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Dec 31, 2025
International Seaways Q4 2025 Earnings Report
International Seaways reported strong fourth quarter 2025 results with significantly higher earnings, TCE revenues and a record dividend declaration.
Key Takeaways
For Q4 2025, International Seaways generated shipping revenues of 267879000 and net income of 127504000, driven by higher spot TCE rates across crude and product segments, with Adjusted EBITDA of 174770000.
Net income rose to 127504000, or 2.56 per diluted share.
Adjusted EBITDA increased to 174770000 from 94846000 in the prior year quarter.
Consolidated TCE revenues were 259982000, up from 190640000 year-over-year.
Declared a combined dividend of 2.15 per share, representing 87% of adjusted net income.
Revenue by Segment
Forward Guidance
Management highlighted continued strength in tanker markets into 2026, supported by favorable supply-demand dynamics, geopolitical catalysts, and strong oil demand growth, while noting risks from fleet growth and market volatility.
Positive Outlook
- Healthy oil demand growth exceeding one million barrels per day.
- Sanction enforcement constraining effective fleet supply.
- Low net loan-to-value ratio of approximately 13%.
- Significant operating leverage to strong spot markets.
- Strong liquidity position of 724000000.
Challenges Ahead
- Orderbook stands at more than 15% of the existing fleet.
- Potential volatility from geopolitical developments.
- Exposure to fluctuations in spot tanker rates.
- Future vessel deliveries may increase supply.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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