$INSW

International Seaways, Inc.

CIK:0001679049|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Shipping Revenues:
Shipping revenues	$ 467,287	$ 195,641	$ 792,763	$ 379,035
Other operating revenues	2,443	0	4,343	4,343
Operating Expenses:
Voyage expenses	33,100	6,819	41,331	11,871
Vessel expenses	63,631	67,421	124,670	134,449
Charter hire expenses	15,186	9,627	22,882	18,772
Depreciation and amortization	39,689	41,349	80,256	81,054
General and administrative	16,604	12,165	25,915	25,382
Other operating expenses	129	122	267	217
Loss/(gain) on disposal of vessels and other assets, net	43	(11,229)	(88,128)	(21,250)
Total operating expenses	168,382	126,274	207,193	250,495
Income from vessel operations	301,348	69,367	589,913	128,540
Holding gain on previously held equity interest	0	0	3,919
Operating income	301,348	69,367	593,832	128,540
Other income	4,137	2,040	6,755	3,884
Income before interest expense	305,485	71,407	600,587	132,424
Interest expense	(10,561)	(9,761)	(19,520)	(21,213)
Income before income taxes	294,924	61,646	581,067	111,211
Income tax benefit	1	0	1
Net income	$ 294,925	$ 61,646	$ 581,068	$ 111,211
Weighted Average Number of Common Shares Outstanding:
Basic	49,487,271	49,323,071	49,474,189	49,315,304
Diluted	49,857,565	49,476,481	49,822,444	49,502,691
Per Share Amounts:
Basic net income per share	$ 5.96	$ 1.25	$ 11.74	$ 2.25
Diluted net income per share	$ 5.91	$ 1.25	$ 11.66	$ 2.25
Pool revenues
Shipping Revenues:
Shipping revenues	$ 255,525	$ 148,772	$ 504,023	$ 286,368
Time charter revenues
Shipping Revenues:
Shipping revenues	88,629	36,729	149,644	72,586
Voyage charter revenues
Shipping Revenues:
Shipping revenues	$ 123,133	$ 10,140	$ 139,096	$ 20,081

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net income	$ 581,068	$ 111,211
Items included in net income not affecting cash flows:
Depreciation and amortization	80,256	81,054
Amortization of debt discount and other deferred financing costs	2,678	1,966
Stock compensation	3,027	3,790
Other - net	(408)	206
Items included in net income related to investing and financing activities:
Gain on disposal of vessels and other assets, net	(88,128)	(21,250)
Holding gain on previously held equity interest	(3,919)	0
Payments for drydocking	(33,385)	(43,451)
Insurance claims proceeds related to vessel operations	530	871
Changes in operating assets and liabilities:
(Increase)/decrease in voyage receivables	(128,771)	35,311
Decrease in deferred revenue	(4,353)	(6,347)
Net change in other receivables, inventories, prepaid expenses and other current assets, accounts payable, accrued expenses and other current and long-term liabilities	145	(7,635)
Net cash provided by operating activities	408,740	155,726
Cash Flows from Investing Activities:
Expenditures for vessels, vessel improvements and vessels under construction	(122,873)	(100,878)
Security deposits returned for vessel exchange transactions	0	5,000
Proceeds from disposal of vessels and other property	222,378	143,167
Expenditures for other property	(386)	(553)
Cash consideration paid for the purchase of equity method investment, net of cash acquired	(4,493)	0
Investments in short-term time deposits	(335,000)	0
Proceeds from maturities of short-term time deposits	135,000	0
Pool working capital deposits	0	(250)
Net cash (used in)/provided by investing activities	(105,374)	46,486
Cash Flows from Financing Activities:
Borrowings on nonrevolving credit facility debt	85,209	0
Repayments of nonrevolving credit facility debt	(2,037)	0
Borrowings on revolving credit facilities	30,500	20,000
Repayments on revolving credit facilities	(22,000)	(137,200)
Payments on sale and leaseback financing	(10,655)	(24,639)
Payments of deferred financing costs	(3,358)	(87)
Cash dividends paid	(331,754)	(64,115)
Cash paid to tax authority upon vesting or exercise of stock-based compensation	(6,796)	(4,870)
Net cash used in financing activities	(260,891)	(210,911)
Net increase/(decrease) in cash and cash equivalents	42,475	(8,699)
Cash and cash equivalents at beginning of year	116,922	157,506
Cash and cash equivalents at end of period	$ 159,397	$ 148,807

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 159,397	$ 116,922
Short-term investments	250,000	50,000
Voyage receivables, net of allowance for credit losses of $144 and $52 including unbilled receivables of $244,438 and $169,610	306,658	177,887
Other receivables	28,225	13,836
Inventories	24,915	611
Prepaid expenses and other current assets	14,077	7,790
Total Current Assets	783,272	367,046
Vessels and other property, less accumulated depreciation of $487,867 and $506,585	2,024,244	2,077,986
Vessels construction in progress	51,572	57,725
Deferred drydock expenditures, net	112,678	109,257
Operating lease right-of-use assets	5,360	7,220
Pool working capital deposits	21,843	33,051
Goodwill	7,369	0
Other assets	12,604	16,357
Total Assets	3,018,942	2,668,642
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	91,231	69,921
Current portion of operating lease liabilities	1,334	3,182
Current installments of long-term debt	39,204	25,788
Total Current Liabilities	131,769	98,891
Long-term operating lease liabilities	5,810	5,954
Long-term debt	606,418	541,291
Other liabilities	9,610	2,229
Total Liabilities	753,607	648,365
Commitments and contingencies
Equity:
Capital - 100,000,000 no par value shares authorized; 49,520,476 and 49,404,078	1,503,556	1,507,325
Retained earnings	773,106	523,792
Stockholders Equity Subtotal	2,276,662	2,031,117
Accumulated other comprehensive loss	(11,327)	(10,840)
Total Equity	2,265,335	2,020,277
Total Liabilities and Equity	$ 3,018,942	$ 2,668,642