International Seaways, Inc 10-Q, filed Nov 5, 2026

International Seaways, Inc. (INSW)

10-Q 2026-11-05 For: 2026-09-30

Added on November 05, 2026

About this 10-Q

International Seaways, Inc filed this 10-Q on November 5, 2026, covering the quarter ended September 30, 2026.

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $483.2M; up 146.0% from $196.39M a year earlier
Net income: $344.24M; up 388.0% from net income of $70.55M a year earlier
Diluted EPS: $6.90; up 385.9% from $1.42 a year earlier

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Marshall Islands		98-0467117
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

600 Third Avenue, 39^th Floor, New York, New York		10016
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock (no par value)	INSW	New York Stock Exchange
Rights to Purchase Common Stock	N/A	New York Stock Exchange



Large accelerated filer ☒	Accelerated filer ☐	Emerging growth company ☐

Non-accelerated filer ☐	Smaller reporting company ☐


	September 30, 2026		December 31, 2025
ASSETS
Current Assets:
Cash and cash equivalents	$	163,627	$	116,922
Short-term investments		290,000		50,000
Voyage receivables, net of allowance for credit losses of $84 and $52
including unbilled receivables of $273,872 and $169,610		381,915		177,887
Other receivables		25,231		13,836
Inventories		21,962		611
Prepaid expenses and other current assets		12,861		7,790
Total Current Assets		895,596		367,046
Vessels and other property, less accumulated depreciation of $509,785 and $506,585		2,104,268		2,077,986
Vessels construction in progress		—		57,725
Deferred drydock expenditures, net		122,897		109,257
Operating lease right-of-use assets		5,139		7,220
Pool working capital deposits		23,303		33,051
Goodwill		7,391		—
Other assets		14,218		16,357
Total Assets	$	3,172,812	$	2,668,642

LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	$	97,878	$	69,921
Current portion of operating lease liabilities		1,349		3,182
Current installments of long-term debt		34,626		25,788
Total Current Liabilities		133,853		98,891
Long-term operating lease liabilities		5,546		5,954
Long-term debt		665,371		541,291
Other liabilities		2,427		2,229
Total Liabilities		807,197		648,365

Commitments and contingencies

Equity:
Capital - 100,000,000 no par value shares authorized; 49,531,311 and 49,404,078
shares issued and outstanding		1,505,245		1,507,325
Retained earnings		867,211		523,792
Accumulated other comprehensive loss		(6,841)		(10,840)
Total Equity		2,365,615		2,020,277
Total Liabilities and Equity	$	3,172,812	$	2,668,642


	Three Months Ended September 30,				Nine Months Ended September 30,
		2026		2025		2026		2025
Shipping Revenues:
Pool revenues, including $138,598, $46,687, $367,232 and $151,640
from affiliated companies	$	215,551	$	146,023	$	719,574	$	432,391
Time charter revenues		113,961		39,040		263,605		111,626
Voyage charter revenues		153,690		11,325		292,786		31,406
		483,202		196,388		1,275,965		575,423

Other operating revenues		2,247		—		6,590		—

Operating Expenses:
Voyage expenses		40,645		3,920		81,976		15,791
Vessel expenses		64,051		65,815		188,721		200,264
Charter hire expenses		21,214		7,134		44,096		25,906
Depreciation and amortization		41,283		41,170		121,539		122,224
General and administrative		19,639		11,804		45,554		37,186
Other operating expenses		106		1,520		373		1,737
Gain on disposal of vessels and other assets, net		(52,817)		(13,658)		(140,945)		(34,908)
Total operating expenses		134,121		117,705		341,314		368,200
Income from vessel operations		351,328		78,683		941,241		207,223
Holding gain on previously held equity interest		—		—		3,919		—
Operating income		351,328		78,683		945,160		207,223
Other income		4,752		1,486		11,507		5,370
Income before interest expense and income taxes		356,080		80,169		956,667		212,593
Interest expense		(11,396)		(9,623)		(30,916)		(30,836)
Income before income taxes		344,684		70,546		925,751		181,757
Income tax provision		(446)		—		(445)		—
Net income	$	344,238	$	70,546	$	925,306	$	181,757

