INSW International Seaways (INSW) Q2 FY26 earnings call
International Seaways delivered record Q2 FY26 financial results, driven by strong tanker market conditions and disciplined capital allocation. The company achieved record adjusted net income, EBITDA, and free cash flow, enabling its largest quarterly dividend. Strategic fleet renewal and a robust balance sheet position Seaways to capitalize on market opportunities while navigating geopolitical disruptions and maintaining a commitment to significant shareholder returns.
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INSW operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | This call Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Capital expenditures Dry dock and capital expenditures | $23MFollowing along the chart from left to right on the cash bridge, we had $175 million in adjusted EBITDA for the fourth quarter, plus $19 million in debt service and another $23 million of dry dock and capital expenditures.Source: earnings call transcript | $20MFollowing the bridge from left to right, we generated $345 million in adjusted EBITDA, filed $50 million in debt service, hit another $20 million in dry dock and capital expenditures and used about $49 million of working capital.Source: earnings call transcript | -13% |
| Capital expenditures LR1 newbuilding installments net of financing | ~$6MWe also paid about $6 million in LR1 newbuilding installments net of financing.Source: earnings call transcript | ~$10MWe used about $10 million in cash for installment payments net of financing for the original 6 LR1 newbuilds.Source: earnings call transcript | — |
| Unencumbered vessels | 31We have 31 unencumbered vessels, and we have ample undrawn RCF Capacity.Source: earnings call transcript | 25Net debt around 6% of our fleet's current value and 25 vessels that are unencumbered.Source: earnings call transcript | -19.4% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.