INSW International Seaways

Tankers Crude Β· VLCC / Suezmax / Aframax / LR2 / LR1 / MR Β· 81 documents

International Seaways' 64-vessel crude tanker fleet β€” 28 MR, 13 Suezmax, 10 VLCC and 13 across 3 other classes β€” should earn about $104,530 a day in 2026Q3 and pay $7.34 a share. That is our forecast (STATED payout on MODELLED TCE), at a rate beyond the $78,345/d its dividend history covers. A fifth of those vessel-days are already fixed at rates International Seaways has disclosed; the rest are priced at 96% of the index, the share it has historically captured.

Last paid Β· 2026Q2
$5.05
18.4% annualised
$78,345/d earned
TTM $12.61 (11.5% trailing)
2026Q3 Β· our model
$7.34
26.7% annualised
$104,530/d modelled
STATED payout on MODELLED TCE
low EPS $8.85 Β· 20% booked Β· beyond the $78,345/d its dividend history covers
2026Q4 Β· our model
$20.18
73.4% annualised
$241,898/d modelled
EPS $23.95 Β· beyond the $78,345/d its dividend history covers
At today’s spot Β· our model
β€”
withheld outside the $26,622–$78,345/d its dividend history covers
$242,696/d booked + open days at spot
market $566,439/d -6.9% vs prior print Β· $25,980/d break-even Β· fleet-weighted 2026-10-16

Yields annualise each quarter Γ—4 at the last close, $109.99 (2026-10-16). Our model is not company guidance.

What will International Seaways pay for 2026Q3?

Company said
International Seaways has booked 20% of its 2026Q3 days (2026-08-10; by class on the right). It does not say what it will pay β€” turning its rates into a dividend is our job.
Stated policy: β€œThird consecutive quarter with a payout ratio of at least 85% of adjusted net income.”
$71,975/d
booked average
est. $4.30
on booked days
Our model
Booked days at those rates, open days at 96% of spot; then International Seaways pays out 85% of the cash above its $25,980/d break-even (stated policy, 5 quarters; break-even from cost lines). Track record ↓
$104,530/d
modelled
$7.34
low confidence Β· STATED payout on MODELLED TCE
Your scenario
Booked days at the company’s rates, open days at the rate you set. Set the rates ↓
β€”
your rates
β€”
your rates

Booked vs market $/day

ClassBookedAtSpot now
VLCC Β· time charters 29.8% $214,216 $720,196
Suezmax Β· time charters 22.8% $37,854 $540,621
Aframax Β· time charters 24.7% $38,501 $314,938
LR2 Β· time charters 79.3% $39,445 $282,502
MR Β· time charters 18.9% $22,099 $68,317

Track record forecast vs paid

QuarterForecastPaidMiss
2026Q2$1.89$5.05 -63%

At 2026Q2’s actual $78,345/d, our model gives $4.89 against $5.05 declared (5 quarters, out-of-sample RΒ² 0.801). Big misses came from forecasting the rate, not the payout.

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

ClassCompany earnedBooked 2026Q3Market now8 weeks
VLCC Β· 10 $78,3452026Q2 Β· fleet avg $214,21630% of days $720,1962026-10 median Β· 4 routes +264%
Suezmax Β· 13 $78,3452026Q2 Β· fleet avg $37,85423% of days $540,6212026-10 median Β· 4 routes +222%
Aframax Β· 4 $78,3452026Q2 Β· fleet avg $38,50125% of days $314,9382026-10 median Β· 5 routes +224%
LR2 Β· 1 $78,3452026Q2 Β· fleet avg $39,44579% of days $282,5022026-10 median Β· 2 routes +132%
LR1 Β· 8 $78,3452026Q2 Β· fleet avg β€”none printed $194,6132026-10 median Β· 2 routes +120%
MR Β· 28 $78,3452026Q2 Β· fleet avg $22,09919% of days $68,3172026-10 median Β· 2 routes +136%

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class β€” a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.