Weighted Average Number of Common Shares Outstanding:
Basic		49,518,848		49,348,406		49,489,239		49,326,459
Diluted		49,905,554		49,606,210		49,854,098		49,537,318

Per Share Amounts:
Basic net income per share	$	6.95	$	1.43	$	18.69	$	3.68
Diluted net income per share	$	6.90	$	1.42	$	18.55	$	3.67


					Accumulated
					Other
			Retained		Comprehensive
	Capital		Earnings		Loss		Total
For the nine months ended
Balance at January 1, 2026	$	1,507,325	$	523,792	$	(10,840)	$	2,020,277
Net income		—		925,306		—		925,306
Other comprehensive income		—		—		3,999		3,999
Dividends		—		(581,887)		—		(581,887)
Common stock withheld related to net share settlement of equity awards		(7,198)		—		—		(7,198)
Compensation relating to restricted stock awards		860		—		—		860
Compensation relating to restricted stock units awards		4,258		—		—		4,258
Balance at September 30, 2026	$	1,505,245	$	867,211	$	(6,841)	$	2,365,615

Balance at January 1, 2025	$	1,504,767	$	359,142	$	(7,861)	$	1,856,048
Net income		—		181,757		—		181,757
Other comprehensive loss		—		—		(2,583)		(2,583)
Dividends		—		(102,127)		—		(102,127)
Common stock withheld related to net share settlement of equity awards		(5,118)		—		—		(5,118)
Compensation relating to restricted stock awards		782		—		—		782
Compensation relating to restricted stock units awards		5,028		—		—		5,028
Balance at September 30, 2025	$	1,505,459	$	438,772	$	(10,444)	$	1,933,787

For the three months ended
Balance at July 1, 2026	$	1,503,556	$	773,106	$	(11,327)	$	2,265,335
Net income		—		344,238		—		344,238
Other comprehensive income		—		—		4,486		4,486
Dividends		—		(250,133)		—		(250,133)
Common stock withheld related to net share settlement of equity awards		(402)		—		—		(402)
Compensation relating to restricted stock awards		324		—		—		324
Compensation relating to restricted stock units awards		1,767		—		—		1,767
Balance at September 30, 2026	$	1,505,245	$	867,211	$	(6,841)	$	2,365,615

Balance at July 1, 2025	$	1,503,687	$	406,238	$	(10,146)	$	1,899,779
Net income		—		70,546		—		70,546
Other comprehensive loss		—		—		(298)		(298)
Dividends		—		(38,012)		—		(38,012)
Common stock withheld related to net share settlement of equity awards		(248)		—		—		(248)
Compensation relating to restricted stock units awards		262		—		—		262
Compensation relating to stock option awards		1,758		—		—		1,758
Balance at September 30, 2025	$	1,505,459	$	438,772	$	(10,444)	$	1,933,787


(Dollars in thousands)		Amounts
Cash paid	$	5,000
Fair value of previously held equity interest		5,000
Total Purchase Consideration		10,000
Fair value of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents		507
Other tangible assets		5,786
Other tangible liabilities		(3,917)
Total fair value of identifiable net assets acquired		2,376
Goodwill initially recognized⁽¹⁾⁽²⁾	$	7,624


	Crude		Product
(Dollars in thousands)	Tankers		Carriers		Totals
Three months ended September 30, 2026:
Shipping revenues	$	358,931	$	124,271	$	483,202
Time charter equivalent revenues		321,147		121,410		442,557
Vessel expenses		30,421		33,630		64,051
Charter hire expenses		21,202		12		21,214
Depreciation and amortization		19,297		21,986		41,283
Gain on disposal of vessels and other assets, net		(52,817)		—		(52,817)
Adjusted income from vessel operations		250,227		65,782		316,009
Adjusted total assets at September 30, 2026		1,445,309		1,252,803		2,698,112

