International Seaways reported net income of $286 million for the first quarter of 2026. This performance represents the strongest quarterly results for the company since the end of 2022.
Revenue for the period increased to $325 million from $183 million during the first quarter of 2025. International Seaways attributed the growth to higher spot earnings across its fleet, which rose by an average of approximately $30,000 per day.
The crude tanker segment generated shipping revenues of $191 million during the three-month period. Average spot earnings in this division exceeded $41,000 per day as market demand remained high.
Product carrier revenues amounted to $134 million for the quarter. These results were supported by spot earnings that increased by approximately $21,000 per day compared to the previous year.
During the quarter, the company sold seven vessels with an average age of 17 years for approximately $216 million. These disposals included five MR tankers and two VLCCs, resulting in gains of $88 million.
International Seaways expanded its fleet with the delivery of Seaways Bonita and Seaways Cristobal. These vessels are the third and fourth of six LR1 newbuildings constructed in South Korea.
The final two vessels in this series are scheduled for delivery by September 2026. The total contract price for the six dual-fuel ready ships is approximately $359 million.
International Seaways President and Chief Executive Officer Lois Zabrocky said the quarter saw meaningful contributions from both crude and product tankers.
Zabrocky also commented on geopolitical factors, specifically mentioning the Strait of Hormuz. She warned that, “a prolonged disruption would place considerable strain on global markets,” because the world cannot substitute 20 million barrels (3.18 million cubic metres) of oil per day.
Chief Financial Officer Jeff Pribor said underlying cash generation reached the strongest levels in the history of the company.
He noted that proceeds from vessel sales supported the decision to increase the minimum payout ratio.
Total liquidity stood at approximately $918 million as of March 31. This includes $377 million in cash and $541 million in undrawn revolving credit capacity.
