Financing Activities:** - $78,502 thousand (2026) vs. - $131,599 thousand (2025) . - **Cash Dividends Paid:** - $106,435 thousand (2026) vs. - $34,495 thousand (2025) . - **Net Increase/(Decrease) in Cash and Cash Equivalents:** $24,925 thousand (2026) vs. - $24,737 thousand (2025) . - **Cash and Cash Equivalents at End of Period:** $141,847 thousand (2026) vs. $132,769 thousand (2025) . #### Financial Position (as of March 31, 2026 vs. December 31, 2025) - **Total Liquidity:** $917.9 million as of March 31, 2026, comprising $376.8 million in cash and short-term investments and $541.1 million in undrawn revolver capacity . - **Working Capital:** $575.7 million as of March 31, 2026, compared to $268.2 million as of December 31, 2025 . - **Total Debt Outstanding (net of deferred financing costs):** $602.1 million as of March 31, 2026 . - **Net Debt to Capital:** 9.3% as of March 31, 2026, compared to 16.5% as of December 31, 2025 . - **Goodwill:** $7,372 thousand as of March 31, 2026, primarily from the acquisition of TUKA, compared to $0 thousand as of December 31, 2025 . ### Segmented Performance (Three Months Ended March 31, 2026 vs. 2025) #### Crude Tankers Segment - **Shipping Revenues:** $191,454 thousand (2026) vs. $88,004 thousand (2025) . - **Time Charter Equivalent (TCE) Revenues:** Increased by 118% to $184,276 thousand in 2026 from $84,629 thousand in 2025 . This was driven by a $99.4 million rates-based increase across VLCC, Suezmax, and Aframax sectors, and a $2.8 million days-based increase in the VLCC sector . - **Average Daily TCE Rate:** $72,811 (2026) vs. $34,528 (2025) . - **VLCC Average Spot Rate:** $86,693 (2026) vs. $33,531 (2025) . - **Suezmax Average Spot Rate:** $68,027 (2026) vs. $30,911 (2025) . - **Aframax Average Spot Rate:** $51,379 (2026) vs. $25,422 (2025) . - **Vessel Expenses:** $30,396 thousand (2026) vs. $28,418 thousand (2025) . - **Charter Hire Expenses:** $4,495 thousand (2026) vs. $2,836 thousand (2025) . - **Depreciation and Amortization:** $19,975 thousand (2026) vs. $18,702 thousand (2025) . - **Adjusted Income from Vessel Operations:** $129,410 thousand (2026) vs. $34,673 thousand (2025) . - **Adjusted Total Assets:** $1,352,651 thousand (March 31, 2026) vs. $1,320,918 thousand (March 31, 2025) . - **Expenditures for Vessels and Vessel Improvements:** $177 thousand (2026) vs. $190 thousand (2025) . - **Payments for Drydocking:** $6,828 thousand (2026) vs. $1,574 thousand (2025) . - **Average Number of Owned Vessels:** 25.5 (2026) vs. 19.5 (2025) . - **Number of Revenue Days:** 2,531 (2026) vs. 2,451 (2025) . #### Product Carriers Segment - **Shipping Revenues:** $134,022 thousand (2026) vs. $95,390 thousand (2025) . - **Time Charter Equivalent (TCE) Revenues:** Increased by 42% to $132,969 thousand in 2026 from $93,713 thousand in 2025 . This was primarily due to a $57.6 million rates-based increase in LR1 and MR sectors, partially offset by a $14.8 million days-based decrease in the MR sector due to vessel sales . - **Average Daily TCE Rate:** $39,131 (2026) vs. $22,061 (2025) . - **LR1 Average Spot Rate:** $70,664 (2026) vs. $27,367 (2025) . - **MR Average Spot Rate:** $37,224 (2026) vs. $21,408 (2025) . - **Vessel Expenses:** Decreased to $30,643 thousand (2026) from $38,610 thousand (2025) . - **Charter Hire Expenses:** Decreased to $3,201 thousand (2026) from $6,309 thousand (2025) . - **Depreciation and Amortization:** $20,592 thousand (2026) vs. $21,003 thousand (2025) . - **Adjusted Income from Vessel Operations:** $78,533 thousand (2026) vs. $27,791 thousand (2025) . - **Adjusted Total Assets:** $1,118,184 thousand (March 31, 2026) vs. $1,062,611 thousand (March 31, 2025) . - **Expenditures for Vessels and Vessel Improvements:** $70,478 thousand (2026) vs. $82,783 thousand (2025) . - **Payments for Drydocking:** $7,022 thousand (2026) vs. $15,326 thousand (2025) . - **Average Number of Owned Vessels:** 34.1 (2026) vs. 43.1 (2025) . - **Number of Revenue Days:** 3,398 (2026) vs. 4,248 (2025) . ### Future Outlook and Strategy International Seaways, Inc. plans to leverage its strong balance sheet, high liquidity, and diversified financing to support operations and pursue a disciplined capital allocation strategy, including fleet renewal, debt reduction, and shareholder returns . Three LR1 newbuilds are scheduled for delivery between Q2 and Q3 2026, with remaining construction costs of $121.7 million, mostly funded by the ECA Credit Facility . The company also intends to pursue potential strategic opportunities within its diverse sectors while optimizing its mix of spot and long-term charters . ### 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) - [Advance Auto Parts Reports First Quarter 2026 Results; Reaffirms Full Year 2026 Guidance | AAP Stock News](https://longbridge.com/en/news/287202242.md) - [Vessel operator Navios Maritime's Q1 revenue, adjusted profit beat on higher rates](https://longbridge.com/en/news/287212740.md) - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md)