INSW

Image source: The Motley Fool. Monday, Aug. 10, 2026 at 9:00 a.m. ET General Counsel - James Small President and Chief Executive Officer - Lois Zabrocky CFO - Jeffrey Pribor Operator: Hello, everyone. Thank you for joining us, and welcome to the International Seaways Second Quarter 2026 Earnings Conference Call. [Operator Instructions] I will now hand the conference over to James Small, General Counsel. James, please go ahead. James Small: Thank you, and good morning, everyone. Welcome to International Seaways earnings call covering the second quarter of 2026. Before we begin, I would like to start off by advising everyone with us today of the following, during this call and in the accompanying presentation, management may make forward-looking statements regarding the company or the industry in which it operates, which may address, without limitation, the following topics: outlook for the crude tanker and product tanker markets; changing trading patterns, forecasts of world and regional economic activity; forecasts covering the production of and demand for oil and petroleum products; the effects of ongoing and threatened conflicts around the world, including in particular, in the Middle East; the company's strategy and business prospects; expectations about revenues and expenses, including vessel, charter hire and G&A expenses; estimated future bookings, TCE rates and capital expenditures, projected dry dock and off-hire days, newbuild vessel construction, vessel sales and purchases, anticipated financing transactions and plans to issue dividends economic, regulatory and political developments in the United States and globally, the company's ability to achieve its financing and other objectives and its consideration of strategic alternatives and the company's relationships with its stakeholders. Forward-looking statements take into account assumptions made by management based on various factors, including management's experience and perception of historical trends, current conditions, expected and future developments and other factors that management believes are appropriate to consider in the circumstances. Such statements are subject to risks and uncertainties, many of which are beyond the company's control that could cause actual results to differ materially from those implied or expressed by the statements. Factors, risks and uncertainties that could cause the company's actual results to differ from expectations include those described in our annual report on Form 10-K for 2025, our Forms 10-Q for the first and second quarter of 2026 as well as in other filings that we have made or in the future may make with the U.S. Securities and Exchange Commission. Now let me turn the call over to Lois Zabrocky, our President and Chief Executive Officer. Lois? Lois Zabrocky: Thank you so much, James. Good morning, everyone, and welcome to International Seaways Earnings Call for the Second Quarter of 2026. On Slide 4 of the presentation, which you can find in the Investor Relations section of our website. Our second quarter highlights reflect important milestones Seaways has accomplished. We delivered record adjusted net income of $295 million or $5.91 per share. Record EBITDA of $345 million and record free cash flow for the quarter of $261 million. We are pleased to complement those achievements with another record, declaring our largest quarterly dividend of $5.05 per share. Our commitment to returning at least 85% of adjusted net income reflects the confidence that we have in the company we've built over the last decade. Today's market has certainly created an exceptional backdrop. Our ability to translate these conditions into record shareholder returns is the result of years of disciplined capital allocation, fleet renewal and balance sheet management. It took us nearly 5 years to return our first $1 billion to shareholders and just 6 months to return another $0.5 billion in 2026 alone. That same long-term approach continues to shape our fleet. We recently ordered 4 additional LR1 newbuildings for delivery in the second half of 2028, complementing the 6 vessels we ordered almost exactly 3 years ago, with 4 already on the water. Importantly, we secured these vessels at essentially the same price we paid 3 years ago, even as newbuildings prices across the industry increased by double digits. These 10 ships will trade in the Panamax International Pool, which has averaged more than $70,000 per day over the last 9 months. While today's market is attractive, these investments reflect our disciplined approach to fleet renewal, particularly around businesses where we have demonstrated a durable competitive advantage. These are exactly the kinds of decisions that have shaped the company over the last decade. We're beginning to see the benefits of bringing Tankers International fully into the Seaways family. Expanding into the Suezmax segment marks an important next step in the pool's evolution, and we are excited by the opportunities to deepen customer relationships, attract additional partners and leverage the combined expertise of both organizations to continue strengthening the commercial unit. Finally, we continue to maintain nearly $1 billion of liquidity alongside low leverage providing us with significant financial flexibility. That flexibility allows us to continue investing in opportunities that strengthen our platform while maintaining our commitment to returning meaningful capital to shareholders. Combined, these highlights reflect many of the principles that have shaped Seaways over the past decade and continue to guide us today. Moving to Slide 5. We've updated our standard set of bullets on tanker demand drivers with the subtle green up arrows next to the bullet represented as good for tankers, the black dash representing a neutral impact, and a red down arrow meaning the topic is not good for tanker demand. Without reading these bullets individually, we believe demand fundamentals are solid and continue to support a constructive outlook for seaborne transportation. The conflict in the Strait of Hormuz has created one of the most significant disruptions to seaborne transportation that we have seen in decades. More recently, the Houthis have added another layer of uncertainty by attempting to disrupt traffic through Bab-el-Mandeb. Together, these 2 waterways have historically handled nearly 25 million barrels per day of crude and oil petroleum products. The chart on the lower left illustrates just how dramatic that disruption has been. While these events have undoubtedly increased uncertainty, they will also create significant inefficiencies in global trade as cargoes seek alternative routes, increasing ton mile demand and supporting tanker markets. The chart on the right explains why oil demand has remained so resilient. Despite disruption, we've seen relatively stable commercial inventories. At first glance that might suggest demand has held up remarkably well. But as the 2 charts illustrate, strategic petroleum reserves have been doing much of the heavy lifting, helping offset supply disruptions and limiting the impact on commercial inventory. Looking ahead, we see 2 very different paths. If these disruptions begin to ease over the near term, we believe inventory replenishment could become an additional source of tanker demand as governments rebuild strategic reserves that have been substantially drawn down in the months of the conflict. Alternatively, if these disruptions persist for an extended period, the risk shifts to consumption. Sustained disruption of this magnitude could ultimately weigh on the global economy and oil demand, which would have broader implications for the tanker market. For now, however, the market continues to benefit from the combination of elevated ton-mile demand and stable oil consumption. Turning to Slide 6. Let's shift from demand to supply. We're now entering the fifth year of this market up cycle. It is natural to see new orders continue to enter the market, particularly given the attractive financing environment available to many shipowners. While the order book has grown over the last several years, we believe it's equally important to view those deliveries in the context of an aging global fleet. As shown on the right, each year of scheduled deliveries is accompanied by a comparable and in some years, even larger group of vessels reaching 20 years of age, where they're increasingly viewed as candidates for removal from the commercial fleet. That dynamic becomes even more pronounced over time. Today, roughly 30% of the world's tanker fleet is over 20 years old. By 2030, that figure is expected to exceed 50%, highlighting the significant fleet renewal that will be required over the remainder of the decade. We continue to monitor ordering activity and newbuildings pricing very closely. Our LR1 