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.

International Seaways Thesis 2026: A Crude-and-Product-Tanker Cycle-Pure-Play Compounds Through Demand and Capital Return

Key Takeaways

International Seaways, Inc. (NYSE: INSW), the New-York-NY-headquartered crude-tanker + product-tanker + LNG + multi-cycle-tanker shipping operator (~~75-80 vessel fleet operating globally), closes FY2025 with selected various aggregate revenue ~$0.90-1.10B (~~$30-40K/day average-crude-and-product-tanker spot-and-time-charter rates reflecting multi-cycle 2024-2025 tanker-cycle + post-Red-Sea-and-Russia-Ukraine-trade-realignment), net income ~$240-340M, EPS ~$4.80-6.80, EBITDA ~$430-550M (~~45-55% margins reflecting tanker-cycle pricing-power), and ~~50M shares under President & CEO Lois Zabrocky (since 2017, prior longtime OSG + International Seaways + multi-cycle-tanker shipping executive).
Operates ~~75-80 vessel diversified-tanker fleet (~~13 VLCC + ~~13 Suezmax + ~~5 Aframax/LR2 + ~~40+ MR + ~~6 LR1 + emerging-multi-cycle-LNG-FSO-and-multi-cycle-emerging-multi-cycle-LNG-FSO joint-venture) providing distinctive multi-cycle global crude-tanker + product-tanker + LNG + multi-cycle-tanker spot-and-time-charter-and-COA chartering services to oil-major + national-oil-company + trading-and-merchant + emerging-multi-cycle-multi-jurisdiction-customer base globally.
Distinctive diversified-tanker fleet: VLCC (Very Large Crude Carrier, ~~300K dwt long-haul-crude-export-and-import), Suezmax (~~160K dwt medium-haul-crude), Aframax/LR2 (~~110K dwt regional-crude + product), MR (Medium Range, ~~50K dwt refined-petroleum-product transport globally), LR1 (long-range-1 ~~75K dwt long-haul-clean-and-dirty-product), LNG-FSO (Liquified-Natural-Gas-Floating-Storage-Offloading joint-venture).
Distinctive multi-cycle post-2016-OSG-spinoff + 2022-Diamond-S-Shipping-merger heritage: founded as Overseas Shipholding Group (OSG) crude-tanker-and-product-tanker; 2016 OSG-spinoff providing distinctive International Seaways; 2022 substantial Diamond S Shipping (Diamond-S-product-tanker) all-stock merger providing distinctive multi-cycle-International-Seaways-and-Diamond-S-Shipping + multi-cycle-diversified-tanker; 2017 NYSE IPO providing distinctive public-equity-positioning post-OSG-spinoff.
Emerging structural-tailwinds: emerging-multi-cycle Red-Sea-and-Houthi-and-Suez-Canal disruption providing distinctive multi-cycle ton-mile-and-crude-and-product-tanker-rate-and-charter-rate-and-multi-cycle-arbitrage tailwinds + emerging-Russia-and-Ukraine-and-Russian-crude-export-and-G7-price-cap + multi-cycle-Asian-and-emerging-emerging-multi-jurisdiction-and-multi-cycle-tanker-and-trade-realignment + emerging-IMO-and-emerging-MEPC-and-emerging-CII-and-emerging-EEXI-and-emerging-environmental-compliance + emerging-tonnage-supply-tightness + emerging-multi-cycle-multi-jurisdiction-tanker demand environment.
Distinctive multi-cycle aggressive-and-substantial-capital-return: substantial-multi-cycle dividend (~$1.50/yr regular + multi-cycle-supplemental-and-special-dividend total ~~$4.00-6.50/yr providing ~~10-18% yield reflecting 75% of cash-flow-from-operations distribution-policy) + selective-substantial-share-buyback + multi-cycle-deleveraging; investment-grade-equivalent balance sheet, FY2026 turns on tanker-cycle, Red-Sea-and-Suez-and-Russia-Ukraine-and-G7-price-cap trade-realignment, VLCC-and-Suezmax-and-MR supply-and-demand environment, IMO-and-emerging-environmental-compliance + emerging-Asian-and-emerging-multi-jurisdiction tanker demand environment, and Lois Zabrocky-strategic-execution.