Your rates open days only β€” booked days stay at the booked rate

VLCC 30% booked at $214,216 Β· 597 open days
Suezmax 23% booked at $37,854 Β· 854 open days
Aframax 25% booked at $38,501 Β· 256 open days
LR2 79% booked at $39,445 Β· 18 open days
LR1 681 open days
MR 19% booked at $22,099 Β· 1,933 open days

2026Q3 P&L and cash

LineModelYour scenarioΞ”
Vessel-days, days pattern

Net of off-hire and drydock: its own median utilization.

 5,446 5,446
By class
ClassDaysModel $/dayYours $/day
VLCC851265,466265,466
Suezmax1,106146,948146,948
Aframax34081,86281,862
LR28562,96462,964
LR1681108,640108,640
MR2,38330,91330,913
Fleet TCE, $/day modelled 104,530 104,530
Revenue (TCE basis), $m modelled

Vessel-days Γ— fleet TCE.

 569.3 569.3
Vessel opex, $m assumed

2026Q2: $63.6m over 5,446 vessel-days, held per day.

 (63.6) (63.6)
G&A, $m assumed

2026Q2: $16.6m over 5,446 vessel-days, held per day.

 (16.6) (16.6)
EBITDA, $m assumed 489.1 489.1
Hire for chartered-in ships, $m assumed

2026Q2: $15.2m over 5,446 vessel-days, held per day.

 (15.2) (15.2)
Interest expense, $m assumed

2026Q2: $6.4m over 5,446 vessel-days, held per day.

 (6.4) (6.4)
Scheduled debt amortisation, $m

As reported for 2026Q4. Not deducted: the stated policy pays out of net income.

 (6.4)
Depreciation, $m assumed

2026Q2: $39.7m over 5,446 vessel-days, held per day.

 (39.7) (39.7)
Drydock cost, $m

No separate drydock cash line on file; off-hire is in the vessel-day count above.

 β€” β€”
Cash break-even, $/day assumed

Ξ£ the costs the stated policy deducts above Γ· vessel-days.

 25,980 25,980
Cushion vs fleet TCE, $/day 78,550 78,550
Net income, $m assumed

Revenue βˆ’ the costs the stated policy deducts: the base it pays out of (net income).

 427.8 427.8
Capex (memo), $m

As reported for 2026Q2. Not deducted: the stated policy pays out of net income.

 (52.3)

Dividend policy stated

β€œThird consecutive quarter with a payout ratio of at least 85% of adjusted net income.”

Applied as stated: at least 85% of net income.

OutputModelYour scenarioΞ”
Estimated distributable cash, $m 363.6
Estimated DPS, $/share modelled $7.34
Forward yield, run-rate % 26.7%
vs last declared ($5.05, 2026Q2) +45%

Yield annualises the quarter’s DPS Γ— 4 (a run-rate, not a forecast of the year) against the $109.99 close on 2026-10-16.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Dividend per share declared Β· model Β· you

$0.862025Q3$2.152025Q4$4.552026Q1$5.052026Q2$7.342026Q3$20.182026Q4solid = declared Β· dashed = our model Β· dot = your scenario

Market context β€” rates, the dividend, and the price

Rates and dividend β€” benchmark, realized and declared

84%
2026Q2 earned $78,345/day market paid $93,794/day
Fleet-weighted benchmark Realized fleet TCEModelDeclared DPS
forecast →
$0k
$150k
$300k
2025Q4
2026Q1
2026Q2
2026Q3
2026Q4
Declared DPS, USD/share — solid: declared · dashed: model
$2.15
$4.55
$5.05
$5.05
$20.18
2025Q4 pay 2026-03-30 2026Q3 rec 2026-09-10 Β· pay 2026-09-24

A settled quarter carries two bars: the lighter one is the fleet-weighted benchmark β€” what the market paid for a fleet of this class mix β€” and the solid one is what this fleet actually earned. The gap between them is the share of the index this issuer captured. Dashed-outline bars are the model estimate β€” see Dividend forecast.

The line is the declared dividend per share β€” dashed where it is the model's estimate. Model estimate β€” not issuer guidance.