order is a great example of the discipline we apply to capital allocation. We were able to secure attractive pricing, securing construction slots at a quality shipyard that we know well, an increasingly important consideration in today's market. While we believe the industry still has capacity for additional ordering to support the aging fleet, we will continue to evaluate investment opportunities through the lens of long-term supply fundamentals, disciplined capital allocation and the future needs of seaborne oil transportation. Taken together, demand and supply fundamentals continue to support a constructive outlook for the tanker market. While market conditions will inevitably evolve, the disciplined decisions we've made over the last decade have allowed Seaways to capitalize on opportunities across a range of market environments. We'll continue to execute our balanced capital allocation strategy, renew our fleet, preserving financial flexibility, and return meaningful capital to shareholders. I will now turn it over to our CFO, Jeff Pribor, to provide the financial review. Jeff? Jeffrey Pribor: Thanks, Lois, and good morning, everyone. Turning to Slide 8. We delivered another quarter of record financial performance. Adjusted net income for the second quarter was approximately $295 million or $5.91 per diluted share, while adjusted EBITDA for the second quarter was $345 million. On the lower half of the page, blended spot TCEs weighted by revenue days were $79,000 per day compared to $27,500 per day a year ago and $55,600 per day in the first quarter. Crude tanker revenues totaled $253 million, including $51 million of profit sharing from our time charters. Together, these profit-sharing arrangements increased our blended VLCC earnings across both our spot and time charter vessels to more than $150,000 per day. I'd like to highlight a few items that may not be immediately apparent from the financial statements. The lightering business contributed about $5 million of EBITDA with $13 million in revenue, vessel expenses of $3 million, $4 million of charter hire and $1 million of G&A. Also, following the launch of the Suezmax pool, we began consolidating the Tankers International Suez entity as we currently control a majority of the participating vessels in the pool. While this results in the gross consolidation of revenues and expenses attributable to the other pool participants, it has no meaningful impact on Seaway's underlying economics. Accordingly, we've excluded those third-party vessels from our reported TCE revenue per day metrics shown on this slide. On Slide 9, this bridge illustrates how we converted another quarter of strong operating performance into free cash flow. We began the quarter with total liquidity of $918 million, composed of $377 million in cash and $541 million in undrawn revolving capacity. Following the bridge from left to right, we generated $345 million in adjusted EBITDA, funded $15 million in debt service, hit another $20 million in dry dock and capital expenditures and used about $49 million of working capital. The combination of these highlights represents free cash flow generation of about $261 million for the second quarter, a record that eclipses the next closest by $100 million. Beyond our free cash flow composition is essentially the capital allocation spend during the quarter. We used about $10 million in cash for installment payments net of financing for the original 6 LR1 newbuilds. This was largely offset by the cash balance consolidated through Tankers International Suez. Finally, we paid about $225 million in dividends to shareholders, representing our then record quarterly dividend of $4.55 per share. We ended the quarter with $409 million of cash and $526 million in undrawn revolving credit capacity, bringing total liquidity to about $935 million. Moving to Slide 10. Our balance sheet continues to provide the financial flexibility that supports both disciplined growth and meaningful shareholder returns. The detailed balance sheet is shown on the left with several key metrics highlighted on the right. Liquidity remains strong at close to $1 billion. We have invested about $2 billion in vessels at cost under books, which are currently valued at nearly $4 billion. And with approximately $250 million in net debt combined with rising asset values, our net loan to value is about 6% at the end of the second quarter. The table on the lower right summarizes our debt portfolio. Gross debt at quarter end was $651 million which excludes consolidating the TI Suez borrowing base facility. Mandatory debt repayments for the second half of 2026 are about $15 million. Our debt is almost entirely fixed or hedged, which contributes to our total cost of debt of around 5.5%. Taken together, these metrics demonstrate the strength of our balance sheet. With 25 unencumbered vessels, substantial undrawn revolving credit capacity and one of the lowest leverage profiles in our sector, we believe Seaways remains exceptionally well positioned to pursue attractive growth opportunities while contributing to return meaningful capital to shareholders. On Slide 11, we provided our customary forward-looking guidance, including book-to-date spot TCE rates and our spot cash breakeven. As a reminder, these fixtures represent rates booked as of today and our reported TCE for the third quarter may differ as additional voyage are fixed throughout the quarter. To date, we've booked approximately 48% of our expected third quarter revenue days at a blended spot TCE of approximately $61,000 per day across the fleet. While fixture levels will continue to evolve throughout the quarter, we're encouraged by the strength of rates secured to date, particularly when viewed alongside our fleet-wide spot cash breakeven, which continues to provide a meaningful margin for cash generation. On the bottom left-hand chart, we provide some updated guidance for our expenses for the rest of 2026. We also include in the appendix our quarterly expected off-hire and CapEx. I don't plan to read each item line by line, but encourage you to use these for modeling purposes. That concludes my remarks. I'd like to now turn the call back to Lois for closing comments. Lois? Lois Zabrocky: Thanks, Jeff. On Slide 12, we've included our investment highlights, which I encourage everyone to read in their entirety. I want to leave you today with a few thoughts about what we believe differentiates Seaways. Over the past decade, we've built a company that balances growth, financial strength and shareholder returns. These priorities reinforce each other. Since becoming a public company we've delivered a compounded annual total shareholder return of more than 30% and built one of the strongest balance sheets in our industry. We've also been deliberate in how we built our fleet by investing across multiple tanker segments and enhancing our scale with leading commercial pools, we positioned Seaways to participate in a broad range of market opportunities while remaining flexible to adapt to the volatility of our industry. That same philosophy extends to our balance sheet. We have nearly $1 billion of liquidity. Net debt around 6% of our fleet's current value and 25 vessels that are unencumbered. These metrics aren't simply measures of financial strength, they provide the flexibility to invest when opportunities arise, while remaining resilient through the market cycles. Just as importantly, our fleet-wide spot cash breakeven levels remain below $14,500 per day over the next year with spot earnings currently many times that level, we believe Seaways is very well positioned to continue generating meaningful free cash flow, supporting both our investment strategy and our commitment to returning capital to shareholders. As we look ahead, our priorities remain unchanged. We continue to allocate capital with discipline, renew our fleet thoughtfully, preserve financial flexibility and return meaningful capital to shareholders. These principles have shaped Seaways over the past decade and will continue to guide us as we create long-term value in the years ahead. Thank you very much. And with that said, operator, we'd like to open the lines for questions. Operator: [Operator Instructions] Your first question comes from the line of Liam Burke with B. Riley Securities. Liam Burke: Lois, could you talk about more specifically, any changes that you'd anticipate in the Atlantic Basin, either reroutes or additional production out of the West Africa or Latin America? And how do you see that affecting long-term rates for the Suezmax or even the LR1s? Lois Zabrocky: Yes, absolutely, Liam. So let's look at that, we'll sort of take it in pieces. One of the things that we're seeing very significantly now in the tanker market between the Vs, the Suezmaxes, particularly the Aframaxes is a lot of