International Seaways, Inc.
For the period ended Mar 31, 2026. Filed May 7, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 7, 2026
INSW$98.02+3.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001104659-25-107428
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001104659-26-056721
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 93 previous paragraphs and 88 current paragraphs.
37 unchanged; 33 reworded; 15 added; 22 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 89 previous and 83 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
The outbreak of war in the Middle East between Iran and the U.S. and Israel in late February 2026, and the seizures and attacks on vessels travelling through the Red Sea, the Gulf of Aden and the Arabian Gulf, and the effective closure of the Strait of Hormuz, have caused supply disruptions in the oil and gas markets and significant volatility in energy prices and spot charter hire rates. The sharp increase in oil prices and concerns that the supply of crude oil and petroleum products may be significantly constrained for some period of time has led a number of countries to impose export restrictions on certain oil and petroleum products. Also, while charter rates for crude tankers and product carriers initially increased and remain high following the disruption to shipping in the Middle East areas noted above, it is unlikely that the charter rates will remain at these historically high levels. We also expect the voyage expenses of the commercial pools in which we participate to be high in the near-term due to high bunker costs and being subject to additional war risks insurance premiums when the pool’s vessels transit through or call to any ports or areas or the waters of any country bordering the Arabian Gulf or the Red Sea. To date, these geopolitical developments have not had a material adverse effect on INSW’s operations, financial condition, results of operations or cash flow. The extent of any future impact will depend on how the situation develops, including any continued disruption in the Strait of Hormuz and its effect on global energy markets, including the restoration, and timing thereof, of damage to the existing energy infrastructure.
Current report
million dwt, 4.1 million dwt, 6.3 million dwt, 0.5 million dwt and 6.1 million dwt in the VLCCs, Suezmax, Aframax, LR1 and MR fleets, respectively.
Current report
Tanker rates were very strong in the first quarter of 2026 compared with the fourth quarter of 2025. January and February saw stronger rates across the board compared with the fourth quarter. March, however, saw a significant increase in rates due primarily to the war among the U.S., Israel and Iran. As conditions normalize, while it is unlikely rates seen in March 2026 are sustainable, we would expect tanker markets to benefit from the rebalancing of trade flows and the replenishment of inventories.
Current report
TCE revenues in the first quarter of 2026 increased by $138.9 million, or 78%, to $317.2 million from $178.3 million in the first quarter of 2025. This increase reflects (i) an aggregate $157.0 million rates-based increase resulting from higher average daily rates earned across the Company’s fleet sectors, partially offset by (ii) a $14.8 million days-based reduction in the MR sector, which reflects the Company selling several of the older vessels in its fleet, as detailed below in the “Product Carriers” discussion.
Current report
Vessel expenses increased by $2.0 million to $30.4 million in the first quarter of 2026 from $28.4 million in the first quarter of 2025. Such increase was driven principally by increased costs for repairs, lubricating oils and crew. Charter hire expenses increased by $1.7 million quarter-over-quarter primarily due to increased charter hire expense in the Crude Tankers Lightering business, which reflects incremental chartered-in Aframax days for a full-service job completed during the first quarter of 2026 and increased daily rates on a portion of its chartered-in workboat fleet. In addition, charter hire expense for the first quarter of 2026 included hire due to a third party participant of TISL, the Suezmax tankers pool formed in March 2026 (as described in Note 8, “Variable Interest Entities,” to the accompanying condensed consolidated financial statements). Depreciation and amortization increased by $1.3 million to $20.0 million in the current quarter from $18.7 million in the first quarter of 2025, primarily as a result of increased drydock amortization, the timing of the sales of the VLCCs and the acquired VLCC noted above.
Current report
Vessel expenses decreased by $8.0 million to $30.6 million in the first quarter of 2026 from $38.6 million in the first quarter of 2025. Such decrease principally reflects the net sales of the MRs referenced above. Charter hire expenses decreased by $3.1 million to $3.2 million in the current quarter from $6.3 million in the first quarter of 2025, primarily as a result of the decrease in time chartered-in LR1s noted above. Depreciation and amortization decreased by $0.4 million to $20.6 million in the current quarter from $21.0 million in the prior year’s quarter. Such decrease resulted primarily from the changes in the MR fleet described above, offset to a large extent by increased depreciation in the LR1 fleet. The increases in the LR1 fleet reflected the Company taking delivery of three dual-fuel ready LNG newbuild LR1s between September 2025 and March 2026, offset by the sale of two 2006-built LR1s in the third quarter of 2025.
Current report
Other Operating Income
Current report
Other operating income totaling $1.9 million during the first quarter of 2026 represents fees earned by the Company’s wholly owned subsidiaries – Tankers (UK) Agencies Limited (“TUKA”) and Tankers (UK) Suezmax Agencies Limited (“TUKSA”) for commercial management services rendered to vessel owners participating in the VLCC and Suezmax tanker pools operated by Tankers International Limited (“TIL”) and TISL, respectively. See Note 8, “Variable Interest Entities (“VIEs”),” to the accompanying condensed consolidated financial statements for additional information on consolidated and unconsolidated VIEs.
Current report
During the first quarter of 2026, general and administrative expenses decreased by $3.9 million to $9.3 million from $13.2 million in the first quarter of 2025. The primary driver for the quarter-over-quarter decrease was a $5.8 million decrease in legal fees, which in part reflected the recovery of $4.8 million in damages awarded to the Company by an arbitration tribunal in England in connection with a commercial dispute that arose in 2023. See Note 16, “Contingencies,” to the accompanying condensed consolidated financial statements for additional information. Partially offsetting the decrease was an increase in compensation and benefits costs of $1.4 million, which was primarily driven by the consolidation of the operating expenses of TUKA and TUKSA. The costs incurred by TUKA and TUKSA are substantially recovered by the Company through pool management fees charged to TIL and TISL, as discussed in the “Other Operating Income” section above.