Forward (our model β€” model quarter Γ—4): $29.36/yr Β· @ $109.99 (as of 2026-10-16) = 26.7% yield (spot-exposure scenario) Β· Trailing TTM $12.61/yr = 11.5%

DPS-vs-TCE fit RΒ² 0.899 Β· 5 qtrs
Fit crosses zero at $18,269/d β€” the TCE below which this fit implies no payout
forecast accuracy β†’

Fleet rate β€” what the market pays a fleet like this one

Fleet-weighted market rate with the class benchmarks behind it: 91 points, 2025-01-03 to 2026-10-16; INSW fleet-weighted latest 566,439.00; VLCC benchmark latest 711,081.00; SUEZMAX benchmark latest 540,621.00; AFRAMAX benchmark latest 288,740.50.

image/svg+xml Jul 2026 Jul 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 566,439 711,081 540,621 288,740 INSW fleet-weighted VLCC benchmark SUEZMAX benchmark AFRAMAX benchmark USD/day

Latest $566,439/day at 2026-10-16 (-6.9% on the prior print), weighted 10Γ—VLCC Β· 13Γ—SUEZMAX Β· 4Γ—AFRAMAX.

The thick line prices this fleet's own class mix at the market's rate each week; the pale lines are the class benchmarks behind it. Each class benchmark is a median across every route mapped to that class, not a single assessment. A laden-leg benchmark runs hotter than a fleet earns β€” ballast days, waiting time, TC-out legs and off-hire all dilute it β€” so this is market direction, not revenue. What this fleet actually captured is the panel above.

Price and the yield it implied

Daily share price in dollars with the annualised yield each declared dividend implied: 285 points, 2025-08-29 to 2026-10-16; INSW share price latest 109.99; Implied annual yield (% p.a., right) latest 22.35.

image/svg+xml Oct 2026 Apr Jul Oct 40 50 60 70 80 90 100 110 120 110 INSW share price Implied annual yield (% p.a., right) 16 17 18 19 20 21 22 22 USD % p.a.

Latest: 2026-Q3 declared $5.05/share on 2026-08-10, 22.4% annualised against the $90.40 close that day.

The continuous line is the daily closing price in dollars β€” the raw close, not a dividend-adjusted one, which would back-adjust away the very payouts being measured. The second line carries 3 declared dividends and is marked nowhere else β€” each annualised ×4 and divided by the close on, or last before, the day it was declared. A quarter with no dividend has no mark. The segments between the marks connect them; they are not measured. This is what the share yielded at the time, not what those dividends would yield at today's price. Prices start 2025-08-29, so anything declared before then is not plotted.

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it β†’

Where INSW departs from that

  • The market benchmark prices 27 of this fleet's 64 vessels β€” the classes it has an assessment for. The rate the fleet actually earned covers all of them, so the two are not measured over the same ships.
  • Rate 1.3x the highest it has earned ($78,345/d).
  • VLCC: index realized at 96% β€” this issuer captured 96% of the index across 4 closed quarters (range 81%-108%; 1 on its fleet TCE less its printed time charters; 3 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index.
  • VLCC: using issuer guidance 29% fixed @ $214,216/day β€” CARRIED from 2026Q2: no newer book on file for this quarter β€” day-weighted across its charters: VLCC time charters (Q2 2026 fixed book, carried) $214,216/day x 274 days.

What drives it β€” fleet TCE, 2026Q3

Expected fleet TCE
$104,530/d
20% STATED Β· 80% MODELLED
Days already fixed
20%
at disclosed rates
Index capture on open days
96%
historically captured

Earnings bridge β€” 2026Q2 β†’ 2026Q3

Anchor DPS (2026Q2) $5.05
Booked cover β€” issuer guidance targets a different quarter than the anchor β€” no same-vintage comparison TBD
Expected DPS (2026Q3) $7.34

Dividend history & forecast accuracy

Hit rate
0%
Avg error
62.6%
Quarters tracked
1
Fit crosses zero
$18,269/day
Fit
5 qtrs Β· RΒ² 0.899

Upcoming

QuarterEx-date (est.)Forecast DPSActual DPS
2026Q3 Eβ€”$7.34β€”
2026Q4 Eβ€”$20.18β€”
QuarterEx-dateForecast DPSActual DPSError
2026Q2 β€” $1.89 $5.05 -62.6%

DPS method: payout of cash above break-even.

