International Seaways reported net income of $295 million for the second quarter of 2026, up from $62 million in the same period of 2025, driven primarily by higher time charter equivalent earnings across its fleet.
Shipping revenue reached $467 million during the quarter, compared with $196 million a year earlier. Net loan-to-value stood at approximately six per cent as of June 30, while total liquidity reached approximately $935 million.
As part of its fleet renewal programme, International Seaways ordered four additional LR1 newbuildings from K Shipbuilding for an aggregate $244 million, with deliveries expected in 2028.
The company has two vessels remaining from its original six-vessel LR1 programme, with deliveries expected in the third quarter of 2026 following the second-quarter delivery of Seaways Cristobal.
During the quarter, International Seaways secured a three-year time charter for a 2017-built Suezmax, generating approximately $45 million in future contracted revenue. As of July 1, 13 vessels were employed on time charters with an average duration of 1.5 years, representing approximately $240 million in future contracted revenue.
The company also continued to reduce the age of its fleet, having sold seven of its oldest vessels in the first quarter for net proceeds of approximately $216 million. The sales generated gains of approximately $88 million.
“Today's market conditions highlight the benefits of the platform we've built over the past several years,” said President and Chief Executive Officer Lois K. Zabrocky.
Chief Financial Officer Jeff Pribor said record free cash flow generated during the second quarter exceeded the company's previous high by nearly $100 million.
He added that the company retained financial flexibility to pursue growth opportunities, supported by nearly $1 billion of liquidity.