International Seaways Boosts Record $2.15 Dividend After $175M EBITDA and $128M Profit
International Seaways reported Q4 2025 net income of $128 million and adjusted EBITDA of $175 million, with spot TCEs averaging $50,900 per day versus a $14,800 breakeven rate. The company will acquire the remaining 50% of Tankers International, expanded to Suezmax vessels, and has $724 million liquidity while boosting its quarterly dividend to $2.15.
1. Q4 Financial Performance
International Seaways reported net income of $128 million ($2.56 per diluted share) and adjusted EBITDA of $175 million for Q4 2025. Adjusted net income was $122 million, or $2.45 per share, driven by strong tanker market conditions and robust spot earnings of $50,900 per day compared with a breakeven of $14,800.
2. Fleet Expansion and Divestitures
The company is acquiring the remaining 50% interest in Tankers International and expanding its pool to include Suezmax vessels. It added the Seaways Gibbs Hill for $119 million and sold 17 older vessels for $347 million total, while four LR1 newbuilds due in 2026 are largely fully financed with only $30 million of cash required at delivery.
3. Shareholder Returns and Capital Allocation
International Seaways has returned over $1 billion to shareholders since 2020 and maintains a $50 million share repurchase program through 2026. It announced a record quarterly dividend of $2.15 per share (87% payout ratio) and paid a $0.86 dividend in December, reflecting its strong free cash flow generation of $135 million in the quarter.
4. Liquidity and Balance Sheet Strength
The company ended Q4 with $724 million in total liquidity, including $167 million cash and $557 million undrawn revolver capacity. Gross debt stood at $578 million with net loan-to-value below 13% and 100% fixed or hedged debt, while mandatory repayments through 2026 total about $30 million.