International Seaways (NYSE: INSW) reported record-breaking financial results for the second quarter of 2026. Net income reached $295 million, or $5.91 per diluted share. This marks a substantial increase from the $62 million reported in the same period last year. Quarterly revenue grew 139% year-over-year to $467.3 million, significantly surpassing analyst expectations.
The Board of Directors declared a historic quarterly dividend of $5.05 per share. Company shares rose over 2% following the announcement. A surge in tanker market rates primarily drove the record performance.
International Seaways also announced the purchase of four additional LR1 newbuilds. This acquisition signals management's confidence in future market demand.