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet
64
Realized TCE
$78,345/d 2026Q2
Declared DPS
$5.05 2026Q2
TTM DPS
$12.61
Coverage
1.18Γ—
Revenue
$467.3M
Opex
$63.6M
Net income
$294.9M

4Γ— aframax Β· 8Γ— lr1 Β· 1Γ— lr2 Β· 28Γ— mr Β· 13Γ— suezmax Β· 10Γ— vlcc current

Fleet model β€” 2026Q3

Fleet model estimate β€” not issuer guidance.

ClassShipsTCSpot% FixedGuided $/dSpot $/dBlended $/dQTD rev $MModeled Q rev $M
VLCC1037 30% 214,216 298,164 265,466 β€” 225.9
Suezmax13211 23% 37,854 185,993 146,948 β€” 162.5
LR2413 25% 38,501 99,747 81,862 β€” 27.8
LR2110 79% 39,445 158,894 62,964 β€” 5.4
LR1808 β€” β€” 112,779 108,640 β€” 74.0
MR28622 19% 22,099 34,223 30,913 β€” 73.7
Total64 104,530 β€” 569.3

Guided rates are issuer-booked cover for 2026Q3 blended with Gibson and route-basket spot medians for the open days.

Bear β€” booked only
$79.7M rev
DPS $0.00
Base β€” index
$569.3M rev
DPS $7.34
Bull β€” recent peak
$1704.2M rev
DPS $31.00

TC = vessels on TC-out with initial period >12 mo at 2025Q4 quarter-end; shorter charters read as spot.

Expected DPS
$7.34/share
Annualized
$29.36/yr
Revenue if rates hold
$569.3M
Confidence
LOW 62.6% err

Bear uses booked coverage only; Base adds open vessels at this issuer's realized share of the latest Gibson median; Bull reruns them at the same share of the recent 3-month peak index.

Model gaps & assumptions

vlcc: index realized at 96% β€” this issuer captured 96% of the index across 4 closed quarters (range 81%-108%; 1 on its fleet TCE less its printed time charters; 3 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index Β· vlcc: using issuer guidance 29% fixed @ $214,216/day β€” CARRIED from 2026Q2: no newer book on file for this quarter β€” day-weighted across its charters: VLCC time charters (Q2 2026 fixed book, carried) $214,216/day x 274 days Β· suezmax: index realized at 96% β€” this issuer captured 96% of the index across 4 closed quarters (range 81%-108%; 1 on its fleet TCE less its printed time charters; 3 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index Β· suezmax: using issuer guidance 22% fixed @ $37,854/day β€” CARRIED from 2026Q2: no newer book on file for this quarter β€” day-weighted across its charters: Suezmax time charters (Q2 2026 fixed book, carried) $37,854/day x 273 days Β· aframax: index realized at 96% β€” this issuer captured 96% of the index across 4 closed quarters (range 81%-108%; 1 on its fleet TCE less its printed time charters; 3 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index Β· aframax: using issuer guidance 24% fixed @ $38,501/day β€” CARRIED from 2026Q2: no newer book on file for this quarter β€” day-weighted across its charters: Aframax time charters (Q2 2026 fixed book, carried) $38,501/day x 91 days Β· lr2: index realized at 96% β€” this issuer captured 96% of the index across 4 closed quarters (range 81%-108%; 1 on its fleet TCE less its printed time charters; 3 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index Β· lr2: using issuer guidance 79% fixed @ $39,445/day β€” CARRIED from 2026Q2: no newer book on file for this quarter β€” day-weighted across its charters: LR2 time charters (Q2 2026 fixed book, carried) $39,445/day x 73 days Β· lr1: index realized at 96% β€” this issuer captured 96% of the index across 4 closed quarters (range 81%-108%; 1 on its fleet TCE less its printed time charters; 3 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index Β· lr1: no fixed-coverage guidance -> 100% spot proxy Β· mr: index realized at 96% β€” this issuer captured 96% of the index across 4 closed quarters (range 81%-108%; 1 on its fleet TCE less its printed time charters; 3 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index Β· mr: using issuer guidance 18% fixed @ $22,099/day β€” CARRIED from 2026Q2: no newer book on file for this quarter β€” day-weighted across its charters: MR time charters (Q2 2026 fixed book, carried) $22,099/day x 486 days Β· aframax: 2026Q3 has ended β€” open days are priced at the mean of its own monthly medians, $99,747/day, not the newest month (owner 2026-10-19) Β· lr1: 2026Q3 has ended β€” open days are priced at the mean of its own monthly medians, $112,779/day, not the newest month (owner 2026-10-19) Β· lr2: 2026Q3 has ended β€” open days are priced at the mean of its own monthly medians, $158,894/day, not the newest month (owner 2026-10-19) Β· mr: 2026Q3 has ended β€” open days are priced at the mean of its own monthly medians, $34,223/day, not the newest month (owner 2026-10-19) Β· suezmax: 2026Q3 has ended β€” open days are priced at the mean of its own monthly medians, $185,993/day, not the newest month (owner 2026-10-19) Β· vlcc: 2026Q3 has ended β€” open days are priced at the mean of its own monthly medians, $298,164/day, not the newest month (owner 2026-10-19) Β· DPS = at least 85% (stated policy) of net income: the fleet's earnings above $25,980/day over 5,446 vessel-days Β· one-model DPS extrapolated: TCE $104,530/day is 33% outside the $26,622-$78,345/day its dividend history covers β€” costs are per day, so the dividend still rises with the rate, but the payout share is untested out there

