Q2 results and record cash generation provide strong support for the increased $5.05 dividend; watch Strait of Hormuz developments as geopolitical tensions could further boost tanker rates but also risk broader demand destruction if prolonged. Conference call at 9am ET today may provide Q3 guidance.
Price Chart
Executive Summary
International Seaways reported Q2 2026 results with record net income of $295M ($5.91/diluted share), crushing consensus EPS estimates by 12.4%. Shipping revenue surged 139% YoY to $467M driven by elevated tanker rates, with the Board declaring a record $5.05/share dividend. The company also ordered four additional LR1 newbuilds for $244M, signaling confidence in forward demand.
Key Financial Metrics
Key Facts
- Record net income of $295M ($5.91/diluted) vs $62M ($1.25) in Q2 2025 — a 376% YoY increase
- Record adjusted EBITDA of $345M (up from $102M YoY) and record free cash flow of $261M
- Reported EPS of $5.91 beat consensus of $5.26 by 12.4%
- Shipping revenue of $467M more than doubled from $196M in Q2 2025
- Declared largest quarterly dividend in company history: $5.05/share to be paid in September 2026
- Total liquidity ~$935M with net loan-to-value of ~6% as of June 30, 2026
- Contracted four additional LR1 newbuilds for $244M with deliveries expected in 2028
- Crude tanker spot earnings averaged over $64,500/day vs $36,830 in Q2 2025 (+75% YoY)
- Product carrier spot earnings reached $42,600/day vs $18,941 in Q2 2025 (+125% YoY)
Financial Impact
EPS of $5.91 beat $5.26 consensus by $0.65 (12.4%); revenue of $467M beat $399.4M consensus by $67.6M (16.9%)
Risk Factors
- Geopolitical risk: CEO noted Strait of Hormuz conflict could strain global markets if prolonged
- Oil demand cyclicality and tanker rate volatility could compress earnings in future quarters
- Approximately $122M in remaining LR1 newbuild capex could pressure near-term FCF if market turns
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-093033 |
| Document: tm2622617d1_8k.htm | 0001104659-26-093033 |
| Document: 0001104659-26-093033-index-headers.html | 0001104659-26-093033 |
| Document: 0001104659-26-093033-index.html | 0001104659-26-093033 |
| Document: 0001104659-26-093033.txt | 0001104659-26-093033 |
| 8-K Data (Synthetic) | 0001104659-26-093033 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | 8-K | $113.75 | awaiting T+5 | — | $111.41 (−2.06%) |
Oct 21, 2026 6d ago | 8-K | $108.42 | awaiting T+5 | — | $111.41 (+2.76%) |
Oct 19, 2026 8d ago | Insider Cluster | $104.76 $111.41 | ▲ +6.35% | ▲ +6.27% | $111.41 (+6.35%) |
Oct 16, 2026 11d ago | Insider Cluster | $109.99 $110.78 | ▼ −0.72% | ▼ −1.15% | $111.41 (−1.29%) |
Oct 16, 2026 11d ago | 8-K | $109.99 $108.42 | ▼ −1.43% | ▼ −1.52% | $111.41 (+1.29%) |
Oct 8, 2026 19d ago | SC 13D/A | $119.82 $109.99 | ▼ −8.20% | ▼ −6.24% | $111.41 (−7.02%) |
Aug 17, 2026 10w ago | 144 | $98.77 $99.05 | ▲ +0.28% | ▲ +0.48% | $111.41 (+12.80%) |
Aug 10, 2026 11w ago | 8-K | $90.40 $98.36 | ▲ +8.81% | ▲ +8.85% | $111.41 (+23.24%) |
Jul 17, 2026 14w ago | Insider Cluster | $88.40 $92.28 | ▲ +4.39% | ▲ +4.82% | $111.41 (+26.03%) |
Jun 17, 2026 18w ago | Insider Cluster | $84.49 $81.49 | ▼ −3.55% | ▼ −1.88% | $111.41 (+31.86%) |
US Market Status
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