dislocation and substitution by charters between sizes so that you're really seeing a lot of overlap between the sectors. And you'll notice in the second quarter, our LR1s were just standout performers. And that, in particular, was due to this dislocation where a lot of the larger ships had been pulled east and LR1s really had their opportunity in the market. We see that the Americas is producing across the space, more barrels per day so that you have the United States increasing, Guyana increasing, Brazil increasing and Argentina, whether or not you'll see more increases than what we already have, it seems like you're going to have a lot of stability. And when you really drop back and take all the horrible war effects, all of the war in the world out of the equation, you see the fundamental West increasing, the East demanding that crude. Liam Burke: Great. And then looking on the product tanker side, it looks like that the capacity is sort of rebalanced. The rates are still elevated, but coming back to normal. Are you as optimistic on the product side as you are on the crude? Lois Zabrocky: When we look at this, we're really seeing so many daily impacts, Liam, on the product carriers because, I believe Ukrainians have been hitting a lot of the Russian refineries. So you see some of that. Those barrels taken off the market. The Middle East products are having a challenging time consistently getting exported. So what we're really seeing is the United States, exporting diesel at 1.5 million barrels a day, gasoline almost 1 million barrels a day. So the United States refinery system is going full out and that -- those exports are concentrated on MRs. So we see that fundamental basis there. And then for the first time, we've seen China come back in July with not 1 million barrels a day of product export but something on the order of around 8,000 barrels per day, 800,000. And that's an MR market. So you're seeing China start exporting, again, which we hadn't seen in a long time. So we're watching it all very carefully. We still see the MRs, particularly in the Western Hemisphere in the posting as we have in the quarter, almost $35,000 per day. So they continue to be products volume in short supply and demand is continuing strong. Operator: Your next question comes from the line of Omar Nokta with Clarksons Securities. Omar Nokta: Congrats on a very strong result and it looks like guidance is pretty solid as well. I have maybe 2 questions. Just first on the LR1s, you've added the 4 that -- I guess, you had 2 delivered last year for coming this year. You're adding another 4 newbuildings. So that's going to give you a market footprint of 14 for that Panamax International Pool -- as the plan to continue trading as time goes on to the continue trading within that niche Latin America trade? Or is there a plan or anticipation of an expansion to that pool's footprint? Lois Zabrocky: So great question, and thank you, Omar. On those LR1s we were able to obtain great pricing with a trusted counterpart, shipyard in Korea with K and the vessels that we place will deliver in 2028. So we will have a full series of sisters with the vessels on the water, the 2 coming in the third quarter and then those that will come in 2028. And that profile was aged in our fleet. So in due course, these vessels will -- these 10 full series will replace those older units as and when they need to age out. We have a very strong customer base in the Americas. We transit through the old box, and this combination has proven over time to be a very reliable niche trade. So we intend to continue. Omar Nokta: Okay. And then maybe just separately, I just wanted to ask on the VLCCs on time charter and recognize that there's probably some sensitivity to this. But the 3 fixed vessels with profit share gave you an average of $214,000 versus a base rate of somewhere in the 30s. Is there any change to the construct of those time charters? Or should we just keep assuming that the profit share will come based on, say, spot market averages for rates inside of Hormuz? Lois Zabrocky: No, great question, Omar. So we -- you should really assume VLCC averages, right? So you've got a limited number of VLCCs routes in the world. So our first response would be that our Vs have remained fully utilized, clearly with the rates that have been posted. There are lots of components that go into our settlement. And when you're assessing our full VLCC fleet, we think you should take a blend of worldwide routes. Operator: Your next question comes from the line of Sherif Elmaghrabi with BTIG. Sherif Elmaghrabi: Jeff and Lois, I'm looking at your balance sheet in front of me here, and it is remarkably strong. No significant maturities until 2030. And I think when we zoom out, it looks like newbuild values are starting to reflect the purchasing power of top operators like yourselves. So when you think about opportunities for growth and you highlighted the substantial liquidity position, have you -- would you consider any growth opportunities outside the conventional crude and product tanker trade? Lois Zabrocky: Very good question. Jeff, I was going to give it to you, but I'm going to keep that one. Our strategy at INSW has been to really, we thought that the market would be strong. We would have volatility to the upside in our core space, and that is where you've seen our investments. We continue to look at where -- how can you expand? Where can you find the niche opportunities where you can gain an advantage. But right now, we're sticking to the oil tanker space. Sherif Elmaghrabi: Okay. Fair enough. Sticking with oil tankers then, in the Middle East, a few of the Gulf producers are working on Hormuz bypass projects. So I'm wondering if you're hearing chatter for any long-term fixtures linked to this new capacity given where the spot market is? And maybe at a higher level, how quickly do you think these projects could rebalance ton miles if they do come online on time? Lois Zabrocky: It's impressive, the pace and creativity, the amount of capital that is invested. But if you think about the disruption and the amount of revenue that is being offset for these Gulf countries, we, of course, understand the pace at which they're going at. We have not seen any time charters for new routes for long term. And I think that with the amount of volatility and intensity that is happening, what we are seeing is countries coming out such as Abu Dhabi buying VLCCs last week where you just see a scramble for surety of ownership and supply, right? And that's pushing prices higher in space. So I think there is a lot of CapEx being put to work for long-term solutions. It hasn't translated into the -- really into time charters at this point. Operator: There are no further questions at this time. I will now turn the call back to Lois Zabrocky for closing remarks. Lois Zabrocky: Thank you so much, Chase. Thank you, all of our investors and analysts. We very much appreciate you joining INSW. Stick with us as we go forward. Our tanker earnings continue strong. Thank you so much. Operator: This concludes today's call. Thank you for attending. You may now disconnect. Before you buy stock in International Seaways, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and International Seaways wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $421,511!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,381,960!* That performance is why people listen. With a track record of beating the S&P 500 by nearly 5x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 17, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. International Seaways (INSW) Q2 2026 Earnings Call was originally published by The Motley Fool

