olivLaw · US equity research
International Seaways, Inc. INSW
Water Transportation · SIC 4400 · Vertical: Water Transportation (SIC 4400)
International Seaways operates a fleet of tankers that carry crude oil and petroleum products in the international market. The company reported TCE revenues of 819.6 million USD in 2025, and in the second quarter of 2026 it posted record profit as spot rates rose sharply, which highlights how market cyclicality flows through to its results.
At the close of 04 Nov 2026, International Seaways, Inc. (INSW) stock was 99.36 USD (−5.15% on the day), with market capitalisation 4.9 bn USD, P/E 6.4 on diluted EPS of 15.64 USD over the last 12 months, dividend yield 2.95%, beta 0.50, 52-week range 46.81–125.04 USD. Latest reported quarter (Q2 2026): revenue of 467.3 m USD (+138.8% YoY), net income of 294.9 m USD (+378.4% YoY), diluted EPS 5.91 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 35.8
- weak (30–45)
- Bollinger (20, 2)
- 98.80 – 125.69
- in the lower half of the band · %B 0.02 · band width 24.0%
- SMA 50 / 200
- 108.73 / 86.48
- mixed trend
- MACD (12, 26, 9)
- -1.28 / 0.27
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −14.8% | −1.1% | −13.7 pp | — |
| 3 months | +9.5% | −0.5% | +10.0 pp | — |
| 6 months | +15.8% | +4.4% | +11.5 pp | — |
| Year to date | +104.7% | +12.3% | +92.3 pp | — |
| 1 year | +102.0% | +13.5% | +88.4 pp | +21.5% |
| 3 years | +100.7% | +76.4% | +24.3 pp | +64.8% |
| 5 years | +429.9% | +63.7% | +366.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 225.2 m | 194.6 m | 183.4 m | 195.6 m | 196.4 m | 267.9 m | 325.5 m | 467.3 m |
| Operating income | 101.0 m | 45.0 m | 59.2 m | 69.4 m | 78.7 m | 138.2 m | 288.6 m | 301.3 m |
| Depreciation & amortisation | 39.3 m | 39.5 m | 39.7 m | 41.3 m | 41.2 m | 41.4 m | 40.6 m | 39.7 m |
| Interest expense | 12.5 m | 11.9 m | 11.5 m | 9.8 m | 9.6 m | 11.9 m | 9.0 m | 10.6 m |
| Pre-tax income | 91.7 m | 34.7 m | — | 61.6 m | 70.5 m | 127.1 m | — | 294.9 m |
| Income tax | -1.0 k | -1.1 m | — | 0 | — | -411.0 k | — | -1.0 k |
| Net income | 91.7 m | 35.8 m | 49.6 m | 61.6 m | 70.5 m | 127.5 m | 286.1 m | 294.9 m |
| Diluted EPS | 1.84 | 0.72 ≈ | 1.00 | 1.25 | 1.42 | 2.56 ≈ | 5.75 | 5.91 |
| Operating cash flow | 129.1 m ≈ | 93.6 m | 69.9 m | 85.8 m ≈ | 78.3 m ≈ | 146.0 m | 141.1 m | 267.7 m ≈ |
| Dividends paid | 73.8 m ≈ | 59.0 m | 34.5 m | 29.6 m ≈ | 38.0 m ≈ | 42.5 m | 106.4 m | 225.3 m ≈ |
| Share repurchases | 25.0 m ≈ | 0 | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 68 percentile of its own 19-quarter history (min 2.9, median 5.0, max 33.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 270.4 m | 366.2 m | 421.6 m | 272.5 m | 864.7 m | 1.1 bn | 951.6 m | 843.3 m |
| Revenue YoY | −6.8% | +35.4% | +15.1% | −35.4% | +217.3% | +24.0% | −11.2% | −11.4% |
| Net income | -88.9 m | -830.0 k | -5.5 m | -133.5 m | 387.9 m | 556.4 m | 416.7 m | 309.3 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | +43.5% | −25.1% | −25.8% |
| Diluted EPS | unavailable | -0.03 | -0.20 | -3.48 | 7.77 | 11.25 | 8.38 | 6.23 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | +44.8% | −25.5% | −25.7% |
| net % | -32.9% | -0.2% | -1.3% | -49.0% | 44.9% | 51.9% | 43.8% | 36.7% |
| Free cash flow | -161.4 m | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 116.9 m USD
- Financial debt
- 567.1 m USD
- Net debt
- 450.2 m USD
- Equity
- 2.0 bn USD
- Total assets
- 2.7 bn USD
- Debt / equity
- 0.28x
- Current ratio
- 3.71x
- ROE
- 16.0%
- ROA
- 11.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 421.6 m | 272.5 m | 864.7 m | 1.1 bn | 951.6 m | 843.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 39.9 m | -112.1 m | 442.7 m | 615.4 m | 455.2 m | 345.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 74.3 m | 86.7 m | 110.4 m | 129.0 m | 149.4 m | 163.6 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 114.2 m ≈ | -25.5 m ≈ | 553.0 m ≈ | 744.5 m ≈ | 604.7 m ≈ | 509.0 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 36.7 m | 36.8 m | 57.7 m | 65.8 m | 49.7 m | 42.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -5.5 m | -133.0 m | 388.0 m | 560.3 m | 415.6 m | 308.