Three months ended September 30, 2025:
Shipping revenues	$	96,466	$	99,922	$	196,388
Time charter equivalent revenues		92,997		99,471		192,468
Vessel expenses		29,840		35,975		65,815
Charter hire expenses		3,830		3,304		7,134
Depreciation and amortization		18,903		22,267		41,170
Loss/(gain) on disposal of vessels and other assets, net		9		(13,667)		(13,658)
Adjusted income from vessel operations		40,425		37,924		78,349
Adjusted total assets at September 30, 2025		1,294,587		1,061,252		2,355,839


(Dollars in thousands)	September 30, 2026		September 30, 2025
Adjusted total assets of all segments	$	2,698,112	$	2,355,839
Cash and cash equivalents		163,627		412,569
Short-term investments		290,000		—
Other unallocated amounts		21,073		21,170
Consolidated total assets	$	3,172,812	$	2,789,578


(Dollars in thousands)		Amounts
Balance at December 31, 2025	$	—
Acquisition of TUKA		7,624
Foreign currency translation adjustment		(233)
Balance at September 30, 2026	$	7,391


(Dollars in thousands)			Maximum Exposure to Loss
Other Liabilities	$	–	$	23,303


(Dollars in thousands)		Fair Value		Level 1		Level 2
Previously held equity interest⁽¹⁾	$	5,000	$	—	$	5,000
Identifiable net assets acquired in business combination⁽²⁾		2,376		507		1,869


Declaration Date	Record Date	Payment Date		Total Dividends per Share		Total Dividends Paid (Dollars in Thousands)
February 25, 2026	March 20, 2026	March 30, 2026	$	2.15	$	106,435
May 6, 2026	June 12, 2026	June 26, 2026	$	4.55	$	225,319
August 7, 2026	September 10, 2026	September 24, 2026	$	5.05	$	250,133


(Dollars in thousands)	Unrealized gains on cash flow hedges		Items not yet recognized as a component of net periodic benefit cost		Foreign currency translation adjustment		Total
Balance as of June 30, 2026	$	1,377	$	(12,449)	$	(255)	$	(11,327)
Current period change, excluding amounts reclassified
from accumulated other comprehensive loss		4,540		—		22		4,562
Amounts reclassified from accumulated other comprehensive loss		(340)		264		—		(76)
Balance as of September 30, 2026	$	5,577	$	(12,185)	$	(233)	$	(6,841)

Balance as of June 30, 2025	$	3,566	$	(13,712)	$	—	$	(10,146)
Current period change, excluding amounts reclassified
from accumulated other comprehensive loss		79		269		—		348
Amounts reclassified from accumulated other comprehensive loss		(908)		262		—		(646)
Balance as of September 30, 2025	$	2,737	$	(13,181)	$	—	$	(10,444)


(Dollars in thousands)	Voyage receivables - Billed receivables		Contract assets (Unbilled voyage receivables)		Contract assets (Unbilled Commercial Management Fees)		Contract liabilities (Deferred revenues and off hires)
Opening balance as of January 1, 2026	$	2,622	$	—	$	—	$	—
Closing balance as of September 30, 2026		4,235		246		2,844		—


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands)		2026		2025		2026		2025
Numerator:
Net income allocated to:
Common stockholders	$	344,128	$	70,506	$	924,962	$	181,670
Participating securities		110		40		344		87
	$	344,238	$	70,546	$	925,306	$	181,757

Denominator:
Weighted-average common shares outstanding, basic		49,518,848		49,348,406		49,489,239		49,326,459
Dilutive effect of stock options		21,189		93,319		30,337		83,454
Dilutive effect of performance-based restricted stock units		261,669		70,585		236,779		47,374
Dilutive effect of restricted stock units		103,848		93,900		97,743		80,031
Weighted-average common shares outstanding, diluted		49,905,554		49,606,210		49,854,098		49,537,318