Forecast accuracy β€” fleet TCE

The model's fleet TCE for each quarter β€” the fleet-mix-weighted Gibson class benchmark, one quantity per fleet, never a shared class rate β€” scored against the TCE the company went on to report. Error is model minus reported, as a share of reported β€” positive means the model was too high.

Quarters scored
5
Avg abs. error
46.6%
QuarterModel TCEReported TCEError
2026Q2 $93,794/day $78,345/day +19.7%
2026Q1 $106,724/day $53,508/day +99.5%
2025Q3 $44,171/day $30,036/day +47.1%
2025Q2 $38,584/day $28,275/day +36.5%
2025Q1 $34,744/day $26,622/day +30.5%

Profit statement highlights

Line2026Q22026Q1YoY Ξ”
Revenue $467.3M $325.5M +138.9%
Opex $63.6M $61.0M -5.6%
Net income $294.9M $286.1M +378.7%
Full P&L grid β€” 6 quarters
Line item2026Q22026Q12025Q42025Q32025Q22025Q1
Revenue $M467.3325.5267.9196.4195.6183.4
Voyage expenses $M33.18.27.93.96.85.1
Vessel opex $M63.661.065.965.867.467.0
G&A $M16.69.313.011.812.213.2
Depreciation $M39.740.641.441.241.339.7
Interest expense, gross $M6.46.3β€”8.17.79.6
Net income $M294.9286.1127.570.561.649.6
Declared DPS5.054.552.150.860.770.60