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 1.0 k | 1.6 m | 88.0 k | 3.9 m | -1.1 m | -411.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -5.5 m | -133.5 m | 387.9 m | 556.4 m | 416.7 m | 309.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -0.20 | -3.48 | 7.77 | 11.25 | 8.38 | 6.23 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 28.4 m | 38.4 m | 49.8 m | 49.4 m | 49.7 m | 49.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | — | — | 1.42 | 6.29 | 5.77 | 2.93 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 199.4 m | 97.9 m | 243.7 m | 126.8 m | 157.5 m | 116.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 43.4 m | 107.1 m | 289.8 m | 247.2 m | 185.5 m | 177.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 3.6 m | 2.1 m | 531.0 k | 1.3 m | 1.9 m | 611.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 256.8 m | 224.5 m | 642.6 m | 465.0 m | 376.3 m | 367.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 1.1 bn | 1.8 bn | 1.7 bn | 1.9 bn | 2.1 bn | 2.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | — | — | — | — | — | 0 | SEC (XBRL)· 07 May 2026verified |
| Intangibles (excl. goodwill) | 0 | 842.0 k | — | — | — | — | SEC (XBRL)· 02 Mar 2022verified |
| Total assets | 1.6 bn | 2.3 bn | 2.6 bn | 2.5 bn | 2.6 bn | 2.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 2.6 m | 1.6 m | 1.8 m | 6.6 m | 5.8 m | 1.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 61.5 m | 178.7 m | 162.9 m | 127.4 m | 50.1 m | 25.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 474.3 m | 926.3 m | 860.6 m | 595.2 m | 638.4 m | 541.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 108.9 m | 234.6 m | 257.4 m | 195.6 m | 130.9 m | 98.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 614.5 m | 1.2 bn | 1.1 bn | 805.1 m | 780.3 m | 648.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 972.0 m | 1.2 bn | 1.5 bn | 1.7 bn | 1.9 bn | 2.0 bn | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 216.1 m | -76.2 m | 287.8 m | 688.4 m | 547.1 m | 380.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Investing cash flow | 32.4 m | 133.3 m | 42.8 m | -124.3 m | -155.0 m | -141.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -183.1 m | -173.8 m | -185.8 m | -681.1 m | -361.4 m | -279.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 6.8 m | 40.9 m | 69.8 m | 308.2 m | 284.4 m | 144.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 30.0 m | 16.7 m | 20.0 m | 13.9 m | 25.0 m | — | SEC (XBRL)· 27 Feb 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 68 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation87
- Balance sheet79
- Quality88
- Growth0
- Returns100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 160.21 – 308.12 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDA163.67 – 189.39 (Mid 187.11)5 companies used · median multiple 10.1x · quartiles 8.9x – 10.2xCCL, KEX, RCL, SEAL-PA, TDW
- Peers: P/E160.21 – 308.12 (Mid 221.51)13 companies used · median multiple 14.2x · quartiles 10.2x – 19.7xBIP, CCL, DLNG, FLNG, KEX, KNOP, MATX, NCLH, RCL, RUBI, TDW, TNK, VIK
- Dividend discount (DDM)outside the aggregate38.50 – 51.78 (Mid 44.17)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 68/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 26.8% | 80 (vs peers) | 13% |
| Net margin · Quality | 62.0% | 100 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -0.8% | 0 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | -7.1% | 0 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 0.5x | 57 (vs peers) | 13% |
| Interest coverage · Balance sheet | 19.7x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 5.9x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 6.4x | 88 (vs peers) | 13% |
| EV/EBITDA · Valuation | 5.6x | 86 (vs peers) | 13% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 8.4% | 100 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet79/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality88/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation87/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INTERNATIONAL SEAWAYS, INC. (INSW). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 843.3 m USD in 2025; YoY growth -11.4%; net margin 62.0%; ROE 37.4%; net debt/EBITDA 0.5x.