International Seaways, Inc. INSW reported second-quarter 2026 earnings of $5.91 per share, surpassing the Zacks Consensus Estimate of $5.28 by 11.9%. Earnings increased sharply from $1.25 per share in the year-ago quarter as tanker rates strengthened across the fleet. Shipping revenues of $467.3 million surged 138.8% year over year and topped the consensus estimate of $406 million by 15%. Higher spot earnings and improved profit-sharing results from applicable time charters drove the outperformance. International Seaways Inc. price-consensus-eps-surprise-chart | International Seaways Inc. Quote Consolidated time charter equivalent (TCE) revenues climbed to $434 million from $189 million a year earlier. The blended average spot rate advanced to approximately $79,000 per day from $27,500 in the prior-year quarter. Net income reached a record $295 million compared with $61.6 million a year ago. Adjusted EBITDA rose to a record $345 million from $102 million, reflecting the stronger rate environment and profit-sharing income. Crude Tankers revenues increased to $285 million from $104 million in the year-ago quarter, while segment TCE revenues advanced to $253 million from $99 million. Average spot earnings exceeded $64,500 per day, while average time-charter earnings were approximately $75,700 per day, including higher profit-sharing results. Spot rates were strong across the crude fleet. VLCC earnings averaged $118,900 per day, Suezmax earnings were $100,500 per day and Aframax earnings reached $69,100 per day. The year-over-year improvement more than offset fewer revenue days stemming partly from vessel sales and increased VLCC off-hire time. Product Carriers' revenues rose to $182 million from $92 million a year earlier. Segment TCE revenues increased to $181 million from $90 million, supported by average spot earnings of approximately $42,600 per day across the product fleet. On an asset-class basis, LR1 spot earnings averaged $79,200 per day and MR spot earnings averaged $60,300 per day. The rate-driven gains were partly tempered by fewer MR revenue days following the sale of older vessels as International Seaways continued to renew its fleet. Quarterly free cash flow reached a record $261 million, nearly $100 million above the company's previous high. INSW ended June with approximately $935 million in total liquidity, including $409 million of cash and short-term investments and $526 million of undrawn revolving credit capacity. Total debt was approximately $651 million before deferred financing costs, while net loan-to-value was about 6%. The company declared its largest ever quarterly dividend of $5.05 per share, representing an 85% payout ratio of adjusted net income. The dividend is payable Sept. 24, 2026, to shareholders of record as of Sept. 10, 2026. International Seaways contracted four additional scrubber-fitted, dual-fuel-ready LR1 newbuildings for an aggregate $244 million. Delivery is expected in the second half of 2028, with the vessels slated to enter the Panamax International Pool. The company took delivery of Seaways Cristobal during the second quarter, the fourth vessel in its original six-LR1 program. The remaining two vessels are expected to arrive in the third quarter of 2026. As of July 1, the company had 13 vessels on time charters, with approximately $240 million of contracted revenues through expiry, excluding profit-sharing provisions. As of July 30, 2026, 48% of projected spot revenue days for the third quarter were booked at a blended average rate of approximately $61,000 per day. Booked spot rates included $118,300 per day for VLCCs, $91,800 for Suezmaxes, $48,900 for Aframax/LR2 vessels, $37,200 for LR1s and $34,700 for MRs. Management expects third-quarter vessel expenses of $61-$66 million, general and administrative expenses of $16-$17 million, interest expense of $11-$12 million and depreciation of $40-$42 million. Capital expenditures, including drydock costs but excluding newbuilding payments, are projected at $13-$16 million for the third quarter and $37-$40 million for the second half of 2026. The company estimates an all-in forward 12-month spot cash break-even rate of about $14,400 per day. Its high booked rates, low leverage and substantial liquidity position International Seaways to continue fleet renewal, debt reduction and shareholder returns while retaining flexibility for strategic opportunities. Currently, INSW carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Delta Air Lines DAL reported second-quarter 2026 earnings (excluding 88 cents from non-recurring items) of $1.56 per share, beating the Zacks Consensus Estimate of $1.51. Earnings declined in double digits (% wise) from a year ago as sharply higher fuel costs pressured profitability. Revenues rose on a year-over-year basis to $17.67 billion but missed the consensus estimate of $17.76 billion. Broad demand strength lifted adjusted total revenues per available seat mile (TRASM) by 12.4%, while premium and diversified revenue streams continued to expand. United Airlines Holdings, Inc. UAL reported second-quarter 2026 adjusted earnings of $1.99 per share, down 48.6% year over year but above the Zacks Consensus Estimate of $1.92 by 3.7%. Operating revenues rose 16% to $17.67 billion and were essentially in line with the $17.68 billion consensus mark. A 12.1% increase in total revenues per available seat mile or TRASM, and broad-based gains across premium, loyalty and cargo revenues supported the top line despite sharply higher fuel costs. J.B. Hunt Transport Services, Inc. JBHT reported second-quarter 2026 earnings of $1.91 per share, up 45.8% from $1.31 a year ago. The figure beat the Zacks Consensus Estimate of $1.71 by 11.7%. Operating revenues climbed 19.4% year over year to $3.50 billion and surpassed the consensus mark of $3.19 billion by 9.5%. Higher volumes and pricing across several businesses supported growth, led by a 10% increase in Intermodal loads. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report International Seaways Inc. (INSW) : Free Stock Analysis Report Delta Air Lines, Inc. (DAL) : Free Stock Analysis Report United Airlines Holdings Inc (UAL) : Free Stock Analysis Report J.B. Hunt Transport Services, Inc. (JBHT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

NEW YORK, August 10, 2026--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (the "Company," "Seaways," or "INSW"), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today reported results for the second quarter 2026. HIGHLIGHTS & RECENT DEVELOPMENTS Record Financial Results: Record net income and adjusted net income(1) of $295 million. Record adjusted EBITDA(1) of $345 million. Record quarterly free cash flow(1) of $261 million. Returns to Shareholders: Largest quarterly dividend in Company history declared: $5.05 per share to be paid in September 2026. Third consecutive quarter with a payout ratio of at least 85% of adjusted net income. Declared dividends of $12.61 per share over the last twelve months represent a 21% yield. Paid quarterly dividends of $4.55 per share in June 2026. Fleet Optimization Program: Contracted four additional LR1 newbuildings for an aggregate price of $244 million, with deliveries expected in 2028. Remaining two LR1 newbuildings from the original six-vessel program expected to deliver in the third quarter of 2026. Upon delivery, all ten newbuild vessels are expected to trade into our jointly owned, Panamax International Pool, which has historically outperformed the LR1 market. Healthy Balance Sheet: Total liquidity was approximately $935 million as of June 30, 2026, including cash (including short-term investments) of $409 million and $526 million undrawn revolving credit capacity. Net loan-to-value(1) approximately 6% as of June 30, 2026. Lois K. Zabrocky, International Seaways President and CEO commented, "We delivered the highest quarterly net income in our nearly ten-year history, complemented by a record dividend for the second consecutive quarter. Today's market conditions highlight the benefits of the platform we've built over the past several years. We've positioned Seaways to maximize cash generation across market cycles by strengthening our balance sheet, lowering our cash break-even levels, maintaining a balanced fleet across crude and product tankers, and expanding our commercial platform. Those decisions have also enhanced our financial flexibility to pursue opportunistic growth while creating long-term value for our shareholders." Jeff Pribor, the Company’s CFO stated, "The record free cash flow generated in the second quarter exceeded our previous high by nearly $100 million. We followed last quarter's record dividend with the highest declaration in our history by continuing our practice of returning at least 85% of adjusted net income to shareholders. Supported by nearly $1 billion of liquidity and one of the strongest balance sheets in the industry, we maintain the financial flexibility to invest opportunistically without compromising our disciplined approach to capital allocation." SECOND QUARTER 2026 RESULTS Net income for the second quarter of 2026 was $295 million, or $5.91 per diluted share, compared to net income of $62 million, or $1.25 per diluted share, for the second quarter of 2025. The increase was primarily driven by higher TCE revenues(1) from spot earnings that increased an average of approximately $51,500 per day across the fleet and higher profit-sharing results on applicable time charters. Shipping revenues for the second quarter were $467 million, compared to $196 million for the second quarter of 2025. Consolidated TCE revenues(1) for the second quarter were $434 million, compared to $189 million for the second quarter of 2025. Adjusted EBITDA(1) for the second quarter was $345 million, compared to $102 million for the second quarter of 2025. Crude Tankers Shipping revenues for the Crude Tankers segment were $285 million for the second quarter of 2026, compared to $104 million for the second quarter