Current report
All of the Company’s vessel-owning subsidiaries and certain intermediate holding company subsidiaries are domiciled in Bermuda. The Bermuda Corporate Income Tax Act (the “Bermuda CIT Act”) provides an exclusion for Qualifying International Shipping Income (as defined in the Bermuda CIT Act), provided that applicable economic substance requirements relating to strategic or commercial management in Bermuda are satisfied. In compliance with the Bermuda CIT Act and applicable economic substance requirements, the strategic management of the Company’s international shipping income-generating subsidiaries and their intermediate parent holding companies is carried out from Bermuda. Based on the foregoing, the Company currently expects that its international shipping income will qualify for the Qualifying International Shipping Income exclusion under the Bermuda CIT Act. Under current Bermuda tax law, including the Bermuda CIT Act, Bermuda does not impose withholding taxes on distributions from the Company’s Bermuda subsidiaries.
Current report
Returns to Shareholders
Current report
Fleet Renewal and Growth
Current report
We executed the following fleet renewal and growth transactions:
Current report
construction costs, of which approximately $115.6 million is expected to be drawn from the ECA Credit Facility in accordance with the delivery schedule. The remaining two LR1s are expected to be delivered in the third quarter of 2026.
Current report
At March 31, 2026, there have been no material changes in the information disclosed in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations —Risk Management” and “— Interest Rate Sensitivity” set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Removed paragraphs (22)
Previous report
b/d in the third quarter of 2025 compared with the third quarter of 2024. Oil production in the U.S. of 13.6 million b/d in the third quarter of 2025 increased by 1.3% from the second quarter of 2025 and by 3.3% from the third quarter of 2024.
Previous report
Tanker rates remained mostly flat in the third quarter of 2025 compared with the second quarter of 2025. Global economic turmoil stemming from fluctuating announcements of trade barriers has created uncertainty for tanker demand. Generally, trade disruptions are positive for shipping, however, trade barriers can lead to demand destruction, which would be negative. Currently, rates remain significantly over cash breakeven levels.
Previous report
TCE revenues in the third quarter of 2025 decreased by $27.2 million, or 12%, to $192.5 million from $219.7 million in the third quarter of 2024. This decrease reflects (i) an aggregate $19.7 million rates-based decline resulting from lower average daily rates earned in the Company’s Suezmax, LR1 and MR sectors, (ii) a $11.6 million aggregate days-based decline in the VLCC, LR1 and MR fleets, which reflects the sales of 12 older vessels in these three fleets between April 2024 and September 2025, partially offset by the acquisition of nine modern MRs between April 2024 and January 2025, and (iii) a $4.1 million decline in Lightering revenues. These decreases were partially offset by (iv) a $7.1 million aggregate rates-based increase in the VLCC and Aframax sectors.
Previous report
During the first nine months of 2025, income from vessel operations decreased by $203.0 million to $207.2 million from $410.2 million in the first nine months of 2024. Such decrease resulted principally from a $182.8 million decrease in TCE revenues and increased depreciation and amortization in the current period.
Previous report
The decrease in TCE revenues in the first nine months of 2025 of $182.8 million, or 25%, to $559.7 million from $742.5 million in the first nine months of 2024 was attributable to(i) an aggregate $183.9 million rates-based decline resulting from lower average daily rates earned across INSW’s fleet sectors, (ii) a $19.1 million days-based decline in the VLCC fleet primarily due to the 2025 vessel sales noted above and (iii) a $14.3 million decline in Lightering revenues. These decreases were partially offset by (iv) a $29.0 million aggregate days-based increase in the MR and LR1 sectors, driven by the timing of the vessel acquisitions and sales described above for the quarter-over-quarter period and 163 more LR1 time chartered-in days in the current period.
Previous report
Vessel expenses decreased by $4.4 million to $29.8 million in the third quarter of 2025 from $34.2 million in the third quarter of 2024. Such decrease was driven principally by the sales of the two VLCCs noted above, which accounted for $3.5 million of the decrease in the current quarter. Charter hire expenses decreased by $0.6 million quarter-over-quarter due to decreased charter hire expense in the Crude Tankers Lightering business, which primarily reflects higher chartered-in Aframax days for full-service jobs during the prior
Previous report
year’s quarter. Depreciation and amortization decreased by $1.6 million to $18.9 million in the current quarter from $20.5 million in the third quarter of 2024, primarily as a result of the sales of the two VLCCs noted above.
Previous report
During the first nine months of 2025, TCE revenues for the Crude Tankers segment decreased by $67.1 million, or 20%, to $276.5 million from $343.6 million in the first nine months of 2024. Such decrease principally resulted from (i) an aggregate rates-based decrease in the VLCC, Suezmax and Aframax fleets of $36.5 million due to lower average daily blended rates in these sectors, (ii) a $19.1 million days-based decline in the VLCC sector, which reflected the VLCC sales described above, and (iii) a $14.3 million decrease in the Crude Tankers Lightering business. Partially offsetting the TCE revenue decreases described above was a $4.7 million days-based increase in the Aframax sector due to 146 fewer off-hire days during the current period.
Previous report
Vessel expenses decreased by $6.4 million to $88.3 million in the first nine months of 2025 from $94.6 million in the first nine months of 2024. Such decrease was primarily as a result of the sales of the two VLCCs noted above. Charter hire expenses decreased by $1.4 million period-over-period due to decreased charter hire expense in the Crude Tankers Lightering business, which primarily reflects higher chartered-in Aframax days for full-service jobs during the 2024 period and incremental off-hire time during the current year period associated with the workboats being chartered-in by the Company. Depreciation and amortization decreased by $4.2 million to $56.4 million in the nine months ended September 30, 2025 from $60.6 million in the 2024 comparable period principally due to the VLCC sales noted above.
Previous report
Excluding depreciation and amortization and general and administrative expenses, operating income for the Crude Tankers Lightering business was $7.4 million for the first nine months of 2025 compared with $20.4 million for the first nine months of 2024. Consistent with the discussion of the quarter-over-quarter decline above, the decrease reflects a decline in period-over-period activity levels, with 267 service support-only lighterings and two full-service lightering jobs being performed during the 2025 period compared with 368 service support-only lighterings and six full-service lightering jobs during the comparable 2024 period.
