Intl Seaways (INSW) report Q2 2025

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08/06

International Seaways (INSW) announced their Q2 2025 results earlier today, including

  • Rev of
  • Adj EBITDA of $102M
  • Adj Net Income $50m
  • Declared div of 77c/sh (usually has a fixed component of 12c/sh, plus a supplemental)

Two MR2 vessels were sold in Q2 2025, and an additional 4 MR2s will exit during Q3 2025. INSW expects to take delivery of one of its 6 LR1 newbuilds in Q3 2025. INSW has secured ECA financing of $240M (or $40M per LR1). That’s ~70% financing. I don’t see problems as INSW can use proceeds from the vessel sales for liquidity purposes. The company also announced an on-the-water acquisition - a 2020-build VLCC with a scrubber installed. Across each vessel category, rates improved in Q2 2025 over Q1 2025. However, rates are lower for each vessel category than Q2 2024. In the case of MR2s, around 46% (that’s their most common vessel type).

First take. Might dig in a little deeper later

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The OP had the rev entry blank. I had to dig around for the data - revenue was $196M in Q2 2025.

I think the big takeaway was that Q2 was an improvement over Q1 on the div side and the ECA financing for the newbuilds.

Other items:

  • The VLCC addition does not deliver to INSW until Q4
  • INSW has two line entries for VLCCs. However, it does not do so for MR2s
  • As noted in the OP, debt is quite manageable. The older MR2s are selling for $14M - $15M. But, INSW has quite a few unencumbered vessels

After yesterday’s results and today’s price pullback, I did consider an INSW nibble today.

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