Q2 2026 International Seaways Inc Earnings Call Transcript
Key Points
- Record adjusted net income of $295 million ($5.91 per share) and record EBITDA of $345 million in Q2 2026.
- Declared largest quarterly dividend of $5.05 per share, returning at least 85% of adjusted net income to shareholders.
- Ordered four additional LR1 newbuilds at essentially the same price as three years ago, despite double-digit industry price increases.
- Expanded into the SuezMax segment through Tankers International, enhancing commercial capabilities and customer relationships.
- Maintained nearly $1 billion in liquidity and low leverage (net loan-to-value of ~6%), providing strong financial flexibility.
- Geopolitical disruptions (Straits of Hormuz, Bab Al-Mandeb) create significant uncertainty and potential risks to global oil demand.
- If disruptions persist, sustained impact could weigh on global economy and oil demand, negatively affecting tanker market.
- Order book growth and attractive financing environment may lead to increased newbuild orders, potentially impacting future supply.
- Consolidation of Tankers International Suez entity results in gross consolidation of revenues/expenses, complicating financial reporting.
- Third-quarter spot TCE booked to date ($61,000/day) is lower than Q2's $79,000/day, indicating potential rate softening.
Hello everyone.
Thank you for joining us and welcome to the International Seaways Second Quarter 2026 Earnings Conference Call.
After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press *1 to raise your hand. To withdraw your question, press *1 again.
I will now hand the conference over to James Small, General Counsel. James, please go ahead.
Thank you. Good morning, everyone.
Welcome to International Seaway's earnings call covering the second quarter of 2026.
Before we begin, I would like to start off by advising everyone with us today of the following.
During this call and in the accompanying presentation, management may make forward-looking statements regarding the company or the industry in which it operates, which may address, without limitation, the following topics: Outlooks for the crude tanker and product
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