International Seaways, Inc.
- Open
- 101.98
- Day high
- 103.03
- Day low
- 100.18
- Prev close
- 101.19
- Volume
- 557K
- Mkt cap
- $5.1B
- P/E (TTM)
- 6.5
- EPS (TTM)
- $15.76
- P/B
- 2.2
- P/S
- 4.0
- Yield
- 8.15%
- Per share
- $8.33
- ▼Insiders net selling -$704K over the last 3 months (0 open-market buys, 5 sales)
- 🏛Institutions accumulating (13F)
International Seaways, Inc. (INSW) is a Energy company listed on NYSE. The stock is up 121% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4). Drillr has 3 published research articles covering INSW.
International Seaways, Inc. (INSW) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
INSW earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 10, 2026 | $5.50 | $5.91 | +7.5% | $434M | +6.8% |
| May 7, 2026 | $2.48 | $3.90 | +57.3% | $317M | +16.0% |
| Feb 26, 2026 | $1.75 | $2.45 | +40.0% | $260M | +6.3% |
| Nov 6, 2025 | $0.91 | $1.15 | +26.4% | $196M | -19.9% |
| Aug 6, 2025 | $0.91 | $1.02 | +12.1% | $196M | +14.0% |
| May 8, 2025 | $0.59 | $0.80 | +35.6% | $183M | -7.1% |
| Feb 27, 2025 | $1.71 | $0.90 | -47.4% | $195M | +0.3% |
| Nov 7, 2024 | $1.65 | $1.57 | -4.8% | $225M | +1.1% |
| May 8, 2024 | $2.37 | $2.92 | +23.2% | $274M | +10.2% |
| Feb 29, 2024 | $2.10 | $2.18 | +3.8% | $251M | +5.4% |
| May 5, 2023 | $2.84 | $3.27 | +15.1% | $287M | +9.3% |
| Feb 28, 2023 | $3.64 | $4.21 | +15.7% | $338M | +8.1% |
INSW insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 18, 2026 | Zabrocky Lois Kdirector, officer: President & CEO | Sell | 2,000 | $98.44 |
| Jul 17, 2026 | Pribor Jeffreyofficer: SVP & CFO | Sell | 1,000 | $87.49 |
| Jul 17, 2026 | Zabrocky Lois Kdirector, officer: President & CEO | Sell | 2,000 | $87.59 |
| Jul 7, 2026 | Grillo Debraofficer: Treasurer | Tax | 326 | — |
| Jun 17, 2026 | Pribor Jeffreyofficer: SVP & CFO | Sell | 1,000 | $81.68 |
| Jun 17, 2026 | Zabrocky Lois Kdirector, officer: President & CEO | Sell | 2,000 | $81.34 |
| Jun 10, 2026 | Small James D IIIofficer: CAO,SVP,Sec. & General Counsel | Grant | 5,436 | — |
| Jun 10, 2026 | Oshodi Adewaleofficer: Vice President & Controller | Grant | 1,508 | — |
| Jun 10, 2026 | Solon Derek G.officer: Senior Vice President | Grant | 5,286 | — |
| Jun 10, 2026 | Zabrocky Lois Kdirector, officer: President & CEO | Grant | 20,542 | — |
| Jun 10, 2026 | Pribor Jeffreyofficer: SVP & CFO | Grant | 8,156 | — |
| Jun 10, 2026 | Nugent William F.officer: Senior Vice President | Grant | 5,286 | — |
| May 18, 2026 | Pribor Jeffreyofficer: SVP & CFO | Sell | 1,000 | $83.72 |
| May 18, 2026 | Zabrocky Lois Kdirector, officer: President & CEO | Sell | 2,000 | $84.23 |
| May 15, 2026 | Nugent William F.officer: Senior Vice President | Sell | 6,830 | $85.23 |
Source: INSW SEC Form 4 filings, latest Aug 18, 2026. For informational purposes only — not investment advice.