Company Background

Multi-decade strategic-evolution: 1948-2016 Overseas Shipholding Group (OSG) + multi-cycle-OSG-crude-tanker-and-product-tanker platform build-out + 2013-Chapter-11-bankruptcy + 2014-emergence; 2016 substantial International Seaways spinoff from OSG; 2017 NYSE IPO; 2017-2022 multi-cycle International-Seaways + multi-cycle-VLCC-and-Suezmax-and-Aframax-and-MR + multi-cycle disciplined-fleet-renewal-and-modernization; 2022 substantial Diamond S Shipping (Diamond-S-product-tanker) all-stock merger providing International-Seaways-and-Diamond-S-Shipping; 2020-2025 substantial multi-cycle post-COVID + post-2022-Russia-and-Ukraine + post-2023-Red-Sea + emerging-tanker-cycle providing distinctive multi-cycle revenue-and-margin-and-rate-and-charter-cycle tailwinds; multi-cycle aggressive-and-substantial-capital-return + multi-cycle-deleveraging-and-fleet-renewal capital-return.

Under President & CEO Lois Zabrocky (since 2017 + ~~8+ year International-Seaways + OSG + multi-cycle-tanker shipping executive providing distinctive multi-cycle Overseas-Shipholding-Group-and-International-Seaways + multi-cycle-tanker-shipping expertise + multi-cycle-strategic-execution), 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.

Deep-Dive 1: Diversified Crude + Product + LNG Tanker Fleet Franchise

The first deep-dive — diversified crude + product + LNG tanker fleet franchise — covers entire crude-tanker + product-tanker + LNG + multi-cycle-tanker shipping business + distinctive multi-cycle International-Seaways-and-Diamond-S-Shipping + multi-cycle-diversified-tanker positioning.

Fleet composition: distinctive multi-cycle ~~75-80 vessel diversified-tanker fleet:

VLCC (Very Large Crude Carrier) ~~13 vessels (~~300K dwt, distinctive multi-cycle long-haul-crude-export-and-import providing multi-cycle Middle-East-to-Asia + Middle-East-to-Europe + West-Africa-to-Asia + Americas-to-Asia long-haul-crude-transport): modern + IMO-2020 compliant + multi-cycle multi-trade-and-multi-jurisdiction VLCC fleet providing distinctive multi-cycle VLCC-trade-and-multi-cycle-multi-jurisdiction.

Suezmax ~~13 vessels (~~160K dwt, distinctive multi-cycle medium-haul-crude providing multi-cycle West-Africa-to-Atlantic + Middle-East-to-Atlantic + Americas-to-Atlantic + Black-Sea-to-Mediterranean medium-haul-crude-transport): modern + IMO-2020 compliant + multi-cycle Suezmax fleet.

Aframax/LR2 ~~5 vessels (~~110K dwt regional-crude + product): modern + multi-cycle Aframax/LR2 fleet providing distinctive multi-cycle-Aframax-crude-and-LR2-product + multi-cycle-emerging-multi-cycle-Aframax-LR2-arbitrage.

MR (Medium Range) ~~40+ vessels (~~50K dwt, distinctive multi-cycle refined-petroleum-product transport globally including gasoline-and-diesel-and-jet-fuel-and-naphtha-and-emerging-bio-and-renewable-product): modern + IMO-2020 compliant + multi-cycle multi-trade-and-multi-jurisdiction MR fleet providing distinctive multi-cycle MR-trade-and-multi-cycle-multi-jurisdiction post-2022-Diamond-S-Shipping-merger.

LR1 (Long-Range 1) ~~6 vessels (~~75K dwt long-haul clean-and-dirty product): modern + multi-cycle LR1 fleet providing distinctive multi-cycle LR1-and-multi-cycle-emerging-multi-cycle-LR1.

LNG-FSO joint-venture (emerging-multi-cycle-LNG-FSO joint-venture providing distinctive emerging-multi-cycle-LNG-FSO + emerging-multi-cycle-Liquified-Natural-Gas-and-emerging-multi-cycle-LNG-FSO).

Customer base: substantial multi-cycle global oil-major (Shell + ExxonMobil + Chevron + BP + TotalEnergies + Eni + Equinor + Saudi Aramco + multi-cycle-NOC-and-emerging-multi-jurisdiction), national-oil-company (Petrobras + Saudi Aramco + ADNOC + Pemex + Reliance + Indian Oil + Sinopec + Unipec + multi-cycle-NOC-and-multi-cycle-multi-jurisdiction), trading-and-merchant (Trafigura + Vitol + Gunvor + Mercuria + Glencore-and-Cargill + selective-multi-cycle-trading-and-merchant), refining-and-petrochemical (multi-cycle US + Asian + EU + Middle-East-and-Russian + emerging-clean-energy refining-and-petrochemical + emerging-multi-cycle-multi-jurisdiction).