Previous report
Vessel expenses decreased by $1.1 million to $36.0 million in the third quarter of 2025 from $37.1 million in the third quarter of 2024. Such decrease principally reflects lower drydock deviation costs in the LR1 sector in the current quarter. Charter hire expenses increased by $0.5 million to $3.3 million in the current quarter from $2.8 million in the third quarter of 2024, primarily as a result of a quarter-over-quarter increase in the average daily charter hire rate for time chartered-in LR1s. Depreciation and amortization increased by $3.5 million to $22.3 million in the current quarter from $18.8 million in the prior year’s quarter. Such increase resulted primarily from increased drydock amortization and the MR purchases and sales referenced above, as the acquired vessels have higher cost bases than the older vessels that were sold.
Previous report
During the first nine months of 2025, TCE revenues for the Product Carriers segment decreased by $115.7 million, or 29%, to $283.1 million from $398.8 million in the first nine months of 2024. The reduction in TCE revenues was primarily as a result of an aggregate $145.2 million rates-based decrease in the LR1 and MR sectors due to lower average daily blended rates earned in the current period, partially offset by (i) a $15.7 million days-based increase in the MR sector, which reflects the MR transactions described above, and (ii) a $13.4 million days-based increase in the LR1 sector, which resulted primarily from a 163-day increase in time chartered-in days and 134 fewer off-hire days in the current period, partially offset by the vessel sales described above.
Previous report
Vessel expenses increased by $4.1 million to $112.0 million in the first nine months of 2025 from $107.8 million in the first nine months of 2024. Such increase was principally attributable to the timing of the net changes in our MR fleet referenced above. Charter hire expenses increased by $6.5 million to $15.6 million in the current period from $9.1 million in the prior year’s period, primarily as a result of the period-over-period increase in time chartered-in LR1 days described above. Depreciation and amortization increased by $16.5 million to $65.9 million in the first nine months of 2025 from $49.4 million in the first nine months of 2024. The drivers of such increase were consistent with those noted above in relation to the quarter-over-quarter increase.
Previous report
During the third quarter of 2025, general and administrative expenses decreased by $1.6 million to $11.8 million from $13.4 million in the third quarter of 2024. The primary drivers for the decrease were lower legal fees of $0.6 million, principally incurred in connection with a commercial dispute, and a decrease in compensation and benefits costs of $0.7 million.
Previous report
For the nine months ended September 30, 2025, general and administrative expenses decreased marginally by $0.3 million to $37.2 million from $37.5 million for the same period in 2024. The current year decrease reflects a reduction in legal fees principally incurred in connection with a commercial dispute.
Previous report
Beginning in September 2025, in an effort to maximize future operational and strategic flexibility while maintaining compliance with evolving global tax regulations that are focused on the alignment of the jurisdictions in which an entity’s commercial or strategic management are performed with where its profits are realized, the Company commenced the process of changing the domicile of its international shipping income generating vessel-owning subsidiaries and various intermediate parent holding companies under International Seaways, Inc. from the Marshall Islands and Liberia to Bermuda. The Company itself will remain organized under the laws of the Republic of the Marshall Islands. The Company expects the redomiciliation process to be completed by the end of the fourth quarter of 2025.
Previous report
The Company estimates incurring one-time legal and administrative expenses of between $3 million and $5 million in 2025 in connection with this initiative. The portion of such one-time costs associated with amendments to existing credit facilities will be recognized as deferred financing costs and the balance of such one-time costs will be recognized in other operating expenses in the statement of operations.
Previous report
See Note 9, “Taxes,” in the accompanying condensed consolidated financial statements for further information on the tax implications of redomiciling the Company’s international shipping income generating vessel-owning subsidiaries.
Previous report
During 2025, the Company’s Board of Directors declared and paid the following regular quarterly and supplemental dividends:
Previous report
In October 2025, the Company’s Board of Directors authorized the extension of the expiry date of its $50.0 million share repurchase program from December 31,2025 to December 31, 2026.
Previous report
Further building on our liquidity enhancing, deleveraging and financing initiatives, we executed the following transactions:
Previous report
See Note 8, “Debt,” in the accompanying condensed consolidated financial statements for further information on the ECA Credit Facility and the 2030 Bonds.
Reworded paragraphs (33)
Previous wording
This Management’s Discussion and Analysis, which should be read in conjunction with our accompanying condensed consolidated financial statements and notes thereto, provides a discussion and analysis of our business, current developments, financial condition, cash flows and results of operations as of September 30, 2025 and for the three and nine months ended September 30, 2025 and 2024. It is organized as follows:
Current wording
This Management’s Discussion and Analysis, which should be read in conjunction with our accompanying condensed consolidated financial statements and notes thereto, provides a discussion and analysis of our business, current developments, financial condition, cash flows and results of operations as of March 31, 2026 and for the three months ended March 31, 2026 and 2025. It is organized as follows:
Previous wording
We are a provider of ocean transportation services for crude oil and refined petroleum products. We operate our vessels in the International Flag market. Our business includes two reportable segments: Crude Tankers and Product Carriers. For the three and nine months ended September 30, 2025 we derived 52% and 51%, respectively, of our TCE revenues from our Product Carriers segment compared with 55% and 54% for the three and nine months ended September 30, 2024, respectively. Revenues from our Crude Tankers segment constituted the balance of our TCE revenues in the 2025 and 2024 periods.
Current wording
We are a provider of ocean transportation services for crude oil and refined petroleum products. We operate our vessels in the International Flag market. Our business includes two reportable segments: Crude Tankers and Product Carriers. For the three months ended March 31, 2026 and 2025, we derived 58% and 47%, respectively, of our time charter equivalent (“TCE”) revenues from our Crude Tankers segment. Revenues from our Product Carriers segment constituted the balance of our TCE revenues in the 2026 and 2025 periods.
Previous wording
As of September 30, 2025, the Company’s operating fleet consisted of 71 wholly-owned or lease financed and time chartered-in vessels aggregating 8.2 million deadweight tons (“dwt”). In addition to our operating fleet of 71 vessels, five LR1 newbuilds are scheduled for delivery to the Company between the fourth quarter of 2025 and third quarter of 2026, bringing the total operating and newbuild fleet to 76 vessels. Our fleet includes VLCC, Suezmax and Aframax crude tankers and LR2, LR1 and MR product carriers.