The estimated value range is 161.94–248.75 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 204.31 USD, the price of 99.36 USD leaves a potential of 105.6% (value / price − 1) and a margin of safety of 51.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 68/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 26.8%
- Net margin: 62.0%
- Interest coverage: 19.7x
- Current ratio: 5.9x
- P/E (TTM): 6.4x
- EV/EBITDA: 5.6x
- Shareholder yield (distributions): 8.4%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -0.8%
- EPS CAGR 3Y: -7.1%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, FCF yield, Payout ratio (FCF).
Versus the vertical median
Water Transportation (SIC 4400) · same industry (4-digit SIC) · compared with 21 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| RCLRoyal Caribbean Cruises Ltd | 89.1 bn | 19.7 | 41.7% | 23.8% | +8.8% | +25% / +210% |
| CCLCarnival Corp Ltd. | 42.1 bn | 13.7 | 24.0% | 11.4% | +6.4% | +21% / +108% |
| BIPBrookfield Infrastructure Partners L.P. | 11.3 bn | 42.4 | 7.7% | 11.0% | +9.8% | +6% / +46% |
| NCLHNorwegian Cruise Line Holdings Ltd. | 8.5 bn | 10.2 | 31.2% | 8.2% | +3.7% | +1% / +22% |
| KEXKirby Corporation | 6.8 bn | 19.7 | 10.4% | 10.2% | +3.0% | +13% / +67% |
| MATXMatson, Inc. | 6.3 bn | 14.2 | 17.2% | 13.4% | −2.3% | +94% / +121% |
| INSWInternational Seaways, Inc. | 4.9 bn | 6.4 | 37.4% | 62.0% | −11.4% | +102% / +101% |
| GLNGGolar Lng Limited | 4.5 bn | 69.2 | 3.4% | 16.7% | +51.1% | +21% / +108% |
| TDWTidewater Inc | 3.7 bn | 14.9 | 19.5% | 18.3% | +0.5% | +36% / +22% |
| SEAL-PASeapeak LLC | 2.0 bn | 76.8 | — | 4.1% | −10.4% | −2% / −2% |
| NATNORDIC AMERICAN TANKERS Ltd | 1.5 bn | 117.0 | 2.6% | 4.2% | −16.6% | +93% / +81% |
| FLNGFLEX LNG Ltd. | 1.5 bn | 19.5 | 9.8% | 21.5% | −2.4% | +6% / −7% |
| GLOP-PAGasLog Partners LP | 1.2 bn | — | -1.7% | -7.2% | −21.9% | −2% / +4% |
| CMDBCostamare Bulkers Holdings Limited | 441.3 m | — | -11.2% | -6.3% | unavailable | +11% / unavailable |
| KNOPKNOT Offshore Partners LP | 297.6 m | 12.8 | — | 6.4% | +14.4% | −12% / +63% |
| EDRYEurodry Ltd. | 110.7 m | — | -4.0% | — | +8.9% | +195% / +93% |
| OMEXOdyssey Marine Exploration, Inc. | 27.5 m | — | — | -13,366.3% | −54.0% | +469% / +218% |
| USEAUnited Maritime Corp | 22.7 m | — | -11.0% | -16.4% | −16.8% | +44% / −1% |
| RUBIRubico Inc. | 778.7 k | 0.0 | 6.6% | 11.2% | −2.8% | −100% / unavailable |
| DLNGDynagas Lng Partners LP | — | 2.3 | 12.9% | — | −100.0% | −13% / +20% |
| VIKViking Holdings Ltd | — | 35.5 | 263.5% | 17.7% | +21.9% | +37% / unavailable |
| TNKTeekay Tankers Ltd. | — | 8.8 | 18.5% | 36.9% | −22.6% | +54% / +79% |
1- and 3-year price returns: for INSW from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 55.90 Total return -42% · Per year -42% | 99.09 Total return 3% · Per year 3% | 149.62 Total return 54% · Per year 54% |
| 3 years | 48.59 Total return -45% · Per year -18% | 97.45 Total return 7% · Per year 2% | 162.36 Total return 75% · Per year 20% |
| 5 years | 42.24 Total return -48% · Per year -12% | 95.84 Total return 11% · Per year 2% | 176.18 Total return 97% · Per year 14% |
- Exit P/E± 24.36
- Net margin± 17.05
- Annual revenue growth± 14.75
- Annual dilution± 1.43
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
International Seaways operates a fleet of tankers that carry crude oil and petroleum products in the international market. The company reported TCE revenues of 819.6 million USD in 2025, and in the second quarter of 2026 it posted record profit as spot rates rose sharply, which highlights how market cyclicality flows through to its results.
