President and Chief Executive Officer - Lois Zabrocky Operator: Hello, everyone. Thank you for joining us, and welcome to the International Seaways Second Quarter 2026 Earnings Conference Call. [Operator Instructions] I will now hand the conference over to James Small, General Counsel. James Small: Thank you, and good morning, everyone.
Welcome to International Seaways earnings call covering the second quarter of 2026. Before we begin, I would like to start off by advising everyone with us today of the following, during this call and in the accompanying presentation, management may make forward-looking statements regarding the company or the industry in which it operates, which may address, without limitation, the following topics: outlook for the crude tanker and product tanker markets; changing trading patterns, forecasts of world and regional economic activity; forecasts covering the production of and demand for oil and petroleum products; the effects of ongoing and threatened conflicts around the world, including in particular, in the Middle East; the company's strategy and business prospects; expectations about revenues and expenses, including vessel, charter hire and G&A expenses; estimated future bookings, TCE rates and capital expenditures, projected dry dock and off-hire days, newbuild vessel construction, vessel sales and purchases, anticipated financing transactions and plans to issue dividends economic, regulatory and political developments in the United States and globally, the company's ability to achieve its financing and other objectives and its consideration of strategic alternatives and the company's relationships with its stakeholders. Forward-looking statements take into account assumptions made by management based on various factors, including management's experience and perception of historical trends, current conditions, expected and future developments and other factors that management believes are appropriate to consider in the circumstances.
Such statements are subject to risks and uncertainties, many of which are beyond the company's control that could cause actual results to differ materially from those implied or expressed by the statements. Factors, risks and uncertainties that could cause the company's actual results to differ from expectations include those described in our annual report on Form 10-K for 2025, our Forms 10-Q for the first and second quarter of 2026 as well as in other filings that we have made or in the future may make with the U.S. Securities and Exchange Commission.
Now let me turn the call over to Lois Zabrocky, our President and Chief Executive Officer. Lois Zabrocky: Thank you so much, James. Good morning, everyone, and welcome to International Seaways Earnings Call for the Second Quarter of 2026.
On Slide 4 of the presentation, which you can find in the Investor Relations section of our website. Our second quarter highlights reflect important milestones Seaways has accomplished. We delivered record adjusted net income of $295 million or $5.91 per share.
Record EBITDA of $345 million and record free cash flow for the quarter of $261 million. We are pleased to complement those achievements with another record, declaring our largest quarterly dividend of $5.05 per share. Our commitment to returning at least 85% of adjusted net income reflects the confidence that we have in the company we've built over the last decade.
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