International Seaways Declares Record $2.15 Quarterly Dividend
International Seaways, Inc. (NYSE: INSW), a major international tanker operator, declared a combined dividend of $2.15 per share — the largest quarterly dividend in company history. The payment includes a $0.12 regular quarterly dividend and a $2.03 supplemental dividend.
International Seaways, Inc. (NYSE: INSW), one of the world's largest tanker companies providing crude oil and petroleum product transportation, declared a combined dividend of $2.15 per share for the fourth quarter of 2025, the company announced February 25. The dividend comprises a regular quarterly payment of $0.12 per share and a supplemental dividend of $2.03 per share. Read more dividend announcements.
The declaration marks the largest quarterly dividend in the company's history and represents a 150% increase from the prior quarter's combined payment of $0.86 per share. The dividend represents 87% of adjusted net income for the period.
| Dividend Details | Information |
|---|---|
| Total Amount | $2.15 per share |
| Regular Dividend | $0.12 per share |
| Supplemental Dividend | $2.03 per share |
| Record Date | March 20, 2026 |
| Payment Date | March 30, 2026 |
The March payment will push cumulative shareholder returns above $1 billion since 2020, including share repurchases and dividends. In December 2025, the company paid a combined dividend of $0.86 per share, composed of a $0.12 regular quarterly dividend and a $0.74 supplemental payment.
Financial Performance
International Seaways reported adjusted EBITDA of $175 million for the fourth quarter of 2025 and $475 million for the full year. The company closed 2025 with total liquidity of $724 million, including $167 million in cash and $557 million in undrawn revolving credit capacity.
Net loan-to-value remained at approximately 13% as of December 31, 2025. The company maintained 31 unencumbered vessels in its fleet, including six VLCCs that were unencumbered following fourth-quarter repayment of sale leaseback arrangements.
Fleet Operations
The company sold 10 vessels during 2025 with an average age of 18 years for net proceeds of approximately $131 million. In 2026 to date, International Seaways has sold or agreed to sell seven vessels with an average age of 17 years for proceeds of approximately $216 million.
International Seaways took delivery of the Seaways Gibbs Hill, a 2020-built, scrubber-fitted VLCC, in the fourth quarter for $119 million. Two LR1 newbuildings delivered in 2025 — Seaways Alacran in the third quarter and Seaways Balboa in the fourth quarter — with four additional LR1 newbuildings on track to deliver in 2026.
The company consolidated ownership of Tankers International, a leading VLCC pool, through acquisition of the remaining 50% interest. The platform is expanding into a new Suezmax pool.
Financing Activity
In September 2025, International Seaways issued $250 million of senior unsecured bonds maturing in 2030 in the Norwegian bond market at a 7.125% coupon rate. Proceeds were used to exercise purchase options on existing sale leaseback arrangements, paid in November 2025 for $258 million, which unencumbered six VLCCs and eliminated approximately $22 million in annual mandatory principal payments.
In August 2025, the company entered into a Korean export agency-backed financing with DNB Bank and K-Sure for up to $240 million, secured by six LR1 newbuildings. The 12-year facility carries a blended interest rate of SOFR plus 125 basis points. During 2025, the company drew $82 million under the facility in connection with delivery of two vessels.