(Dollars in thousands)	September 30, 2026		December 31, 2025		Fair Value Level
Cash and cash equivalents	$	163,627	$	116,922		Level 1
Short-term investments		290,000		50,000		Level 1
2030 Bonds		(253,975)		(249,748)		Level 1
ECA Credit Facility⁽¹⁾		(235,617)		(81,494)		Level 2
BoComm Lease Financing ⁽²⁾		(162,582)		(174,713)		Level 2
Toshin Lease Financing ⁽²⁾		(8,886)		(10,151)		Level 2
Hyuga Lease Financing ⁽²⁾		(8,758)		(10,164)		Level 2
Kaiyo Lease Financing ⁽²⁾		(7,632)		(9,485)		Level 2
Kaisha Lease Financing ⁽²⁾		(7,624)		(8,921)		Level 2


(Dollars in thousands)	September 30, 2026		December 31, 2025
ECA Credit Facility, due 2038, net of unamortized deferred finance costs of $9,382 and $3,030	$	226,236	$	78,464
2030 Bonds, due 2030, net of unamortized deferred finance costs of $4,137 and $4,774		245,863		245,226
BoComm Lease Financing, due 2030, net of unamortized deferred finance costs of $2,215 and $2,731		191,748		202,505
Toshin Lease Financing, due 2031, net of unamortized deferred finance costs of $151 and $189		9,969		11,092
Hyuga Lease Financing, due 2031, net of unamortized deferred finance costs of $123 and $157		9,645		10,808
Kaiyo Lease Financing, due 2030, net of unamortized deferred finance costs of $94 and $126		8,277		9,500
Kaisha Lease Financing, due 2030, net of unamortized deferred finance costs of $96 and $129		8,259		9,484
		699,997		567,079
Less current portion		(34,626)		(25,788)
Long-term portion	$	665,371	$	541,291


(Dollars in thousands)		Amount
2026	$	331
2027		1,406
2028		1,260
2029		1,185
2030		1,104
Thereafter		2,602
Total lease payments		7,888
less imputed interest		(993)
Total operating lease liabilities	$	6,895


(Dollars in thousands)	Amount		Revenue Days
2026	$	34,210	980
2027		103,334	2,717
2028		98,161	2,562
2029		62,643	1,715
2030		7,068	228
Future minimum revenues	$	305,416	8,202


(Dollars in millions)	Amount⁽¹⁾
2026	$	34.2
2027		103.3
2028		98.2
2029		62.6
2030		7.1
Future minimum revenues	$	305.4


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands, except daily rate amounts)		2026		2025		2026		2025
TCE revenues	$	321,147	$	92,997	$	758,786	$	276,534
Vessel expenses		(30,421)		(29,840)		(90,252)		(88,273)
Charter hire expenses		(21,202)		(3,830)		(39,975)		(10,339)
Depreciation and amortization		(19,297)		(18,903)		(57,769)		(56,351)
Adjusted income from vessel operations ^(a)	$	250,227	$	40,425	$	570,790	$	121,571
Average daily TCE rate	$	126,336	$	36,671	$	102,539	$	36,950
Average number of owned vessels ^(b)		23.8		19.0		24.4		19.2
Average number of vessels chartered-in		4.9		9.1		4.1		9.0
Number of revenue days ^(c)		2,542		2,536		7,400		7,484
Number of ship-operating days: ^(d)
Owned vessels		2,188		1,748		6,668		5,247
Vessels bareboat chartered-in under leases ^(e)		276		828		819		2,457
Vessels time chartered-in under operating leases ^(f)		179		—		275		—
Vessels spot chartered-in under leases ^(g)		—		6		16		11


	2026				2025
	Spot Earnings		Fixed Earnings		Spot Earnings		Fixed Earnings
Three Months Ended September 30,
VLCC:
Average rate	$	154,597	$	315,258	$	34,809	$	41,552
Revenue days		559		276		627		276
Suezmax:
Average rate	$	102,501	$	41,682	$	33,310	$	34,316
Revenue days		1,065		276		1,096		91
Aframax:
Average rate	$	57,832	$	38,500	$	28,457	$	38,665
Revenue days		275		92		261		89

