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Sep 30, 2025
International Seaways Q3 2025 Earnings Report
International Seaways reported its third quarter 2025 financial results, showing a decrease in net income and TCE revenues compared to the previous year, while continuing fleet optimization and shareholder returns.
Key Takeaways
International Seaways delivered a strong third quarter in 2025, with net income of $71 million and TCE revenues of $192 million. The company continued its fleet optimization program by taking delivery of new LR1 newbuildings and selling older vessels, while also enhancing its balance sheet through a bond offering. Shareholder returns remained a priority with a combined dividend of $0.77 per share paid in September.
Net income for Q3 2025 was $71 million, or $1.42 per diluted share, a decrease from $92 million in Q3 2024.
TCE revenues for the third quarter were $192 million, down from $220 million in the prior year, primarily due to lower spot earnings and fewer revenue days.
The company took delivery of the Seaways Alacran, the first of six LR1 newbuildings, and sold five older vessels for net proceeds of $67 million.
A combined dividend of $0.77 per share was paid in September 2025, and a $0.86 per share dividend was declared for December 2025.
Revenue by Segment
Forward Guidance
International Seaways anticipates continued strength in tanker rates in the near term, supported by oil demand and supply growth, potential inventory restocking, and geopolitical factors creating trade inefficiencies. The company also expects modest fleet growth and constrained tanker supply.
Positive Outlook
- Market conditions strengthened late in Q3 and remain firm, with forward fixtures well above year-ago levels.
- Fundamentals point to continued strength in tanker rates in the near term.
- Tanker demand is supported by oil demand growth of about 1% and oil supply growth from the Americas and OPEC+.
- Potential restocking of inventory should continue to support trade flows.
- Geopolitical factors continue to create inefficiencies in global trade, absorbing tonnage.
Challenges Ahead
- Fleet growth is modest at around 2%, indicating limited new vessel supply.
- Tanker supply remains constrained, with the gap between older ships and the orderbook exceeding three to one.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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