International Seaways, Inc. reported net income of $50 million, or $1.00 per diluted share, for the first quarter of 2025, a decrease from $144 million, or $2.92 per diluted share, in Q1 2024. Shipping revenues for the quarter were $183 million, down from $274 million in the prior year period.
Consolidated Time Charter Equivalent (TCE) revenues for Q1 2025 were $178 million, compared to $271 million in Q1 2024, primarily driven by lower spot earnings across the fleet, which decreased by an average of approximately $18,000 per day. Crude Tankers TCE was $85 million, and Product Carriers TCE was $94 million.
The company concluded its vessel swap in Q1 2025, delivering two VLCCs and receiving two MRs, resulting in net proceeds of $50 million. International Seaways repaid $102 million on its revolving credit facilities during the quarter and declared a combined dividend of $0.60 per share on May 7, 2025, for the first quarter.
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