International Seaways, Inc. reported net income of $62 million, or $1.25 per diluted share, for the second quarter of 2025, a decrease from $145 million, or $2.91 per diluted share, in Q2 2024. Consolidated Time Charter Equivalent (TCE) revenues were $189 million, down from $252 million in the prior year quarter, primarily due to lower spot earnings across the fleet.
Despite the earnings decline, the company maintained a robust financial position with over $700 million in total liquidity, including $148.8 million in cash and $560.4 million in undrawn revolving credit facility capacity. The net loan-to-value ratio remained comfortably under 15%, providing substantial financial flexibility.
In fleet optimization, International Seaways sold two 2007-built vessels for $28 million net proceeds in Q2 2025 and agreed to purchase a 2020-built, scrubber-fitted VLCC for $119 million in August 2025. The company also declared a combined dividend of $0.77 per share on August 5, 2025, for the second quarter, demonstrating its commitment to shareholder returns.
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