SWOT
Strengths
- A modern fleet diversified across vessel classes, backed by a strong balance sheet and high liquidity that allow opportunistic investment.
- Participation in large commercial pools that gives access to the spot market and high vessel utilisation.
- A track record of returning capital to shareholders and reducing debt in favourable parts of the cycle.
Weaknesses
- High dependence on the spot market, where rates are volatile, which makes revenue hard to forecast from quarter to quarter.
- Lower rates in the product segment reduced 2025 income, showing the exposure of one segment to capacity competition.
- The company is a holding company that relies on subsidiary distributions to meet debt service and pay dividends.
Opportunities
- New LR1s and expanded pool activity could strengthen the position in the product tanker market if demand stays firm.
- Full ownership of a VLCC pool and the launch of a Suezmax pool could widen the commercial platform.
- A strong balance sheet could allow purchases of second-hand vessels at a favourable point in the cycle.
Threats
- A normalisation of geopolitical conflicts could lower spot rates and ton-mile demand.
- Large newbuild orders could create overcapacity and pressure rates.
- Trade restrictions, sanctions and port fees could change routes and operating costs.
Risks
- Rate cyclicalityhigh
Spot rates and vessel values could fall sharply, reducing revenue and the cash flow available to the company.
- Debt and covenant compliancemedium
A decline in revenue could make it harder to meet covenants on existing credit facilities or service debt obligations.
- Reliance on commercial poolsmedium
A change in the relationship with the pools in which the company participates could affect market access and results.
- Environmental and emissions rulesmedium
Compliance costs under rules on greenhouse gases and ballast water could rise over time.
- Security risks and sanctionshigh
Attacks on vessels, sanctions and port restrictions could disrupt operations and collections.
Investment thesis
What would need to be true (bull case)
- Record quarterly results in 2026 show how much the spot market can amplify earnings for a well-positioned fleet.
- A younger fleet and new LR1 contracts could support long-term competitiveness.
- A strong balance sheet and a capital return policy could provide flexibility in weaker periods.
What would break the thesis
- If geopolitical tensions ease, spot rates could return quickly to lower levels.
- Large industry orders could bring extra capacity that weighs on rates.
- The high reliance on the spot market means results can be very volatile from quarter to quarter.
What to watch
- Delivery of the last two LR1s in the original programme and the evolution of spot rates in product segmentsQ3 2026
- Payment of the dividend declared in August 2026 and the level of return relative to adjusted net incomeQ3 2026
- Development of Crude Tankers TCE revenues after VLCC rates normaliseQ4 2026
- Delivery and financing schedule for the four LR1s contracted in 2026, as disclosed in the annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
International Seaways, Inc., a Marshall Islands corporation incorporated in 1999, owns and operates a fleet of oceangoing vessels carrying crude oil and petroleum products on international routes. At 31 December 2025 the operating fleet numbered 70 vessels with a capacity of 8.4 million dwt 1, and four LR1 newbuilds under construction brought the total to 74 vessels 1. Operations are organised in two reportable segments, Crude Tankers and Product Carriers, and revenue comes largely from the spot market through participation in several commercial pools.