Profit statement – highlights SEC EDGAR company facts

LineFY20142015Q1FY20152015Q22015Q32015Q42016Q1H1 2016FY20162016Q22016Q32016Q42017Q1H1 2017FY20172017Q22017Q32017Q42018Q1H1 2018FY20182018Q22018Q32018Q42019Q1H1 2019FY20192019Q22019Q32019Q42020Q1H1 2020FY20202020Q22020Q32020Q42021Q1H1 20212021Q4 (FY βˆ’ 9M)FY20212021Q22021Q32022Q1H1 20222022Q4 (FY βˆ’ 9M)FY20222022Q22022Q32023Q1H1 20232023Q4 (FY βˆ’ 9M)FY20232023Q22023Q32024Q1H1 20242024Q4 (FY βˆ’ 9M)FY20242024Q22024Q32025Q1H1 20252025Q4 (FY βˆ’ 9M)FY20252025Q22025Q32026Q1H1 20262026Q2YoY Ξ”
Revenue 517.0117.5497.6124.1131.1125.0128.7231.7398.3103.180.885.888.8160.7290.172.060.069.452.0108.9270.456.960.9100.5101.9170.9366.269.071.3124.0125.3265.1421.6139.799.956.746.893.194.6272.546.384.8101.5289.7338.2864.7188.2236.8287.1579.3250.81071.8292.2241.7274.4531.8194.6951.6257.4225.2183.4379.0267.9843.3195.6196.4325.5792.8467.3 +138.9%
EBITDA / operating income 4.636.0176.347.753.039.653.182.27.229.1-47.8-28.513.43.9-107.9-9.6-23.7-88.2-26.7-36.4-54.5-9.7-36.017.919.311.455.2-7.9-2.846.653.3121.239.967.916.8-98.2-11.8-29.3-20.0-112.1-17.4-62.8-5.681.8232.5442.787.4128.4185.3354.0147.3615.4168.7114.2154.4309.245.0455.2154.8101.059.2128.5138.2345.469.478.7288.6589.9301.3 +334.1%
Operating expenses β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€” β€”
Net result -119.135.9173.247.751.937.659.990.4-18.230.5-50.9-57.818.16.4-106.1-11.6-21.8-90.7-29.3-48.1-88.9-18.8-47.87.010.9-5.6-0.8-16.5-11.115.933.097.4-5.564.414.0-116.9-13.4-32.1-34.7-134.7-18.8-67.9-13.056.0218.4387.969.0113.4172.6326.4132.1556.4153.897.9144.5289.235.8416.7144.791.749.6111.2127.5309.361.670.5286.1581.1294.9 +378.7%
Declared DPS β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”1.2β€”β€”β€”1.75β€”1.2β€”1.750.120.58β€”2.03β€”0.60.774.55β€”4.55 β€”
Full P&L grid β€” 4 lines Γ— 69 quarters
Line itemFY2014Q1 2015FY2015Q2 2015Q3 2015Q4 2015Q1 2016H1 2016FY2016Q2 2016Q3 2016Q4 2016Q1 2017H1 2017FY2017Q2 2017Q3 2017Q4 2017Q1 2018H1 2018FY2018Q2 2018Q3 2018Q4 2018Q1 2019H1 2019FY2019Q2 2019Q3 2019Q4 2019Q1 2020H1 2020FY2020Q2 2020Q3 2020Q4 2020Q1 2021H1 2021Q4 2021FY2021Q2 2021Q3 2021Q1 2022H1 2022Q4 2022FY2022Q2 2022Q3 2022Q1 2023H1 2023Q4 2023FY2023Q2 2023Q3 2023Q1 2024H1 2024Q4 2024FY2024Q2 2024Q3 2024Q1 2025H1 2025Q4 2025FY2025Q2 2025Q3 2025Q1 2026H1 2026Q2 2026
Operating revenues517.0117.5497.6124.1131.1125.0128.7231.7398.3103.180.885.888.8160.7290.172.060.069.452.0108.9270.456.960.9100.5101.9170.9366.269.071.3124.0125.3265.1421.6139.799.956.746.893.194.6272.546.384.8101.5289.7338.2864.7188.2236.8287.1579.3250.81071.8292.2241.7274.4531.8194.6951.6257.4225.2183.4379.0267.9843.3195.6196.4325.5792.8467.3
Operating expensesβ€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Operating income4.636.0176.347.753.039.653.182.27.229.1-47.8-28.513.43.9-107.9-9.6-23.7-88.2-26.7-36.4-54.5-9.7-36.017.919.311.455.2-7.9-2.846.653.3121.239.967.916.8-98.2-11.8-29.3-20.0-112.1-17.4-62.8-5.681.8232.5442.787.4128.4185.3354.0147.3615.4168.7114.2154.4309.245.0455.2154.8101.059.2128.5138.2345.469.478.7288.6589.9301.3
Profit for the period-119.135.9173.247.751.937.659.990.4-18.230.5-50.9-57.818.16.4-106.1-11.6-21.8-90.7-29.3-48.1-88.9-18.8-47.87.010.9-5.6-0.8-16.5-11.115.933.097.4-5.564.414.0-116.9-13.4-32.1-34.7-134.7-18.8-67.9-13.056.0218.4387.969.0113.4172.6326.4132.1556.4153.897.9144.5289.235.8416.7144.791.749.6111.2127.5309.361.670.5286.1581.1294.9

