International Seaways reported record third-quarter 2026 net income and outlined several changes to its tanker fleet, including the acquisition of a company associated with four newbuilding very large crude carriers (VLCCs). Its board also declared a $5.05-per-share combined dividend, payable in December.
- Quarterly earnings: Net income was $344 million, or $6.90 per diluted share. The result included a $53 million gain from the sale of a Suezmax tanker, so the reported profit included a one-time gain.
- VLCC acquisition: International Seaways acquired Bruton Limited and its four newbuilding VLCCs. Consideration was primarily about 3 million shares of International Seaways stock plus cash; the cash amount was not specified.
- LR1 fleet deliveries: The company took delivery of two new LR1 product tankers. Four more LR1s remain on order and are expected to arrive in the second half of 2028.
- Suezmax sale: International Seaways sold a 2012-built Suezmax for $74 million in net proceeds, after commissions and fees. The sale generated the $53 million gain included in quarterly earnings.
- Dividend: The $5.05-per-share combined dividend is payable December 23 to shareholders of record at the close of business on December 9.
The acquisition expands the company’s planned VLCC fleet using a mix of stock and cash, while the reported earnings figure reflects a gain from selling an existing vessel. The release does not specify the cash portion of the acquisition consideration or provide further detail on the dividend’s components.