See the full INSW insider & 13F page →INSW research & analysis
[INSW] International Seaways Thesis 2026: A Crude-and-Product-Tanker Cycle-Pure-Play Compounds Through Demand and Capital Return
International Seaways, Inc. (NYSE: INSW), headquartered in New York, New York (corporate HQ) with substantial multi-cycle-multi-jurisdiction operational presence, is a crude-tanker + product-tanker + LNG + multi-cycle-tanker shipping operator providing distinctive multi-cycle Very Large Crude Carrier (VLCC) + Suezmax + Aframax/LR2 + Medium Range (MR) + Long-Range LR1 + emerging-LNG-FSO joint-venture spot-and-time-charter-and-COA chartering services to global oil-major + national-oil-company + trading-and-merchant + refining-and-petrochemical-and-emerging-clean-energy customer base globally. Founded as Overseas Shipholding Group (OSG) providing multi-decade-OSG-crude-tanker-and-product-tanker; 2016 substantial International Seaways spinoff from OSG; 2017 NYSE IPO post-OSG-spinoff; 2022 substantial Diamond S Shipping (Diamond-S-product-tanker) all-stock merger providing International-Seaways-and-Diamond-S-Shipping + multi-cycle-diversified-tanker. Multi-decade strategic-evolution: 1948-2016 OSG + multi-cycle-OSG-crude-tanker-and-product-tanker platform + 2013-Chapter-11-bankruptcy + 2014-emergence; 2016 International Seaways spinoff from OSG; 2017 NYSE IPO; 2017-2022 International-Seaways + VLCC-and-Suezmax-and-Aframax-and-MR + multi-cycle disciplined-fleet-renewal-and-modernization; 2022 Diamond S Shipping all-stock merger providing diversified-tanker; 2020-2025 post-COVID + post-2022-Russia-Ukraine + post-2023-Red-Sea + emerging-tanker-cycle providing revenue-and-margin-and-rate-and-charter-cycle tailwinds + multi-cycle aggressive-capital-return + deleveraging-and-fleet-renewal. Under CEO Lois Zabrocky (since 2017, ~8+ year International-Seaways + OSG + multi-cycle-tanker shipping executive), FY2025 closes with selected various aggregate revenue ~$0.90-1.10B, net income ~$240-340M, EPS ~$4.80-6.80, EBITDA ~$430-550M, and ~50M shares outstanding. The first deep-dive — diversified crude + product + LNG tanker fleet franchise — covers entire crude-tanker + product-tanker + LNG + multi-cycle-tanker shipping business + International-Seaways-and-Diamond-S-Shipping + multi-cycle-diversified-tanker positioning. Fleet: ~75-80 vessel diversified-tanker fleet across VLCC (~13 vessels, ~300K dwt long-haul-crude, Middle-East-to-Asia + Middle-East-to-Europe + West-Africa-to-Asia + Americas-to-Asia), Suezmax (~13 vessels, ~160K dwt medium-haul-crude), Aframax/LR2 (~5 vessels, ~110K dwt regional-crude + product), MR (~40+ vessels, ~50K dwt refined-petroleum-product including gasoline-and-diesel-and-jet-fuel-and-naphtha post-2022-Diamond-S-Shipping-merger), LR1 (~6 vessels, ~75K dwt long-haul clean-and-dirty), LNG-FSO joint-venture (emerging-LNG-FSO + emerging-Liquified-Natural-Gas). Modern + IMO-2020-compliant + multi-cycle multi-trade-and-multi-jurisdiction fleet. Customer base: oil-major (Shell + ExxonMobil + Chevron + BP + TotalEnergies + Eni + Equinor + Saudi Aramco), national-oil-company (Petrobras + Saudi Aramco + ADNOC + Pemex + Reliance + Indian Oil + Sinopec + Unipec), trading-and-merchant (Trafigura + Vitol + Gunvor + Mercuria + Glencore + Cargill), refining-and-petrochemical. Emerging structural-tailwinds: Red-Sea-and-Houthi-and-Suez-Canal disruption providing ton-mile-and-rate-and-charter-rate-and-arbitrage tailwinds + Russia-Ukraine-G7-price-cap + Asian-trade-realignment + IMO-2020-and-MEPC-and-CII-and-EEXI-and-environmental-compliance + tonnage-supply-tightness. Competes with Scorpio Tankers (STNG most-direct-MR-and-LR-product-tanker-comp), Frontline (FRO most-direct-VLCC-larger-comp), Euronav (EURN-BE), DHT Holdings (DHT most-direct-VLCC-pure-play), Teekay Tankers (TNK), Tsakos Energy Navigation (TNP), Ardmore Shipping (ASC), Hafnia (HAFNI-NO most-direct-larger-comp), TORM (TRMD-NO), Diana Shipping (DSX bulk), d'Amico International (DIS-MI), Concordia Maritime (CCOR-B-SS); LNG Golar LNG (GLNG most-direct-emerging-LNG-FSO-comp), Excelerate Energy (EE), New Fortress Energy (NFE), Flex LNG (FLNG-NO), Cool Company (CLCO), Höegh LNG (HLNG-NO). The second deep-dive — Diamond-S-Shipping-merger + aggressive-capital-return + multi-decade compounder thesis — covers 2022 Diamond S Shipping all-stock merger + multi-cycle-diversified-tanker, multi-cycle aggressive-capital-return (regular ~$1.50/yr + supplemental-and-special total ~$4.00-6.50/yr reflecting 75%-of-cash-flow-from-operations distribution-policy + buyback + deleveraging-and-fleet-renewal), Lois Zabrocky + OSG-and-International-Seaways expertise, emerging-tanker-cycle + IMO-and-environmental-compliance structural-tailwinds. Multi-decade compounder thesis combines OSG-and-International-Seaways heritage, ~75-80 vessel diversified-tanker fleet, 2022 Diamond S Shipping merger, aggressive-capital-return (75% cash-flow distribution-policy), Lois Zabrocky expertise, Red-Sea-and-Russia-Ukraine + IMO-and-environmental-compliance + emerging-Asian-tanker demand tailwinds. Capital position is shipping-equivalent IG (BB+/BBB-), distribution-and-buyback-substantial, conservative: net debt ~$0.5-0.8B (~0.9-1.5x leverage low-mid-cap-shipping post-Diamond-S-deleveraging), $0.20-0.40B cash + undrawn revolver liquidity, FCF ~$300-450M/yr deployed into regular-dividend (~$1.50/yr) + supplemental-and-special-dividend (total ~$4.00-6.50/yr) + ~$50-150M/yr buyback + capex $100-200M/yr fleet-renewal-and-modernization, ~50M shares. At ~$35-65 per share, equity value ~$1.7-3.3B, EV ~$2.2-4.1B, ~5-13x EPS and ~4-8x EV/EBITDA. Base case: tanker-cycle constructive + Red-Sea-Suez-Russia-Ukraine + emerging-Asian-demand + EPS $5.00-7.00 + dividend maintained + supplemental-and-special + buyback + ~5-20% return. Bull case: tanker-cycle accelerates + IMO-and-environmental-compliance tonnage-tightness + EPS $7.00-10.50 + special-dividend-substantial + substantial-buyback + re-rate 6-9x + 30-60%+ return. Bear case: tanker-cycle-rolls + Red-Sea-normalizes + Asian-demand-disappoints + EPS $2.50-3.50 + dividend-and-special-cut + de-rate 4-6x + flat-to-substantially-negative.
FRO, STNG, INSW Oil Shipping Cohort After Lebanon Ceasefire
Israel-Lebanon ceasefire eases Eastern Med routes but Hormuz transit premium sticks. Oil shipping cohort holds 60-110% one-year gains intact.
FROSTNGHow do tanker and LPG shipping rates respond to Middle East conflict escalation?
Middle East conflict escalation drives tanker and LPG shipping rates higher through Red Sea route diversions, sanctions enforcement on Iranian crude, and tightening compliant fleet utilization. Frontline (FRO) and DHT offer the most direct VLCC exposure, INSW provides diversified crude-plus-product upside, Scorpio Tankers (STNG) captures product tanker demand shifts, and Dorian LPG (LPG) is the deep-value play tied directly to Persian Gulf gas exports.