of 2025. TCE revenues(1) were $253 million for the second quarter, compared to $99 million for the second quarter of 2025. The increase in TCE revenues(1) was driven by higher average spot earnings of over $64,500 per day and higher average time charter earnings of approximately $75,700 per day, reflecting higher profit-sharing results. Product Carriers Shipping revenues for the Product Carriers segment were $182 million for the second quarter, compared to $92 million for the second quarter of 2025. TCE revenues(1) were $181 million for the second quarter, compared to $90 million for the second quarter of 2025. The increase in the second quarter of 2026 was attributable to higher TCE revenues(1) from spot earnings of approximately $42,600 per day compared to the second quarter of 2025. RETURNING CASH TO SHAREHOLDERS In June 2026, the Company paid total dividends of $4.55 per share of common stock. The Company paid total dividends of $6.70 per share of common stock for the six months ended June 30, 2026. On August 7, 2026, the Company’s Board of Directors declared quarterly dividend of $5.05 per share of common stock. The dividends will be paid on September 24, 2026, to shareholders with a record date at the close of business on September 10, 2026. The Company currently has $50 million authorized under its share repurchase program, which expires at the end of 2026. FLEET OPTIMIZATION PROGRAM The Company entered into contracts to build four, scrubber-fitted, dual-fuel (LNG) ready, LR1 vessels in Korea with K Shipbuilding Co, Ltd. The vessels are expected to be delivered in the second half of 2028 at a contract price of $244 million in aggregate. The Company expects to finance the newbuildings through a combination of long-term financing and available liquidity. As of June 30, 2026, no payments were made in connection with the contracts. Upon delivery, these vessels are expected to trade in our niche, Panamax International Pool, which has consistently outperformed the market. During the second quarter, the Company took delivery of Seaways Cristobal, the fourth of six LR1 newbuildings under construction in Korea. The remaining two vessels are expected to deliver in the third quarter of 2026. The aggregate contract price for the six scrubber-fitted, dual-fuel ready LR1 vessels is approximately $359 million. As of June 30, 2026, the Company has approximately $73 million in remaining construction costs, all of which is expected to be drawn from the Korean export agency-backed facility (the "ECA Credit Facility") in accordance with the delivery schedule. During the second quarter, the Company entered into an additional time charter agreement for three years on a 2017-built Suezmax with future contracted revenue of approximately $45 million. As of July 1, 2026, the Company has 13 vessels on time charter agreements with an average duration of 1.5 years and total future contracted revenues through expiry of approximately $240 million, excluding any applicable profit share. In the first quarter of 2026, the Company sold seven vessels for aggregate proceeds of approximately $216 million, net of positioning, commissions and fees. The vessels were among the oldest remaining in the fleet, consisting of five MRs with an average age of 18 years and two VLCCs with an average age of 15 years. The Company recognized gains of approximately $88 million in connection with the sale of these vessels. On January 27, 2026, the Company acquired sole ownership of Tankers International, a leading shipping pool founded in 2000, providing commercial management of modern VLCC tonnage. Tankers International has formed a new pool to expand its commercial management into the Suezmax class, which commenced operations in March. HEALTHY BALANCE SHEET During the second quarter of 2026, the Company drew $43 million under the Korean export agency-backed facility (the "ECA Credit Facility") in connection with the delivery of Seaways Cristobal. In 2025, the Company entered into the ECA Credit Facility with DNB Bank and K-Sure for up to $240 million, secured by six LR1 newbuildings. The 12-year facility combines for a 20-year amortization profile and a blended interest rate of SOFR plus 125 basis points across two tranches. Funds will be drawn under the facility in connection with the delivery of each vessel. During the six months ended June 30, 2026, the Company made $13 million in scheduled principal repayments in connection with all of its debt arrangements. (1) This is a non-GAAP financial measure used throughout this press release; please refer to the section "Reconciliation to Non-GAAP Financial Information" for explanations of our non-GAAP financial measures and the reconciliations of reported GAAP to non-GAAP financial measures. CONFERENCE CALL The Company will host a conference call to discuss its second quarter 2026 results at 9:00 a.m. Eastern Time on Monday, August 10, 2026. To access the call, participants should dial (833) 461-5787 for domestic callers and (646) 884-3620 for international callers and entering 832 929 801. Please dial in ten minutes prior to the start of the call. A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at https://www.intlseas.com. ABOUT INTERNATIONAL SEAWAYS, INC. International Seaways, Inc. (NYSE: INSW) is one of the largest public tanker companies in the world, providing seaborne transportation services for crude oil and refined petroleum products. The Company owns and operates a fleet across the principal tanker asset classes, including vessels on order. The Company focuses on the safe and reliable operation of its fleet and primarily employs its vessels in commercial pools, most of which it has an ownership interest, enhancing scale and market access. The Company is headquartered in New York City, N.Y. Additional information is available at https://www.intlseas.com. Forward-Looking Statements This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the U.S. Securities and Exchange Commission (the "SEC"), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to plans to issue dividends, the Company’s prospects, including statements regarding vessel acquisitions, expected synergies, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2025 for the Company, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC. Category: Earnings Spot and Fixed TCE Rates Achieved and Revenue Days The following table provides a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three months ended June 30, 2026 and the comparable period of 2025. Revenue days in the quarter ended June 30, 2026 totaled 5,446 compared with 6,570 in the prior year quarter. The information in the table excludes commercial pool fees/commissions averaging approximately $1,310 and $847 per day for the three months ended June 30, 2026 and 2025, respectively. Revenue days in the above table exclude days related to full service lighterings and certain of the Company’s vessels that were employed in transitional voyages. During the 2026 and 2025 periods, each of the Company’s LR1s participated in the Panamax International Pool and transported crude oil cargoes exclusively. Fleet Information As of August 1, 2026 INSW’s fleet totaled 70 vessels, of which 63 were owned and 7 were chartered in. Reconciliation to Non-GAAP Financial Information The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures may provide certain investors with additional information that will better enable them to evaluate the Company’s performance. Accordingly, these non-GAAP measures are intended to provide supplemental information, and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP. Adjusted Net Income Adjusted Net Income consists of Net Income adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. This measure does not represent or substitute net income or any other financial item that is determined in accordance with GAAP. While Adjusted Net Income is frequently used as a measure of operating results and performance, it may not be necessarily comparable with other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income, as reflected in the consolidated statement of operations, to Adjusted Net Income: EBITDA and Adjusted EBITDA EBITDA represents net income before interest expense, income taxes, and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be a substitute for, net income or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and performance, neither of them is necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income/(loss) as reflected in the condensed consolidated statements of operations, to EBITDA and Adjusted EBITDA: Free Cash Flow Free cash flow represents cash flows from operating activities, less mandatory repayments of debt (including those under sale and leaseback agreements) less capital expenditures excluding payments made to acquire a vessel or vessels, which the Company believes is useful to investors in understanding the net cash generated from its core business activities after certain mandatory obligations. Net Loan-to-Value Net loan-to-value represents gross debt less cash and short-term investments divided by the aggregate market value of the Company's fleet as of June 30, 2026, based on third-party vessel valuations provided by VesselsValue. Management uses net loan-to-value as a measure of financial leverage because vessel financing is generally secured by individual tanker assets and the secondhand tanker market provides transparent and highly liquid market valuations. Time Charter Equivalent (TCE) Revenues Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. Time charter equivalent revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow: View source version on businesswire.com: https://www.businesswire.com/news/home/20260806058071/en/ Contacts Investor Relations & Media Contact: Tom Trovato, International Seaways, Inc.(212) [email protected]