The business model combines two contract types: spot voyage charters arranged through pools, and time or bareboat charters at fixed daily rates that give more predictable revenue. Management measures fleet performance on TCE revenues, which neutralises differences between contract types. In 2025, 82% of TCE revenues came from the spot market 1, which makes the company sensitive to tanker rate volatility.
In the first half of 2026 the company kept optimising its fleet: it sold seven older vessels, took delivery of new LR1s and contracted four more LR1s for delivery in 2028 3. The full acquisition of Tankers International, a VLCC pool, extends its commercial platform 3.
Segments
Crude Tankers
The Crude Tankers segment includes VLCC, Suezmax and Aframax vessels for crude oil transport. In 2025 it generated 52% of TCE revenues 1. In the second quarter of 2026, segment TCE revenues rose sharply from the prior-year quarter, driven by higher spot earnings and greater profit-sharing on time charters 3.
Product Carriers
The Product Carriers segment operates LR2, LR1 and MR vessels that carry refined petroleum products. It generated the balance of 2025 TCE revenues and was the most affected by lower average daily rates, the main driver of the decline in income from vessel operations 1. In the second quarter of 2026, segment TCE revenues roughly doubled year on year on higher spot earnings 3.
Market context
Demand for seaborne oil transport depends on global consumption, OPEC and non-OPEC production, refining runs and trade restrictions. The International Energy Agency estimated global oil consumption at 105.0 million b/d for 2026 1. The Russia-Ukraine war and Middle East hostilities lengthened voyages and raised ton-mile demand, while security risks pushed many vessels onto longer routes 1.
On the supply side, newbuild deliveries and the scrapping rate of older ships determine available capacity. The tanker orderbook across classes equalled about 17% of the existing fleet at 31 December 2025 1. If new deliveries exceed recycling, tanker rates could fall and vessel values could correct.
Trends
- Geopolitical demand boosttailwind
Tensions in the Middle East and the Red Sea have raised ship demand through rerouting around the Cape of Good Hope, supporting rates. The company cautions that a normalisation of these conditions could reduce tanker rates significantly 1.
- Cyclicality and spot rate volatilityheadwind
Heavy spot exposure makes revenue volatile from quarter to quarter. Lower average daily rates in the product segment reduced income from vessel operations in 2025 1, and a downturn could repeat that effect.
- Fleet renewal and new ordersmixed
The company sells older vessels and orders new LR1s, which lowers average fleet age and long-term maintenance costs. New investment, however, adds financing exposure and the risk of overcapacity in those classes.
- Emissions regulation pressureheadwind
Rules on greenhouse gases and alternative fuels require extra technology investment and dual-fuel vessels. The company notes its newer ships are designed for future requirements, but adaptation costs remain an uncertainty 1.
Competitive position
The tanker market is fragmented, with many operators competing for charters in the same pools and on the same routes. From the sources available, competition turns on fleet scale, access to pools and the ability to win charters against clients' alternatives, and the company acknowledges that larger rivals may have greater financial resources 2.
Participation in commercial pools such as the Panamax International Pool or Tankers International gives the company economies of scale and market access 3. A company with a strong balance sheet can invest opportunistically in new ships when competitors may be constrained by financing.
- Commercial tanker pool participants
Operators sharing the same pools compete directly for the same charters; the sources do not name an individual US-listed rival.
- VLCC and Suezmax operators in the international market
Crude tanker rivals chase the same spot and term contracts; the sources do not name them individually.
- LR1 and MR operators in the product carrier class
In products, competition comes from fleets of similar size delivering new ships in the same period.
- Owners of ships using alternative energy sources
Energy alternatives and shifts in transport patterns could reduce demand for certain vessel classes over the long term.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report03 Nov 2026Item 3.02 · Financial statements and exhibits
- Current report23 Oct 2026Material agreement · Financial statements and exhibits
- Current report21 Oct 2026Item 3.02 · Financial statements and exhibits
- Current report16 Oct 2026Material agreement · Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report12 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report11 May 2026Material agreement · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / International Seaways, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / International Seaways, Inc. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / International Seaways, Inc. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.