Current wording
As of March 31, 2026, the Company’s operating fleet consisted of 64 wholly-owned or lease financed and time chartered-in vessels aggregating 7.6 million deadweight tons (“dwt”). In addition to our operating fleet of 64 vessels, three LR1 newbuilds are scheduled for delivery to the Company between the second and third quarters of 2026, bringing the total operating and newbuild fleet to 67 vessels. Our fleet includes VLCC, Suezmax and Aframax crude tankers and LR2, LR1 and MR product carriers. In addition to the Company’s operating fleet, Tankers International Suezmax Limited (“TISL”), a variable interest entity that is consolidated by the Company, has one Suezmax tanker time chartered-in from a third-party under its pool participation agreement as of March 31, 2026. See Note 8, “Variable Interest Entities (“VIEs”)” to the accompanying condensed consolidated financial statements for additional information on consolidated and unconsolidated VIEs.
Previous wording
The Company’s revenues are highly sensitive to patterns of supply and demand for vessels of the size and design configurations owned and operated by the Company and the trades in which those vessels operate. Rates for the transportation of crude oil and refined petroleum products from which the Company earns a substantial majority of its revenues are determined by market forces such as the supply and demand for oil, the distance that cargoes must be transported, and the number of vessels expected to be available at the time such cargoes need to be transported. The demand for oil shipments is significantly affected by the state of the global economy, levels of U.S. domestic and international production and OPEC exports. The number of vessels available to transport cargo is affected by newbuilding deliveries and by the removal of existing vessels from service, principally through storage, recycling or conversions. The Company’s revenues are also affected by its vessel employment strategy, which seeks to achieve the optimal mix of spot (voyage charter) and long-term (time or bareboat charter) charters. Because shipping revenues and voyage expenses are significantly affected by the mix between voyage charters and time charters, the Company measures the performance of its fleet of vessels based on TCE revenues. Management makes economic decisions based on anticipated TCE rates and evaluates financial performance based on TCE rates achieved. In order to take advantage of market conditions and optimize economic performance, management employs all of the Company’s LR1 product carriers, which currently participate in the Panamax International Pool, in the transportation of crude oil cargoes.
Current wording
Rates for the transportation of crude oil and refined petroleum products from which the Company earns a substantial majority of its revenues are determined by market forces such as the supply and demand for oil, the distance that cargoes must be transported, and the number of vessels expected to be available at the time such cargoes need to be transported. The demand for oil shipments is significantly affected by the state of the global economy, levels of U.S. domestic and international production and OPEC exports. The number of vessels available to transport cargo is affected by newbuilding deliveries and by the removal of existing vessels from service, principally through storage, recycling or conversions.
Previous wording
Our revenues are derived primarily from spot market voyage charters and our vessels are predominantly employed in the spot market via market-leading commercial pools. We derived approximately 81% of our total TCE revenues in the spot market for the three and nine months ended September 30, 2025, compared with 84% and 87% for the three and nine months ended September 30, 2024, respectively. The future minimum revenues, before reduction for brokerage commissions, expected to be received on non-cancelable time charters for three VLCCs, one Suezmax, one Aframax, one LR2, and eight MRs, as of September 30, 2025 are as follows:
Current wording
Our revenues are derived primarily from spot market voyage charters and our vessels are predominantly employed in the spot market via market-leading commercial pools. We derived approximately 82% of our total TCE revenues in the spot market for the three months ended March 31, 2026, compared with 81% for the three months ended March 31, 2025. The future minimum revenues, before reduction for brokerage commissions, expected to be received on non-cancelable time charters for three VLCCs, three Suezmaxes, one Aframax, one LR2, and six MRs, as of March 31, 2026 are as follows:
Previous wording
The International Energy Agency (“IEA”) estimates global oil consumption for the third quarter of 2025 at 104.8 million barrels per day (“b/d”), up 0.7% from the same quarter in 2024. The estimate for global oil consumption for 2025 is 103.8 million b/d, an increase of 0.7% over the 2024 estimate of 103.1 million b/d. OECD demand in 2025 is estimated to remain flat at 45.8 million b/d, while non-OECD demand is estimated to increase by 1.2% to 58.0 million b/d.
Current wording
The International Energy Agency (“IEA”) estimates global oil consumption for the first quarter of 2026 at 103.4 million barrels per day (“b/d”), up 0.5% from the same quarter in 2025. The estimate for global oil consumption for 2026 is 104.3 million b/d, unchanged from 2025 levels. OECD demand in 2026 is estimated to decrease by 0.4% to 45.7 million b/d, while non-OECD demand is estimated to increase by 0.2% to 58.6 million b/d.
Previous wording
Global oil production in the third quarter of 2025 was 106.6 million b/d, an increase of 3.9 million b/d from the third quarter of 2024. OPEC crude oil production averaged 27.9 million b/d in the third quarter of 2025, up 0.8 million b/d from the second quarter of 2025, and an increase of 1.4 million b/d from the third quarter of 2024. Non-OPEC production increased by 2.5 million b/d to 73.1 million
Current wording
Global oil production in the first quarter of 2026 was 102.8 million b/d, an increase of 0.1 million b/d from the first quarter of 2025, but sharply down from 107.5 million b/d in the fourth quarter of 2025 due to effects related to the closure of the Strait of Hormuz. OPEC crude oil production averaged 25.9 million b/d in the first quarter of 2025, a decrease of 2.6 million b/d from the fourth quarter of 2025, and a decrease of 0.9 million b/d from the first quarter of 2025. Non-OPEC production increased by 1.2 million b/d to 71.6 million b/d in the first quarter of 2026 compared with the first quarter of 2025. Oil production in the U.S. of 13.2 million b/d in the first quarter of 2026 decreased by 4.5% from the fourth quarter of 2025 but increased by 0.8% from the first quarter of 2025.