Interested in International Seaways Inc.? Here are five stocks we like better. International Seaways reported record Q2 2026 results, including $295 million in adjusted net income, $345 million in adjusted EBITDA, $261 million in free cash flow and a record $5.05-per-share dividend, driven by strong tanker rates and crude-shipping demand. The company ended the quarter with approximately $935 million in liquidity, $250 million in net debt and a 6% net loan-to-value ratio. Third-quarter bookings covered 48% of expected revenue days at a blended spot TCE rate of about $61,000 per day. Management ordered four additional LR1 newbuild tankers for delivery in 2028 and expects fleet renewal to benefit from an aging global tanker fleet. It also cited Strait of Hormuz and Bab el-Mandeb disruptions as drivers of higher ton-mile demand while maintaining its focus on conventional oil tanker shipping. Strait of Hormuz Tensions Spike Tanker Trade: These 2 Stocks Are Set to Benefit International Seaways (NYSE:INSW) reported record second-quarter results as elevated tanker rates, strong crude shipping demand and disruptions in key maritime chokepoints supported earnings and cash generation. President and CEO Lois Zabrocky said the company generated adjusted net income of $295 million, or $5.91 per share, during the second quarter of 2026. Adjusted EBITDA reached a record $345 million, while free cash flow totaled a record $261 million. The company also declared its largest quarterly dividend to date, $5.05 per share. → MarketBeat Week in Review – 08/03 - 08/07 3 Recession-Resistant Stocks: Low Beta, High Margins, Low Debt “Our ability to translate these conditions into record shareholder returns is the result of years of disciplined capital allocation, fleet renewal, and balance sheet management,” Zabrocky said. CFO Jeff Pribor said International Seaways’ revenue-day-weighted blended spot time-charter-equivalent, or TCE, rate was $79,000 per day in the second quarter, up from $27,500 per day a year earlier and $55,600 per day in the first quarter. → Quantum Earnings Week: Winners and Losers Are Finally Emerging ZIM Shipping stock proves unsinkable despite Red Sea disruptions Crude tanker revenue totaled $253 million, including $51 million in profit-sharing from time-charter agreements. Pribor said those arrangements lifted blended VLCC earnings across the company’s spot and time-charter vessels to more than $150,000 per day. The company’s lightering operation contributed about $5 million of EBITDA, supported by $13 million of revenue, according to Pribor. → Take-Two’s Q1 Results Leave GTA 6 Bulls Stuck in the Fog of War International Seaways began consolidating the Tankers International Suez entity following the launch of a Suezmax pool, as the company currently controls a majority of vessels participating in the pool. Pribor said the consolidation adds gross revenue and expenses associated with other pool participants but has no meaningful impact on International Seaways’ underlying economics. The company excluded third-party pool vessels from reported TCE revenue-per-day metrics. During the quarter, International Seaways generated $345 million of adjusted EBITDA, paid $50 million in debt service and spent $20 million on dry docks and capital expenditures. Working capital used approximately $49 million. The company also paid about $225 million in dividends during the quarter, reflecting its previous record quarterly dividend of $4.55 per share. International Seaways ended the quarter with $409 million of cash and $526 million of undrawn revolving-credit capacity, for total liquidity of roughly $935 million. Pribor said the company had about $250 million of net debt and a net loan-to-value ratio of about 6%, based on the current value of its fleet. The company reported gross debt of $651 million at quarter-end, excluding the borrowing-base facility tied to Tankers International Suez. Mandatory debt repayments for the second half of 2026 are expected to be about $50 million. Most of the company’s debt is fixed or hedged, resulting in a total cost of debt of around 5.5%. Zabrocky said the company has 25 unencumbered vessels and fleet-wide spot cash breakeven levels below $14,500 per day over the next year. For the third quarter, International Seaways had booked approximately 48% of expected revenue days at a blended spot TCE of about $61,000 per day as of the call date. Pribor cautioned that reported third-quarter TCE results may change as additional voyages are fixed. International Seaways recently ordered four additional LR1 newbuildings scheduled for delivery in the second half of 2028. The vessels complement six LR1s ordered about three years ago, four of which are already in service. Zabrocky said the company secured the latest vessels at essentially the same price it paid three years earlier, despite double-digit increases in newbuild prices across the industry. The 10 vessels are expected to trade in the Panamax International pool, which Zabrocky said has averaged more than $70,000 per day over the prior nine months. In response to an analyst question, she said the company intends to continue operating in its established Americas-focused niche, including trades through the Panama Canal’s old locks. Zabrocky said the LR1 vessels are expected to replace older units in the company’s fleet over time. She added that recent market dislocation among tanker sizes helped LR1 performance during the second quarter as larger ships were pulled eastward. Management said the conflict in the Strait of Hormuz and attempted disruptions by the Houthis around Bab el-Mandeb have created significant inefficiencies in seaborne oil transportation. Zabrocky said the two waterways historically handled nearly 25 million barrels per day of crude oil and petroleum products. The disruptions have increased ton-mile demand as cargoes seek alternative routes, she said. At the same time, management said strategic petroleum reserve releases have helped offset supply disruptions and supported relatively stable commercial oil inventories. Zabrocky said an easing of disruptions could lead governments to replenish strategic reserves, creating another source of tanker demand. However, she also noted that a prolonged disruption could eventually weigh on the global economy and oil consumption. On the supply side, the company said roughly 30% of the global tanker fleet is more than 20 years old, with that percentage expected to exceed 50% by 2030. Management said this aging profile could require substantial fleet renewal even as new vessel orders continue to enter the market. Asked whether International Seaways would pursue growth outside conventional crude and product tanker shipping, Zabrocky said the company is continuing to focus on the oil tanker market. “For right now, we’re sticking to the oil tanker space,” she said. International Seaways, Inc (NYSE: INSW) is an independent tanker company that provides seaborne transportation services to oil companies, commodity traders and national oil companies. The firm’s operations focus on the carriage of crude oil and refined petroleum products, offering both time­ charter and voyage­ charter arrangements. With a modern fleet of very large crude carriers (VLCCs), Suezmax and Aframax tankers, as well as medium range (MR) and Handy product tankers, International Seaways supports global energy supply chains across major trade routes. Founded in 1997 as Diamond S Shipping, the company completed its initial public offering in the late 1990s and rebranded to International Seaways in September 2018. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "International Seaways Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