Cash break-even & opex per fleet

Vessel classOpex/dayCash break-even $/day
vlccβ€”15,000
suezmaxβ€”15,000
lr2β€”15,000
lr1β€”15,000
mrβ€”15,000

Fleet exposure assets reviewed Β· 2026-03-31

ClassShipsTCSpotMixGuided $/dayQtrNext-Q bookedExpected blend
VLCC 10 β€” β€”
β€” β€” 141,000 β€”
Suezmax 13 β€” β€”
β€” β€” 151,400 β€”
Aframax 4 β€” β€”
β€” β€” 82,000 β€”
LR2 1 β€” β€”
β€” β€” β€” β€”
LR1 8 β€” β€”
β€” β€” 94,000 β€”
MR 28 β€” β€”
β€” β€” 76,300 β€”

Guidance & sources

Issuer guidance β€” forward-looking

No current-quarter guidance on file.

Historical guidance (5 rows)
PeriodMetricValueCoverageAs ofSource
2026Q2Aframax time charters (Q2 2026 fixed book, carried) $38,501 β€” 2026-08-10 β€”
2026Q2LR2 time charters (Q2 2026 fixed book, carried) $39,445 β€” 2026-08-10 β€”
2026Q2MR time charters (Q2 2026 fixed book, carried) $22,099 β€” 2026-08-10 β€”
2026Q2Suezmax time charters (Q2 2026 fixed book, carried) $37,854 β€” 2026-08-10 β€”
2026Q2VLCC time charters (Q2 2026 fixed book, carried) $214,216 β€” 2026-08-10 β€”
Sources β€” press, filings & documents

Interim updates since 2026Q3

  • vessel purchase high 2026-10-16 The transaction combines Bruton’s 4 VLCC vessels, including newbuildings, with Seaways diversified fleet of approximately 70 vessels across … source
  • fleet composition low 2026-10-16 International Seaways Expands VLCC Fleet Through Strategic Combination with Bruton Limited. source
  • fleet composition low 2026-10-16 The transaction combines Bruton’s 4 VLCC vessels, including newbuildings, with Seaways diversified fleet of approximately 70 vessels across … source
  • capex high 2026-10-16 International Seaways, Inc. (NYSE: INSW) (the β€œCompany,” β€œSeaways,” or β€œINSW”), one of the largest tanker companies worldwide providing ener… source
  • rates high 2026-10-16 $68,000/day Results for the third quarter were driven primarily by strong market conditions that resulted in blended spot earnings of approximately $68,… source
  • rates high 2026-10-16 $180,000/day During the first three weeks of the fourth quarter, the Company has fixed blended spot earnings of approximately $180,000 per day on about 3… source
  • other low 2026-10-16 International Seaways, Inc. (NYSE: INSW) (the β€œCompany,” β€œSeaways,” or β€œINSW”), one of the largest tanker companies worldwide providing ener… source
  • other low 2026-10-16 Seaways has entered into exchange agreements with Bruton shareholders holding approximately 50.5% of Bruton’s outstanding common shares, to … source
  • other low 2026-10-16 The First-Step Exchange transactions are expected to settle on or about October 20, 2026. source
  • other low 2026-10-16 Seaways has also entered into a definitive transaction agreement with Bruton, pursuant to which Company will acquire all of the Bruton share… source
  • other low 2026-10-16 Seaways expects to issue approximately 3.12 million INSW shares in the Transactions, representing approximately 96% of the aggregate conside… source
  • other low 2026-10-16 Bruton will hold a special meeting of shareholders on or about October 30, 2026, to vote on the proposed Merger. source
  • other low 2026-10-16 The Bruton shareholders party to the First-Step Exchange have agreed to vote their shares in favor of the Merger. source
  • other low 2026-10-16 The Merger is expected to close promptly following the Bruton special meeting of shareholders, subject to the satisfaction of other customar… source
  • other low 2026-10-16 The Company expects Shipping Revenues and Other Operating Revenues of approximately $480-$490 million. source
  • other low 2026-10-16 The Company expects Net income of approximately $340-$350 million, which includes a gain on the sale of a 2012-built Suezmax of approximatel… source
  • other low 2026-10-16 Total Liquidity was approximately $965 million as of September 30, 2026, including cash (and short-term investments) of $455 million and $51… source
  • other low 2026-10-16 Results for the third quarter were driven primarily by strong market conditions that resulted in blended spot earnings of approximately $68,… source
  • other low 2026-10-16 On October 16, 2026, International Seaways, Inc. and International Seaways Operating Corporation Ltd. entered into Exchange and Support Agre… source
  • other low 2026-10-16 Pursuant to the Exchange Agreements, each Exchanging Holder has agreed to exchange each of the Bruton Common Shares underlying its NDRs for … source
  • other low 2026-10-16 The Exchanges are expected to close on or about October 20, 2026. source
  • other low 2026-10-16 On October 16, 2026, Parent, Bravo Ltd., and Bruton entered into a Transaction Agreement, pursuant to which Merger Sub will merge with and i… source
  • other low 2026-10-16 The Transaction Agreement provides that each outstanding Bruton Common Share (other than certain excluded shares) held by a holder of more t… source
  • other low 2026-10-16 The Transaction Agreement provides that each outstanding Bruton Common Share (other than certain excluded shares) held by a holder of 10,000… source
  • other low 2026-10-16 Bruton is expected to hold its special general meeting of shareholders to vote on the proposed Merger on or about October 30, 2026. source
  • other low 2026-10-16 Subject to the satisfaction of customary conditions to closing, the Merger is expected to close promptly following the Bruton special genera… source
  • other low 2026-10-16 On October 16, 2026, the parties also entered into a Statutory Merger Agreement under Bermuda law to effect the Merger under Bermuda law. source
  • other low 2026-10-16 On October 16, 2026, Parent issued a press release announcing the Transactions, which press release also includes certain preliminary operat… source