Previous wording
U.S. refinery throughput increased by 1.0 million b/d to 17.4 million b/d in the third quarter of 2025 compared with the second quarter of 2025.
Current wording
U.S. refinery throughput increased by 0.6 million b/d to 16.6 million b/d in the first quarter of 2026 compared with the fourth quarter of 2025.
Previous wording
U.S. crude oil imports in the third quarter of 2025 decreased by 11.1% to 6.3 million b/d compared with the third quarter of 2024, with imports from OPEC countries decreasing by 0.4 million b/d and imports from non-OPEC countries decreasing by 0.4 million b/d. China’s crude oil imports in September were 11.5 million b/d, up 3.9% from September 2024. Year-to-date, imports are up 2.6% compared with the corresponding period in 2024.
Current wording
U.S. crude oil imports in the first quarter of 2026 decreased by 2.7% to 6.5 million b/d compared with the first quarter of 2025, with imports from OPEC countries decreasing by 0.1 million b/d and imports from non-OPEC countries decreasing by 0.1 million b/d. China’s crude oil imports in March were 11.8 million b/d, down 2.8% year-over-year. The full impact of the closure of the Strait of Hormuz won’t be seen until the April figures are released, since much of the March imports were already in transit and out of the Arabian Gulf at the time of the closure.
Previous wording
OECD commercial crude inventories in the third quarter of 2025 decreased by 1.0%, or 13 million barrels, compared with the second quarter of 2025. OECD commercial product inventories in the third quarter of 2025 decreased by 2.2%, or 33 million barrels, compared with the second quarter of 2025.
Current wording
OECD commercial crude inventories in the first quarter of 2026 increased by 4.0%, or 53 million barrels, compared with the fourth quarter of 2025. OECD commercial product inventories in the first quarter of 2026 increased by 2.6%, or 37 million barrels, compared with the fourth quarter of 2025. Inventory levels are expected to decrease during the second quarter of 2026 as the full impact of the closure of the Strait of Hormuz on exports from the Middle East Gulf sets in.
Previous wording
During the third quarter of 2025, the tanker fleet of vessels over 10,000 dwt increased, net of vessels recycled, by 5.1 million dwt. The crude fleet increased by 3.2 million dwt, with VLCCs, Suezmaxes and Aframaxes increasing by 0.6 million dwt, 1.4 million dwt and 1.2 million dwt, respectively. The product carrier fleet increased by 1.9 million dwt, with LR1s increasing by 0.2 million dwt and MRs increasing by 1.6 million dwt. Year-over-year, the size of the tanker fleet increased by 13.6 million dwt with the increases of 0.6 million dwt, 3.8 million dwt, 4.8 million dwt and 4.4 million dwt in the VLCCs, Suezmax, Aframax and MR fleets, respectively. The LR1 fleet remained flat.
Current wording
During the first quarter of 2026, the tanker fleet of vessels over 10,000 dwt increased, net of vessels recycled, by 9.2 million dwt. The crude fleet increased by 6.7 million dwt, with VLCCs, Suezmaxes and Aframaxes increasing by 3.1 million dwt, 1.3 million dwt and 2.3 million dwt, respectively. The product carrier fleet increased by 2.5 million dwt, with LR1s increasing by 0.5 million dwt and MRs increasing by 2.0 million dwt. Year-over-year, the size of the tanker fleet increased by 20.7 million dwt with the increases of 3.7
Previous wording
During the third quarter of 2025, the tanker orderbook decreased by 1.2 million dwt. The crude tanker orderbook increased by 2.4 million dwt. The VLCC and Suezmax orderbooks increased by 3.2 million dwt and 0.3 million dwt, respectively, while the Aframax orderbook decreased by 1.0 million dwt. The product carrier orderbook decreased by 1.3 million dwt, with the LR1 and MR orderbooks decreasing by 0.3 million dwt and 1.0 million dwt, respectively. Year-over-year, the total tanker orderbook increased by 10.2 million dwt, with increases in VLCC, Suezmaxes and LR1s of 10.2 million dwt, 3.8 million dwt and 0.4 million dwt, respectively. The Aframax orderbook decreased by 3.7 million dwt and the MR orderbook decreased by 0.5 million dwt.
Current wording
During the first quarter of 2026, the tanker orderbook increased by 22.5 million dwt from the fourth quarter of 2025. The crude tanker orderbook increased by 23.9 million dwt. The VLCC and Suezmax orderbooks increased by 19.9 million dwt and 5.2 million dwt, respectively, and the Aframax orderbook decreased by 1.1 million dwt. The product carrier orderbook decreased by 1.4 million dwt, with the LR1 orderbook decreasing by 0.6 million dwt and the MR orderbook decreasing by 0.8 million dwt. Year-over-year, the total tanker orderbook increased by 47.0 million dwt, with increases in VLCC and Suezmaxes of 38.5 million dwt and 11.8 million dwt, respectively. The LR1, Aframax and MR orderbooks decreased by 0.6 million dwt, 0.7 million dwt and 1.9 million dwt, respectively.
Previous wording
During the third quarter of 2025, income from vessel operations decreased by $22.3 million to $78.7 million from $101.0 million in the third quarter of 2024. Such decrease resulted principally from lower TCE revenues, partially offset by decreased vessel expenses in the current quarter.
Current wording
During the first quarter of 2026, income from vessel operations increased by $229.4 million to $288.6 million from $59.2 million in the first quarter of 2025. Such increase resulted principally from significantly higher TCE revenues, a $78.2 million increase in gains from vessel sales, and decreased general and administrative and vessel expenses in the current quarter.
Previous wording
See Note 4, “Business and Segment Reporting,” to the accompanying condensed consolidated financial statements for additional information on the Company’s segments, including reconciliations of (i) time charter equivalent revenues to shipping revenues and (ii) adjusted income from vessel operations for the segments to income before income taxes, as reported in the condensed consolidated statements of operations.
Current wording
See Note 5, “Business and Segment Reporting,” to the accompanying condensed consolidated financial statements for additional information on the Company’s segments, including reconciliations of (i) time charter equivalent revenues to shipping revenues and (ii) adjusted income from vessel operations for the segments to net income, as reported in the condensed consolidated statements of operations.