International Seaways (INSW) came out with quarterly earnings of $5.91 per share, beating the Zacks Consensus Estimate of $5.28 per share. This compares to earnings of $1.02 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +11.93%. A quarter ago, it was expected that this company would post earnings of $2.48 per share when it actually produced earnings of $3.9, delivering a surprise of +57.26%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. International Seaways, which belongs to the Zacks Transportation - Shipping industry, posted revenues of $467.29 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 15.03%. This compares to year-ago revenues of $195.64 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. International Seaways shares have added about 90.3% since the beginning of the year versus the S&P 500's gain of 13.3%. While International Seaways has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for International Seaways was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.48 on $266.72 million in revenues for the coming quarter and $15.62 on $1.29 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Shipping is currently in the top 17% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. ZIM Integrated Shipping Services (ZIM), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 19. This container shipping company is expected to post quarterly loss of $0.10 per share in its upcoming report, which represents a year-over-year change of -152.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. ZIM Integrated Shipping Services' revenues are expected to be $1.63 billion, down 0.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report International Seaways Inc. (INSW) : Free Stock Analysis Report ZIM Integrated Shipping Services Ltd. (ZIM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Adjusted Net Income: Record $295 million, or $5.91 per diluted share, for Q2 2026. Adjusted EBITDA: Record $345 million for the quarter. Free Cash Flow: Record $261 million generated in Q2 2026. Quarterly Dividend: Declared a record dividend of $5.05 per share. Blended Spot TCE: $79,000 per day, compared to $27,500 per day a year ago and $55,600 per day in Q1 2026. Crude Tanker Revenues: Totaled $253 million, including $51 million of profit sharing from time charters. Lightering Business EBITDA: Contributed approximately $5 million, with $13 million in revenue. Total Liquidity: Approximately $935 million at quarter end, including $409 million in cash and $526 million in undrawn revolving credit capacity. Net Debt: Approximately $250 million, with a net loan to value of about 6%. Gross Debt: $651 million at quarter end, with a total cost of debt of around 5.5%. Q3 2026 Bookings: Approximately 48% of expected revenue days booked at a blended spot TCE of about $61,000 per day. Fleetwide Spot Cash Breakeven: Below $14,500 per day over the next year. Warning! GuruFocus has detected 1 Warning Sign with POWW. Is INSW fairly valued? Test your thesis with our free DCF calculator. Release Date: August 10, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record adjusted net income of $295 million ($5.91 per share) and record EBITDA of $345 million in Q2 2026. Declared largest quarterly dividend of $5.05 per share, returning at least 85% of adjusted net income to shareholders. Ordered four additional LR1 newbuilds at essentially the same price as three years ago, despite double-digit industry price increases. Expanded into the SuezMax segment through Tankers International, enhancing commercial capabilities and customer relationships. Maintained nearly $1 billion in liquidity and low leverage (net loan-to-value of ~6%), providing strong financial flexibility. Geopolitical disruptions (Straits of Hormuz, Bab Al-Mandeb) create significant uncertainty and potential risks to global oil demand. If disruptions persist, sustained impact could weigh on global economy and oil demand, negatively affecting tanker market. Order book growth and attractive financing environment may lead to increased newbuild orders, potentially impacting future supply. Consolidation of Tankers International Suez entity results in gross consolidation of revenues/expenses, complicating financial reporting. Third-quarter spot TCE booked to date ($61,000/day) is lower than Q2's $79,000/day, indicating potential rate softening. Q: Lois, could you talk about more specifically any changes that you'd anticipate in the Atlantic Basin, either reroutes or additional production out of the West Africa or Latin America, and how you see that affecting long-term rates for the Suezmax or even the LR1s?A: Lois Zabrocky (President and CEO): We are seeing significant dislocation and substitution by charterers between vessel sizes, creating a lot of overlap between sectors. In Q2, our LR1s were standout performers due to larger ships being pulled east. The Americas are producing more barrels per day across the board (US, Guyana, Brazil, Argentina), providing stability. Excluding war effects, the fundamental picture is the West increasing production to meet East's demand for crude. Q: I'm looking at your balance sheet in front of me here and it is remarkably strong. No significant maturities until 2030. When you think about opportunities for growth and you highlighted the substantial liquidity position, would you consider any growth opportunities outside the conventional crude and product tanker trade?A: Lois Zabrocky (President and CEO): Our strategy at INSW has been to focus on our core space, anticipating market strength and upside volatility. We continue to look for niche opportunities where we can gain an advantage, but for right now, we are sticking to the oil tanker space. Q: On the LR1s, you've added the four that I guess you had two delivered last year, four coming this year, you're adding another four new buildings. So that's going to give you a market footprint of 14 for that Panamax International pool. Is the plan to continue trading within that niche Latin America trade or is there a plan or anticipation of an expansion to that pool's footprint?A: Lois Zabrocky (President and CEO): We were able to obtain great pricing with a trusted counterpart shipyard in Korea. The vessels will deliver in 2028, creating a full series of sisters with the vessels on the water. This profile was aged in our fleet, so these 10 full series will replace older units as they age out. We have a very strong customer base in the Americas and transit through the old box, which has proven to be a very reliable niche trade, so we intend to continue. Q: On the product tanker side, it looks like that the capacity is sort of rebalanced, rates are still elevated but coming back to normal. Are you as optimistic on the product side as you are on the crude?A: Lois Zabrocky (President and CEO): We are seeing many daily impacts on product carriers. Ukrainians have been hitting Russian refineries, taking barrels off the market, and Middle East products are having a challenging time getting exported. The US is exporting diesel at 1.5 million barrels a day and gasoline almost 1 million barrels a day, with exports concentrated on MRs. For the first time, China came back in July with around 800,000 barrels per day of product exports, which is an MR market. We still see MRs, particularly in the Western Hemisphere, posting almost $35,000 per day, so product volumes remain in short supply with strong demand. Q: On the VLCCs on time charter, the three fixed vessels with profit share gave you an average of $214,000 versus the base rate of somewhere in the 30s. Is there any change to the construct of those time charters or should we just keep assuming that the profit share will come based on, say, spot market averages for rates inside of Hormuz?A: Lois Zabrocky (President and CEO): You should really assume VLCC averages. There are a limited number of VLCC routes in the world, and our Vs have remained fully utilized with the rates that have been posted. There are lots of components that go into our settlement, and when assessing our full VLCC fleet, you should take a blend of the worldwide routes. Q: In the Middle East, a few of the Gulf producers are working on Hormuz bypass projects. So I'm wondering if you're hearing chatter for any long-term fixtures linked to this new capacity, given where the spot market is. And maybe at a higher level, how quickly do you think these projects could rebalance ton-miles if they do come online on time?A: Lois Zabrocky (President and CEO): It's impressive the pace and creativity and the amount of capital being invested, but we have not seen any time charters for new routes for the long-term. With the volatility and intensity happening, we are seeing countries like Abu Dhabi buying VLCCs last week, showing a scramble for surety of ownership and supply, which is pushing prices higher. A lot of CapEx is being put to work for long-term solutions, but it hasn't translated into time charters at this point. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Wall Street expects a year-over-year increase in earnings on higher revenues when International Seaways (INSW) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on August 10, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This company is expected to post quarterly earnings of $5.28 per share in its upcoming report, which represents a year-over-year change of +417.7%. Revenues are expected to be $406.23 million, up 107.6% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 5.98% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For International Seaways, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +3.10%. On the other hand, the stock currently carries a Zacks Rank of #1. So, this combination indicates that International Seaways will most likely beat the consensus EPS estimate. While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that International Seaways would post earnings of $2.48 per share when it actually produced earnings of $3.90, delivering a surprise of +57.26%. Over the last four quarters, the company has beaten consensus EPS estimates four times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. International Seaways appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Star Bulk Carriers (SBLK), another stock in the Zacks Transportation - Shipping industry, is expected to report earnings per share of $0.97 for the quarter ended June 2026. This estimate points to a year-over-year change of +781.8%. Revenues for the quarter are expected to be $339.47 million, up 37.2% from the year-ago quarter. Over the last 30 days, the consensus EPS estimate for Star Bulk Carriers has been revised 45% up to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate. When combined with a Zacks Rank of #2 (Buy), this Earnings ESP makes it difficult to conclusively predict that Star Bulk Carriers will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report International Seaways Inc. (INSW) : Free Stock Analysis Report Star Bulk Carriers Corp. (SBLK) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Okeanis Eco Tankers Corp. ECO is set to report second-quarter 2026 results on Aug. 4, after market closes. The Zacks Consensus Estimate for the to-be-reported quarter earnings has remained flat at $4.41 per share over the past 60 days. The consensus mark for earnings implies an increase of more than 100% from second-quarter 2025 actuals. Currently, the Zacks Consensus Estimate for quarterly revenues is pegged at $216.30 million, indicating a year-over-year increase of more than 100%. Okeanis has an encouraging earnings surprise history. The company’s earnings have outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 79.2%. Okeanis Eco Tankers Corp. price-consensus-eps-surprise-chart | Okeanis Eco Tankers Corp. Quote Let’s see how things have shaped up for ECO this earnings season. We expect ECO’s performance in the to-be-reported quarter to have been significantly impacted by persistent macroeconomic uncertainty, which might have affected customer demand and shipment volumes. Escalated voyage operating costs and elevated fuel costs are likely to have weighed on the company’s bottom-line performance in the to-be-reported quarter by increasing the overall cost of vessel operations. Higher labor costs are also expected to have exerted additional pressure on margins and profitability, potentially offsetting some of the benefits from stronger revenue generation. A decrease in freight rates and carried volume is expected to have hurt revenues in the to-be-reported quarter. However, continued fleet expansion initiatives are likely to have driven the company’s performance in the to-be-reported quarter. Our proven model does not predict an earnings beat for Okeanis Eco Tankers this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. ECO has an Earnings ESP of 0.00% and a Zacks Rank #3 at present. Okeanis reported quarterly earnings of $2.33 per share, beating the Zacks Consensus Estimate of $1.74 per share. This compares to earnings of $0.36 per share a year ago. These figures are adjusted for non-recurring items. The company posted revenues of $132.22 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 26.67%. This compares with year-ago revenues of $80.15 million. The company has topped the consensus revenue estimates in each of the past four quarters. Here are a few stocks from the broader Zacks Transportation sector that investors may consider, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle. International Seaways INSW has an Earnings ESP of +3.10% and a Zacks Rank #1 at present. INSW is scheduled to report second-quarter 2026 earnings on Aug. 10 The Zacks Consensus Estimate for second-quarter 2026 earnings has been revised upwards by 17.07% over the past 60 days to $5.28 per share. INSW’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters. The average beat being 33.93%. DHL Group Sponsored ADR DHLGY has an Earnings ESP of +09.80% and a Zacks Rank #2 at present. DHLGY is scheduled to report second-quarter 2026 earnings on Aug. 4 The Zacks Consensus Estimate for second-quarter 2026 earnings has been revised upwards by 15.9% over the past 60 days to 51 cents. DHLGY’s earnings beat the Zacks Consensus Estimate in three of the preceding four quarters (missing the mark in the remaining quarter). The average beat being 34.48%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Okeanis Eco Tankers Corp. (ECO) : Free Stock Analysis Report International Seaways Inc. (INSW) : Free Stock Analysis Report DHL Group Sponsored ADR (DHLGY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Joby Aviation JOBY is scheduled to report second-quarter 2026 results on Aug. 5, after the market closes. The Zacks Consensus Estimate for JOBY’s second-quarter 2026 loss has remained unchanged at 21 cents per share over the past 60 days. The consensus mark indicates a 12.5% increase from the second-quarter 2025 actuals. The Zacks Consensus Estimate for the to-be-reported quarter revenues is pegged at $29 million, indicating an increase of more than 100% from the second-quarter 2025 actuals. JOBY has a discouraging earnings surprise history. The company’s earnings have underperformed the Zacks Consensus Estimate in two of the trailing four quarters and met twice in the remaining, delivering an average miss of 17.5%. Joby Aviation, Inc. price-eps-surprise | Joby Aviation, Inc. Quote We expect JOBY's performance in the to-be-reported quarter to have been adversely affected by elevated spending on FAA certification, manufacturing expansion, infrastructure development and commercial launch activities, which are likely to have driven higher operating expenses, wider losses and continued cash burn. The ongoing geopolitical tensions in the Middle East and supply-chain disruptions are likely to have weighed on its June-end quarter results. Inflationary pressures and fuel price volatility are also expected to have posed additional headwinds. Our proven model does not conclusively predict an earnings beat for Joby Aviation this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover before they’re reported with our Earnings ESP Filter. JOBY has an Earnings ESP of -12.57% and a Zacks Rank of #4 (Sell) at present. You can see the complete list of today’s Zacks #1 Rank stocks here. JOBY reported a first-quarter 2026 loss of 21 cents per share (on an adjusted basis), which matched the Zacks Consensus Estimate. In the year-ago reported quarter, JOBY incurred a loss of 18 cents. Quarterly revenues totaled $24.24 million, beating the Zacks Consensus Estimate of $19 million. Here are a few stocks from the broader Zacks Transportation sector that investors may consider, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle. International Seaways INSW has an Earnings ESP of +3.10% and a Zacks Rank #1 at present. INSW is scheduled to report second-quarter 2026 earnings on Aug. 10 The Zacks Consensus Estimate for second-quarter 2026 earnings has been revised upwards by 17.07% over the past 60 days to $5.28 per share. INSW’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters. The average beat being 33.93%. DHL Group Sponsored ADR DHLGY has an Earnings ESP of +09.80% and a Zacks Rank #1 at present. DHLGY is scheduled to report second-quarter 2026 earnings on Aug. 4 The Zacks Consensus Estimate for second-quarter 2026 earnings has been revised upwards by 15.9% over the past 60 days to 51 cents. DHLGY’s earnings beat the Zacks Consensus Estimate in three of the preceding four quarters (missing the mark in the remaining quarter). The average beat being 34.48%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Joby Aviation, Inc. (JOBY) : Free Stock Analysis Report International Seaways Inc. (INSW) : Free Stock Analysis Report DHL Group Sponsored ADR (DHLGY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research