FRODHTSTNG
International Seaways, Inc. company profile
Overview
International Seaways, Inc. (NYSE:INSW) is a New York-based shipping company that operates one of the world's largest fleets of oceangoing oil tankers. The company was incorporated in 1999 as OSG International, Inc. and rebranded to International Seaways in October 2016 following its spin-off from Overseas Shipholding Group. The company went public in November 2016 and has since evolved into a major player in the global crude oil and petroleum product transportation industry, operating a modern fleet of 78 vessels with an average age of approximately 10 years.
Business
International Seaways operates in the marine transportation sector, specifically focusing on the seaborne transport of crude oil and refined petroleum products across international waters. The company's business is divided into two primary segments that collectively generate its revenue. The Crude Tankers segment represents the larger portion of the business, operating various classes of crude oil tankers including Very Large Crude Carriers (VLCCs), Suezmax tankers, and Aframax vessels. VLCCs are massive ships capable of carrying over 2 million barrels of crude oil and are primarily used for long-haul routes from major oil-producing regions to refineries worldwide. Suezmax tankers are medium-sized vessels designed to transit the Suez Canal, while Aframax tankers are smaller crude carriers used for regional transportation and areas with draft restrictions. The Product Carriers segment operates Medium Range (MR) tankers and Long Range (LR) tankers that transport refined petroleum products such as gasoline, diesel, jet fuel, and heating oil. These vessels are typically smaller than crude tankers but command higher day rates due to their specialized cargo handling capabilities and the higher value of refined products. Additionally, International Seaways operates a specialized lightering business that provides ship-to-ship transfer services, primarily in the Gulf of Mexico. This service allows larger tankers that cannot enter shallow ports to transfer their cargo to smaller vessels for final delivery. The lightering operation contributed approximately $20 million in EBITDA during 2024, representing roughly 3-4% of total company EBITDA. The company serves a diverse customer base including independent oil companies, state-owned oil enterprises, commodity trading houses, refinery operators, and international government entities. The global nature of oil trade means International Seaways' vessels operate worldwide, with routes spanning from the Middle East and West Africa to Asia, Europe, and the Americas.
Revenue model
International Seaways generates revenue primarily through vessel charter arrangements, operating under two distinct business models. The majority of the fleet operates in the spot market, where vessels are chartered for individual voyages at prevailing market rates measured in dollars per day (known as Time Charter Equivalent or TCE rates). These rates fluctuate based on supply and demand dynamics in the global tanker market. The company also employs time charter contracts, where vessels are leased to customers for fixed periods at predetermined rates, providing more predictable revenue streams. The company's customers are primarily oil companies, trading houses, and refiners who pay charter rates based on vessel size, route, cargo type, and market conditions. Crude tanker rates typically range from $13,500 per day (the company's breakeven level) to over $30,000 per day during strong market conditions, while product tanker rates can reach even higher levels due to their specialized nature. Several factors significantly impact International Seaways' profitability and margins. Positive margin drivers include global oil demand growth (historically averaging 1-1.5% annually), geopolitical tensions that create longer shipping routes and disrupt normal trade patterns, seasonal demand variations (particularly winter heating oil demand), and the aging global tanker fleet which constrains supply. The company benefits from fleet supply constraints as approximately 45% of the global tanker fleet is approaching 20+ years of age, while new vessel orders remain limited due to environmental regulations and shipyard capacity constraints. Negative margin factors include economic downturns that reduce oil demand, increased vessel supply from new deliveries, shorter shipping distances due to changing trade patterns, and higher operating costs including fuel, crew wages, and regulatory compliance expenses. The company's modern fleet provides some protection against environmental regulations, but older vessels in the global fleet face increasing pressure from decarbonization requirements, potentially accelerating scrapping and benefiting remaining operators like International Seaways.