Previous wording
The following tables provide a breakdown of TCE rates achieved for the three and nine months ended September 30, 2025 and 2024, between spot and fixed earnings and the related revenue days. The information in this table is based, in part, on information provided by the commercial pools in which the segment’s vessels participate and excludes commercial pool fees/commissions averaging approximately $1,295 and $1,132 per day for the three months ended September 30, 2025 and 2024, respectively, and $1,113 and $1,055 per day for the nine months ended September 30, 2025 and 2024, respectively, as well as activity in the Crude Tankers Lightering business and revenue and revenue days for which recoveries were recorded by the Company under its loss of hire insurance policies. The fixed earnings rates in the table are net of broker/address commissions.
Current wording
The following table provides a breakdown of TCE rates achieved for the three months ended March 31, 2026 and 2025, between spot and fixed earnings and the related revenue days. The information in this table is based, in part, on information provided by the commercial pools in which the segment’s vessels participate and excludes commercial pool fees/commissions averaging approximately $1,699 and $1,112 per day for the three months ended March 31, 2026 and 2025, respectively, as well as activity in the Crude Tankers Lightering business and revenue and revenue days for which recoveries were recorded by the Company under its loss of hire insurance policies. The fixed earnings rates in the table are net of broker/address commissions.
Previous wording
During the third quarter of 2025, TCE revenues for the Crude Tankers segment decreased by $5.8 million, or 6%, to $93.0 million from $98.8 million in the third quarter of 2024. Such decrease principally resulted from (i) a $4.8 million days-based decline in the VLCC sector, which reflected the sales of one 2010-built VLCC and one 2011-built VLCC during the first quarter of 2025 partially offset by 21 fewer off-hire days during the current quarter, (ii) a rates-based decrease in the Suezmax fleet of $4.2 million due to lower average daily blended rates in the sector, and (iii) a $4.1 million decrease in the Crude Tankers Lightering business. Partially offsetting the TCE revenue decreases described above was an aggregate rates-based increase in the VLCC and Aframax fleets of $7.1 million due to strengthening rates in these sectors.
Current wording
During the first quarter of 2026, TCE revenues for the Crude Tankers segment increased by $99.6 million, or 118%, to $184.3 million from $84.6 million in the first quarter of 2025. Such increase principally resulted from (i) an aggregate rates-based increase in the VLCC, Suezmax and Aframax sectors of $99.4 million which resulted from the very strong rate environment during the current quarter as described in the “Operations and Oil Tanker Markets” section above, and (ii) a $2.8 million days-based increase in the VLCC sector, which reflects 96 fewer off-hire days in the current period and the net impact of the Company’s acquisition of a 2020-built VLCC in November 2025, partially offset by the sales of one 2010-built VLCC and one 2011-built VLCC during the first quarter of 2025 and one 2010-built VLCC and one 2012-built VLCC during the first quarter of 2026. Partially offsetting the TCE revenue increases described above was a $2.2 million decrease in the Crude Tankers Lightering business.
Previous wording
Excluding depreciation and amortization and general and administrative expenses, operating income for the Crude Tankers Lightering business was $1.8 million for the third quarter of 2025 compared with $5.5 million for the third quarter of 2024. The decrease reflects a decline in quarter-over-quarter activity levels, with 89 service support-only lighterings and one full-service lightering job being performed during the third quarter of 2025 compared with 106 service support-only lighterings and three full-service lightering jobs during the third quarter of 2024.
Current wording
Excluding depreciation and amortization and general and administrative expenses, the operating loss for the Crude Tankers Lightering business was $0.3 million for the first quarter of 2026 compared with operating income of $2.8 million for the first quarter of 2025. The decrease reflects a decline in quarter-over-quarter activity levels, with 61 service support-only lightering jobs and one full-service lightering job being performed during the first quarter of 2026 compared with 85 service support-only lighterings during the first quarter of 2025.
Previous wording
The following tables provide a breakdown of TCE rates achieved for the three and nine months ended September 30, 2025 and 2024, between spot and fixed earnings and the related revenue days. The information in this table is based, in part, on information provided by the commercial pools in which the segment’s vessels participate and excludes commercial pool fees/commissions averaging approximately $822 and $841 per day for the three months ended September 30, 2025 and 2024, respectively, and $788 and $879 per day for the nine months ended September 30, 2025 and 2024, respectively, as well as revenue and revenue days for which recoveries were recorded by the Company under its loss of hire insurance policies. The fixed earnings rates in the table are net of broker/address commissions.
Current wording
The following table provides a breakdown of TCE rates achieved for the three months ended March 31, 2026 and 2025, between spot and fixed earnings and the related revenue days. The information in this table is based, in part, on information provided by the commercial pools in which the segment’s vessels participate and excludes commercial pool fees/commissions averaging approximately $814 and $767 per day for the three months ended March 31, 2026 and 2025, respectively, as well as revenue and revenue days for which recoveries were recorded by the Company under its loss of hire insurance policies. The fixed earnings rates in the table are net of broker/address commissions.
Previous wording
During the third quarter of 2025, TCE revenues for the Product Carriers segment decreased by $21.4 million, or 18%, to $99.5 million from $120.9 million in the third quarter of 2024. The reduction in TCE revenues was primarily as a result of (i) an aggregate $15.5 million rates-based decrease in the LR1 and MR sectors due to lower average daily blended rates earned in the current quarter, (ii) a $3.6 million days-based decrease in the LR1 sector, which resulted primarily from the sale of two 2006-built LR1s during the current quarter and (iii) a $3.2 million days-based decrease in the MR sector, which reflects 81 more off-hire days in the current quarter and the net impact of the Company’s sale of eight MRs between April 2024 and September 2025 and acquisition of nine MRs between April 2024 and January 2025.
