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International Seaways Inc (INSW)
NYSE:INSW
Earnings Data
Report Date
Apr 30, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
2.43Last Year’s EPS
0.8Same Quarter Last Year
Strong Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated a strongly positive operating and financial performance for Q4 and a confident outlook into early 2026: record dividend, robust adjusted EBITDA ($175M), significant free cash flow ($135M), low spot breakeven (~$14.8k/day), large liquidity cushion (~$724M), and active fleet renewal and disposals that improve fleet quality. Management emphasized shareholder returns (over $1B returned since 2020 and >25% 10-year CAGR) and balance sheet strength (net LTV ~13%, cost of debt <6%). The primary negatives were higher-than-expected Q4 vessel expenses, a quarter-over-quarter cash decline of $261M driven by strategic transactions, modestly higher G&A from consolidation, and macro/geopolitical and supply-side uncertainties that could introduce volatility if spot rates soften. On balance, the positives substantially outweigh the lowlights given current market tailwinds, financial flexibility, and demonstrated capital allocation discipline.Company Guidance
Strong Q4 Profitability and Adjusted EBITDA
Net income of $128 million ($2.56 per diluted share) in Q4; adjusted net income of $122 million ($2.45 per diluted share). Adjusted EBITDA of $175 million for the quarter.
Largest Ever Quarterly Dividend and Consistent Payouts
Declared a combined record quarterly dividend of $2.15 per share (to be paid in March), representing an 87% payout ratio of Q4 adjusted net income and marking six consecutive quarters with a payout ratio of at least 75%. Management noted this dividend equates to an annualized yield of over 12%.
Robust Liquidity and Delevered Balance Sheet
Total liquidity of approximately $724 million (about $167–170 million cash and ~$557–560 million undrawn revolver capacity). Gross debt of $578 million, net loan-to-value approximately 13% (below 13% stated), net debt under $400 million, and debt 100% fixed or hedged with cost of debt below 6%.
Fleet Renewal, Disposals and Strategic Acquisitions
Acquired remaining 50% of Tankers International and expanded with a Suezmax platform. Took delivery of Seaways Gibbs Hill (2020-built scrubber-fitted VLCC) for $119 million after disposing of 10 older vessels for $131 million; sold another seven older vessels for $216 million in early 2026. Newbuild program nearly complete with 4 LR1s delivering in 2026 and fully financed, requiring only ~$30 million of Seaways cash.
Attractive Booked TCEs and Low Spot Breakeven
Blended average spot TCE of about $50,900 per day on 71% of Q1 expected revenue (booked-to-date). Spot cash breakeven guidance for 2026 approximately $14,800 per day (management repeatedly cited < $15,000/day).
Material Free Cash Flow Generation
Defined free cash flow of approximately $135 million in Q4 after adjusted EBITDA, debt service and capex/drydocks; management emphasized ability to continue generating significant free cash flow in Q1 based on current book-to-date TCEs.
Strong Long-Term Shareholder Returns & Asset Revaluation
Management highlighted over $1 billion returned to shareholders since 2020 and a 10-year compounded total shareholder return in excess of 25% annually. Vessels invested at ~$2 billion cost are currently valued at about $3 billion (implying ~+50% valuation uplift).
Commercial Upside via Profit-Share Contracts
Three VLCCs on contract to Shell include a profit-share structure (50/50 above base rate) with no cap on upside, providing leverage to strong spot markets.
INSW Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
INSW Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 26, 2026 | $69.52 | $72.51 | +4.30% |
Nov 06, 2025 | $49.30 | $51.50 | +4.45% |
Aug 06, 2025 | $41.86 | $42.27 | +0.99% |
May 08, 2025 | $34.60 | $34.84 | +0.72% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does International Seaways Inc (INSW) report earnings?
International Seaways Inc (INSW) is schdueled to report earning on Apr 30, 2026, Before Open (Confirmed).
What is International Seaways Inc (INSW) earnings time?
International Seaways Inc (INSW) earnings time is at Apr 30, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is INSW EPS forecast?
INSW EPS forecast for the fiscal quarter 2026 (Q1) is 2.43.