Nine Months Ended September 30,
VLCC⁽¹⁾:
Average rate	$	117,725	$	220,493	$	35,875	$	39,459
Revenue days		1,774		815		1,928		819
Suezmax:
Average rate	$	90,406	$	39,073	$	33,699	$	32,381
Revenue days		2,934		733		3,290		221
Aframax:
Average rate	$	59,403	$	38,504	$	28,215	$	38,556
Revenue days		805		273		804		261


												Beyond
(Dollars in thousands)		2026		2027		2028		2029		2030		2030		Total
$500 Million Revolving Credit Facility⁽¹⁾	$	642	$	2,339	$	2,010	$	1,671	$	125	$	—	$	6,787
$160 Million Revolving Credit Facility⁽¹⁾		219		811		730		161		—		—		1,921
ECA Credit Facility - floating rate⁽²⁾		5,012		23,433		22,928		22,297		21,726		239,581		334,977
2030 Bonds - fixed rate		—		17,812		17,812		17,813		267,813		—		321,250
BoComm Lease Financing - fixed rate⁽³⁾		5,989		23,761		23,827		23,762		142,272		—		219,611
Toshin Lease Financing - fixed rate⁽³⁾		540		2,151		2,223		2,052		2,052		2,829		11,847
Hyuga Lease Financing - fixed rate⁽³⁾		558		2,232		2,160		2,160		2,256		2,000		11,366
Kaiyo Lease Financing - fixed rate⁽³⁾		738		2,214		2,214		2,214		2,127		—		9,507
Kaisha Lease Financing - fixed rate⁽³⁾		554		2,214		2,214		2,214		2,287		—		9,483
Operating lease obligations⁽⁴⁾
Office space and vessel equipment		331		1,406		1,260		1,185		1,104		2,602		7,888
Vessel and vessel betterment commitments⁽⁵⁾		24,724		30,480		189,120		—		—		—		244,324
Total	$	39,307	$	108,853	$	266,498	$	75,529	$	441,762	$	247,012	$	1,178,961



2.1		Form of Exchange and Support Agreements dated October 16, 2026 among the Registrant, International Seaways Operating Corporation Ltd. and the Bruton Limited shareholders party thereto (filed as Exhibit 2.1 to the Registrant’s Current Report on Form 8-K dated October 16, 2026 and incorporated herein by reference).

2.2		Transaction Agreement dated October 16, 2026 among the Registrant, Bravo Ltd. and Bruton Limited (filed as Exhibit 2.2 to the Registrant’s Current Report on Form 8-K dated October 16, 2026 and incorporated herein by reference).

2.3		Statutory Merger Agreement dated October 16, 2026 among the Registrant, Bravo Ltd. and Bruton Limited (filed as Exhibit 2.3 to the Registrant’s Current Report on Form 8-K dated October 16, 2026 and incorporated herein by reference).

10.1		Joinder Agreement dated October 19, 2026 by Liberty Tanker Company LLC to the $500 Million Revolving Credit Facility among the Registrant, International Seaways Operating Corporation Ltd., the other Guarantors from time to time party thereto, the Lenders from time to time party thereto, Nordea Bank Abp, New York Branch, as administrative agent for the lenders and as collateral agent and security trustee for the Secured Parties (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated October 23, 2026 and incorporated herein by reference).

*31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a), as amended.

*31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a), as amended.

*32		Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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EX-104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)



	INTERNATIONAL SEAWAYS, INC.
	(Registrant)

Date: November 5, 2026	/s/ Lois K. Zabrocky
	Lois K. Zabrocky
	Chief Executive Officer

Date: November 5, 2026	/s/ Jeffrey D. Pribor
	Jeffrey D. Pribor
	Chief Financial Officer