Current wording
During the first quarter of 2026, TCE revenues for the Product Carriers segment increased by $39.3 million, or 42%, to $133.0 million from $93.7 million in the first quarter of 2025. The increase in TCE revenues was primarily as a result of (i) an aggregate $57.6 million rates-based increase in the LR1 and MR sectors due to higher average daily blended rates earned in the current quarter. Such increase was partially offset by (ii) a $14.8 million days-based decrease in the MR sector, which reflects the net impact of the Company’s sale of 13 MRs between June 2025 and March 2026, the acquisition of two MRs in January 2025 and 156 fewer off-hire days in the current quarter, and (iii) a $3.6 million days-based decrease in the LR1 sector, which resulted primarily from a 90-day quarter-over-quarter decrease in time chartered-in LR1 days, and 64 more off-hire days during the current quarter.
Previous wording
Other income was $1.5 million and $5.4 million for the three and nine months ended September 30, 2025, respectively, compared with $3.2 million and $8.5 million of other income for the three and nine months ended September 30, 2024. Other income is primarily comprised of interest income earned on invested cash. The period-over-period decrease in interest income reflects the impact of a lower average balance of invested cash during the three and nine months ended September 30, 2025 as well as a decrease in interest rates offered on cash deposits.
Current wording
Other income of $2.6 million and $1.8 million for the three months ended March 31, 2026 and 2025, respectively, is primarily comprised of interest income earned on invested cash. The quarter-over-quarter increase in interest income reflects the impact of a higher average balance of invested cash during the three months ended March 31, 2026.
Previous wording
Interest expense decreased during the 2025 periods compared to the corresponding 2024 periods as a result of (i) a reduction in the average outstanding principal balance under the Company’s floating rate debt facilities, due to voluntary repayments of certain of such facilities since April 2024, (ii) the repayment in full of the ING Credit Facility in April 2024, and (iii) the decline of SOFR rates during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. See Note 8, “Debt,” in the accompanying condensed consolidated financial statements for further information on the Company’s debt facilities.
Current wording
Interest expense decreased during the first quarter of 2026 compared to the first quarter of 2025 as a result of (i) a reduction in the average outstanding principal balance under the Company’s floating rate debt facilities, due to voluntary repayments of certain of such facilities, (ii) the repayment in full of the OCY Lease Financing in November 2025, and (iii) the decline of SOFR rates during the first quarter of 2026 compared to 2025. See Note 10, “Debt,” in the accompanying condensed consolidated financial statements for further information on the Company’s debt facilities.
Previous wording
The Company qualifies for an exemption from U.S. federal income taxes under Section 883 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) and U.S. Treasury Department regulations for the 2025 calendar year, as less than 50 percent of the total value of the Company’s stock was held by one or more shareholders who own 5% or more of the Company’s stock for more than half of the days of 2025. There can be no assurance at this time that INSW will continue to qualify for the Section 883 exemption beyond calendar year 2025. Should the Company not qualify for the exemption in the future, INSW will be subject to U.S. federal income taxation of 4% of its U.S. source shipping income on a gross basis without the benefit of deductions. Shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the U.S. will be considered to be 50% derived from sources within the United States. Shipping income attributable to transportation that both begins and ends in the U.S. would be considered to be 100% derived from sources within the United States, but INSW does not and cannot engage in transportation that gives rise to such income.
Current wording
The Company believes it will qualify for an exemption from U.S. federal income taxes under Section 883 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) and U.S. Treasury Department regulations for the 2026 calendar year, so long as less than 50 percent of the total value of the Company’s stock is held by one or more shareholders who own 5% or more of the Company’s stock for more than half of the days of 2026. There can be no assurance at this time that INSW will continue to qualify for the Section 883 exemption beyond calendar year 2026. Should the Company not qualify for the exemption in the future, INSW will be subject to U.S. federal income taxation of 4% of its U.S. source shipping income on a gross basis without the benefit of deductions. Shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the U.S. will be considered to be 50% derived from sources within the United States. Shipping income attributable to transportation that both begins and ends in the U.S. would be considered to be 100% derived from sources within the United States, but INSW does not and cannot engage in transportation that gives rise to such income, except pursuant to any applicable waiver given by the U.S. government.
Previous wording
EBITDA represents net income before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA are presented to provide investors with meaningful additional information that management uses to monitor ongoing operating results and evaluate trends over comparative periods. EBITDA and Adjusted EBITDA do not represent,
Current wording
EBITDA represents net income before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA are presented to provide investors with meaningful additional information that management uses to monitor ongoing operating results and evaluate trends over comparative periods. EBITDA and Adjusted EBITDA do not represent, and should not be considered a substitute for, net income or cash flows from operations determined in accordance with GAAP.
Previous wording
and should not be considered a substitute for, net income or cash flows from operations determined in accordance with GAAP. EBITDA and Adjusted EBITDA have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results reported under GAAP. Some of the limitations are:
Current wording
EBITDA and Adjusted EBITDA have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results reported under GAAP. Some of the limitations are:
Previous wording
As of September 30, 2025, we had total liquidity on a consolidated basis of $984.8 million comprised of $412.6 million of cash and $572.2 million of undrawn revolver capacity.
Current wording
As of March 31, 2026, we had total liquidity on a consolidated basis of $917.9 million comprised of $376.8 million of cash and short-term investments and $541.1 million of undrawn revolver capacity.
Previous wording
Working capital at September 30, 2025 and December 31, 2024 was $254.3 million and $245.4 million, respectively. Current assets are highly liquid, consisting principally of cash, interest-bearing deposits, and receivables. Current liabilities at September 30, 2025 include the $259.0 million outstanding principal balance payable, net of unamortized deferred finance costs, under the Ocean Yield Lease Financing facility, which will terminate in November 2025, upon our exercise of the purchase options on the vessels securing this facility.
Current wording
Working capital at March 31, 2026 and December 31, 2025 was $575.7 million and $268.2 million, respectively. Current assets are highly liquid, consisting principally of cash, interest-bearing deposits, and receivables. Current liabilities include current installments of long-term debt of $28.2 million and $25.8 million at March 31, 2026 and December 31, 2025, respectively.