Competitive moat
International Seaways operates in a moderately defensible position within the global tanker industry, though the business lacks a truly strong economic moat. The company's primary competitive advantages stem from its modern, well-maintained fleet with an average age of approximately 10 years, significantly younger than the industry average of over 13 years. This provides operational reliability, lower maintenance costs, and better compliance with increasingly stringent environmental regulations. The company's operational expertise and safety record create some customer loyalty, as oil companies and traders prioritize reliable, compliant operators for their valuable cargo. International Seaways' specialized lightering business also provides a niche service with limited competition, generating steady returns from ship-to-ship transfer operations in the Gulf of Mexico. However, the tanker industry is fundamentally cyclical and commodity-like, with limited barriers to entry for well-capitalized competitors. Vessel charter rates are determined by global supply and demand dynamics rather than company-specific advantages. The company competes against numerous international operators, including both public companies and private shipowners, many of whom operate similar modern fleets. The industry faces potential disruption from several sources. Environmental regulations are accelerating the transition toward cleaner fuels and more efficient vessels, potentially making current fleets obsolete. The long-term shift toward renewable energy could reduce global oil demand, though this transition is expected to take decades. Additionally, geopolitical changes that normalize trade routes or reduce shipping distances could negatively impact demand for tanker services. International Seaways' competitive position is best described as a well-positioned participant in a cyclical industry rather than a company with sustainable competitive advantages. Success depends largely on management's ability to optimize fleet deployment, maintain operational excellence, and navigate market cycles effectively.
Risks & safety
International Seaways demonstrates a strong margin of safety with robust financial metrics and conservative capital structure, though earnings volatility remains a consideration. **Liquidity and Solvency:** - Strong liquidity position with $133 million in cash and $673 million in total liquidity including undrawn credit facilities - Current ratio of 2.76x and quick ratio of 2.75x indicate solid short-term financial health - Net loan-to-value ratio below 15% with 34 unencumbered vessels providing financial flexibility - Debt-to-equity ratio of 0.33x represents conservative leverage levels **Valuation Metrics:** - Trading at attractive valuation multiples: P/E ratio of 8.3x and EV/EBITDA of 5.4x - Price-to-book ratio of 0.88x suggests trading below book value - Graham number of $29.28 compared to current price of $36.60 indicates modest overvaluation by traditional value metrics **Other Considerations:** - Cyclical earnings nature creates volatility risk, with quarterly net income ranging from $36 million to $145 million over recent periods - Strong free cash flow generation capability demonstrated by $262 million in full-year 2024 free cash flow - Spot breakeven rate of approximately $13,500 per day provides downside protection in weak markets
Recent development
Over the past few years, International Seaways has executed a comprehensive fleet modernization strategy while maintaining strong shareholder returns. The company has systematically renewed its fleet by selling older vessels and acquiring younger, more efficient ships. Notable transactions include selling two 15-year-old VLCCs and acquiring three eco-friendly MR tankers, and purchasing six eco MR vessels under 10 years old for $232 million while disposing of three aged MR vessels for $72 million. The company has significantly strengthened its financial position by reducing debt from over $1.1 billion to current levels while expanding its revolving credit capacity to $500 million. This deleveraging eliminated mandatory debt repayments, saving approximately $80 million annually and reducing the fleet's breakeven rate to under $13,500 per day. International Seaways has also expanded its service offerings through the development of its lightering business, which now contributes nearly $20 million in annual EBITDA. This specialized ship-to-ship transfer service provides a steady income stream complementing the cyclical tanker charter business. The company has adopted a balanced capital allocation approach, returning over $300 million to shareholders in 2024 through dividends totaling $5.77 per share while maintaining financial flexibility for opportunistic fleet expansion. Management has established a minimum 75% dividend payout ratio policy, providing shareholders with substantial returns during strong market cycles. Strategic positioning for the energy transition includes taking delivery of dual-fuel VLCCs capable of using LNG propulsion, demonstrating the company's commitment to environmental compliance and operational efficiency. The company continues to evaluate time charter opportunities, currently having 14 vessels under time charter arrangements out of its 78-vessel fleet.
INSW company profile · for informational purposes only — not investment advice.
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