Market: LR1 FFA curve $197,250/day, LR2 FFA curve $47,500/day, MR FFA curve $41,500/day, Suezmax FFA curve $379,500/day, VLCC FFA curve $1,257,500/day

Press & filings by quarter

QuarterReportPresentationDividendOther
2026Q4 β€” β€” β€” FORM 8-K, FORM 8-K exhibit
2026Q3 β€” β€” β€” 10-Q, FORM 8-K, FORM 8-K exhibit, FORM 8-K exhibit
2026Q2 β€” β€” β€” FORM 8-K, FORM 8-K, 10-Q, FORM 8-K, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K
2026Q1 β€” β€” β€” FORM 8-K, 10-K, FORM 8-K, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K, FORM 8-K exhibit, FORM 8-K exhibit
2025Q4 β€” β€” β€” 10-Q, FORM 8-K, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K
2025Q3 β€” β€” β€” FORM 8-K, FORM 8-K, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K, 10-Q, FORM 8-K, FORM 8-K exhibit, FORM 8-K exhibit
2025Q2 β€” β€” β€” FORM 8-K, 10-Q, FORM 8-K, FORM 8-K exhibit
2025Q1 β€” β€” β€” FORM 8-K, FORM 8-K, 10-K, FORM 8-K, FORM 8-K exhibit
2024Q4 β€” β€” β€” FORM 8-K, FORM 8-K exhibit, FORM 8-K, 10-Q, FORM 8-K, FORM 8-K exhibit
2024Q3 β€” β€” β€” FORM 8-K, FORM 8-K exhibit, 10-Q, FORM 8-K, FORM 8-K exhibit, FORM 8-K exhibit
2024Q2 β€” β€” β€” FORM 8-K, FORM 8-K, FORM 8-K, FORM 8-K, 10-Q, FORM 8-K, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K, FORM 8-K, FORM 8-K, FORM 8-K exhibit, FORM 8-K exhibit
2024Q1 β€” β€” β€” FORM 8-K, 10-K, FORM 8-K, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K

Recent documents