International Seaways reports $295 million net income for Q2 2026, driven by strong spot rates and fleet expansion.
International Seaways reported record adjusted net income of $295 million, or $5.91 per share, for Q2 2026. The company also achieved record EBITDA of $345 million and free cash flow of $261 million during the quarter.
The results reflect a $61,000 per day spot time charter equivalent (TCE) rate booked for Q3, alongside the company’s recent order of four LR1 newbuildings slated for delivery in the second half of 2028. Prior quarters had not matched this level of profitability or cash generation.
Management attributed the performance to favorable market conditions and strategic fleet investments, though no immediate market reaction was detailed in the report.