Previous wording
(ii) $144.6 million of net loan repayments under the $500 Million Revolving Credit Facility; (iii) $102.1 million of cash dividends paid to shareholders; (iv) $37.4 million in regularly scheduled principal amortization of the Company’s lease financing arrangements; (v) $234.1 million of cash provided by operating activities; (vi) $140.1 million in returned security deposits and net proceeds from the sale of two VLCCs, two LR1s, and five MRs, net of the purchase of two MRs; and (vii) $114.4 million in other expenditures for vessels, vessel improvements and other property, of which $99.3 million was construction in progress payments and $11.9 million was a deposit paid to purchase of a 2020-built VLCC.
Current wording
The Company’s cash and cash equivalents increased by $24.9 million during the three months ended March 31, 2026. The increase principally reflects the net impact of (i) $141.1 million of cash provided by operating activities; (ii) $222.8 million of proceeds from the disposal of vessels and other assets; (iii) $42.6 million of borrowings under the ECA Credit Facility; (iv) $185 million in net cash invested in short-term investments; (v) $71.0 million in other expenditures for vessels, vessel improvements and other property, of which $69.4 million was construction in progress payments; (vi) $4.5 million cash consideration paid for the purchase of equity method investment, net of cash acquired; (vii) $106.4 million of cash dividends paid to shareholders; and (viii) $6.3 million in regularly scheduled principal amortization of the Company’s lease financing arrangements and ECA Credit Facility.
Previous wording
As of September 30, 2025, we had total debt outstanding of $792.0 million (net of deferred financing costs of $11.6 million) and net debt to capital of 16.4%, compared with 22.2% at December 31, 2024.
Current wording
As of March 31, 2026, we had total debt outstanding of $602.1 million (net of deferred financing costs of $12.4 million) and net debt to capital of 9.3%, compared with 16.5% at December 31, 2025.
Previous wording
During 2025 to date, we have (i) used incremental liquidity generated from operations and the proceeds from disposal of older tonnage at strong prices to invest in renewing and growing the fleet, (ii) enhanced our balance sheet and liquidity position, and (iii) continued to make substantial returns to shareholders.
Current wording
Focused on our business strategy goals, during 2026 to date, we have continued to (i) make substantial returns to shareholders and (ii) use incremental liquidity generated from operations and the proceeds from disposal of older tonnage at strong prices to enhance our balance sheet and liquidity position as well as invest in renewing and growing our fleet.
Previous wording
On November 5, 2025, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.12 per share of common stock and a supplemental dividend of $0.74 per share of common stock. Both dividends will be paid on December 23, 2025 to stockholders of record as of December 9, 2025.
Current wording
On May 6, 2026, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.12 per share of common stock and a supplemental dividend of $4.43 per share of common stock. Both dividends will be paid on June 26, 2026 to stockholders of record as of June 12, 2026.
Previous wording
As of September 30, 2025, the Company has contractual commitments for the construction of five dual-fuel ready LR1s, and the purchase and installation of one ballast water treatment system and two mewis ducts, and purchase and installation of various performance efficiency devices for the fleet. The Company’sdebt service commitments andaggregate purchase commitments for vessel construction and betterments as of September 30, 2025, are presented in the Aggregate Contractual Obligations Table below.
Current wording
As of March 31, 2026, the Company has contractual commitments for the construction of three dual-fuel ready LR1s and the purchase and installation of various performance efficiency devices for the fleet. The Company’sdebt service commitments andaggregate purchase commitments for vessel construction and betterments as of March 31, 2026, are presented in the Aggregate Contractual Obligations Table below.
Previous wording
Our strong balance sheet, as evidenced by a substantial level of liquidity, 27 unencumbered vessels as of September 30, 2025, and diversified financing sources with debt maturities spread out between 2030 and 2037, positions us to support our operations over the next twelve months as we continue to advance our vessel employment strategy, which seeks to achieve an optimal mix of spot (voyage charter) and long-term (time charter) charters. Our balance sheet strength and balanced fleet position us to continue pursuing our disciplined capital allocation strategy of fleet renewal, incremental debt reduction and returns to shareholders and pursue potential strategic opportunities that may arise within the diverse sectors in which we operate.
Current wording
Our strong balance sheet, as evidenced by a substantial level of liquidity, 25 unencumbered vessels as of March 31, 2026, and diversified financing sources with debt maturities spread out between 2030 and 2038, positions us to support our operations over the next twelve months as we continue to advance our vessel employment strategy, which seeks to achieve an optimal mix of spot (voyage charter) and long-term (time charter) charters. Our balance sheet strength and balanced fleet position us to continue pursuing our disciplined capital allocation strategy of fleet renewal, incremental debt reduction and returns to shareholders and pursue potential strategic opportunities that may arise within the diverse sectors in which we operate.
Previous wording
The public may also read and copy any materials the Company files with the SEC at the SEC’s Public Reference Room at 100 F Street, N.E. Washington D.C. 20549 (information on the operation of the Public Reference Room is available by calling the SEC at 1-800-SEC-0330). The SEC also maintains a web site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at https://www.sec.gov.
Current wording
The SEC maintains a web site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at https://www.sec.gov.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
The Company’s revenues are highly sensitive to (i) patterns of supply and demand for vessels of the size and design configurations owned and operated by the Company and the trades in which those vessels operate and (ii) the Company’s vessel employment strategy.
Current report — wording carried from elsewhere
The Company’s revenues are also affected by its vessel employment strategy, which seeks to achieve the optimal mix of spot (voyage charter) and long-term (time or bareboat charter) charters. Because shipping revenues and voyage expenses are significantly affected by the mix between voyage charters and time charters, the Company measures the performance of its fleet of vessels based on TCE revenues. Management makes economic decisions based on anticipated TCE rates and evaluates financial performance based on TCE rates achieved.
Current report — wording carried from elsewhere
On February 25, 2026, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.12 per share of common stock and a supplemental cash dividend of $2.03 per share of common stock. Both dividends totaling $106.4 million in the aggregate were paid on March 30, 2026 to stockholders of record as of March 20, 2026.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The Company’s cash and cash equivalents increased by $255.1 million during the nine months ended September 30, 2025. The increase principally reflects: the net impact of (i) $284.7 million in proceeds from the issuance of debt, net of deferred financing costs;