International Seaways Inc. (INSW) shares reached an all-time high of $102.37 on Friday, extending a sharp rally that has driven the stock up 127% in 2026 and 121.66% over the past 12 months.
The oil tanker operator’s second-quarter 2026 results underscored the momentum, with adjusted earnings per share of $5.91 beating Wall Street forecasts of $5.52. Revenue totaled $467.29 million, exceeding the $401.77 million estimate, while adjusted net income hit a record $295 million. Adjusted EBITDA climbed to $345 million, and free cash flow surged to $261 million, both records for the company.
Blended spot time-charter equivalent rates averaged $79,000 per day in the quarter, a more than twofold increase from $27,500 a year earlier, reflecting tighter shipping capacity and higher demand for crude transport. The company maintained its seven-year streak of dividend payments, currently yielding 27%, while its price-to-earnings ratio stood at 6.46.
Liquidity remained robust with $935 million in cash and equivalents, offsetting net debt of roughly $250 million. The strong financial performance and elevated spot rates position International Seaways to capitalize on sustained tightness in the tanker market, analysts noted.
The stock’s surge contrasts with broader energy shipping peers, with the company’s year-to-date gain outpacing gains in unrelated high-flyers such as Super Micro Computer (+185%) and AppLovin (+157%).