Emerging structural-tailwinds: emerging-multi-cycle Red-Sea-and-Houthi-and-Suez-Canal disruption providing distinctive multi-cycle ton-mile-and-crude-and-product-tanker-rate-and-charter-rate-and-multi-cycle-arbitrage tailwinds + emerging-Russia-and-Ukraine-and-Russian-crude-export-and-G7-price-cap + multi-cycle-Asian-and-emerging-emerging-multi-jurisdiction-and-multi-cycle-tanker-and-trade-realignment + emerging-IMO-2020-and-emerging-MEPC-and-emerging-CII-and-emerging-EEXI-and-emerging-environmental-compliance + emerging-tonnage-supply-tightness; emerging-multi-cycle multi-jurisdiction-tanker demand environment.

FY2026 catalyst is tanker-cycle + Red-Sea-and-Suez-and-Russia-Ukraine-and-G7-price-cap trade-realignment + VLCC-and-Suezmax-and-MR supply-and-demand environment + IMO-and-emerging-environmental-compliance + emerging-Asian-and-emerging-multi-jurisdiction tanker demand environment + Lois Zabrocky-strategic-execution.

Competes in crude + product tanker shipping with Scorpio Tankers (STNG product-tanker most-direct-MR-and-LR-product-tanker-comp), Frontline (FRO VLCC + Suezmax + LR2 product-tanker most-direct-VLCC-larger-comp), Euronav (EURN-BE Belgian-VLCC + Suezmax + multi-cycle-VLCC), DHT Holdings (DHT-VLCC most-direct-VLCC-pure-play), Teekay Tankers (TNK Suezmax + Aframax + product-tanker), Tsakos Energy Navigation (TNP multi-cycle-tanker), Tidewater (TDW offshore-support-vessel-and-emerging-multi-cycle), Ardmore Shipping (ASC product-tanker), Hafnia (HAFNI-NO Norwegian product-tanker most-direct-larger-comp), TORM (TRMD-NO Danish product-tanker), DHT (DHT-VLCC most-direct-VLCC-pure-play), Diana Shipping (DSX bulk), d'Amico International Shipping (DIS-MI Italian product-tanker), Concordia Maritime (CCOR-B-SS Swedish product-tanker), Pyxis Tankers (PXS); LNG Golar LNG (GLNG LNG-FSO-and-emerging-multi-cycle most-direct-emerging-LNG-FSO-comp), Excelerate Energy (EE emerging-LNG-FSRU), New Fortress Energy (NFE LNG-and-emerging-multi-cycle), Flex LNG (FLNG-NO LNG-shipping), Cool Company (CLCO LNG-shipping), Höegh LNG (HLNG-NO LNG-FSRU).

Deep-Dive 2: Diamond-S-Shipping-Merger + Aggressive-Capital-Return + Multi-Decade Compounder Thesis

The second deep-dive — Diamond-S-Shipping-merger + aggressive-capital-return + multi-decade compounder thesis — covers distinctive 2022 Diamond S Shipping all-stock merger + multi-cycle-diversified-tanker + multi-cycle aggressive-and-substantial-capital-return (substantial-multi-cycle regular-and-supplemental-and-special-dividend + share-buyback + multi-cycle-deleveraging-and-fleet-renewal), Lois Zabrocky + multi-decade-OSG-and-International-Seaways expertise, and emerging-multi-cycle tanker-cycle + IMO-and-environmental-compliance structural-tailwinds.

2022 Diamond S Shipping all-stock merger: distinctive substantial 2022 Diamond S Shipping (Diamond-S-product-tanker) all-stock merger providing distinctive multi-cycle-International-Seaways-and-Diamond-S-Shipping + multi-cycle-diversified-tanker + multi-cycle MR-product-tanker scale; post-merger-substantial-multi-cycle integration + emerging-multi-cycle-MR-and-emerging-multi-cycle-LR1-product-tanker.

Aggressive capital-return: distinctive multi-cycle aggressive-and-substantial-capital-return providing substantial-multi-cycle regular-dividend (~$1.50/yr) + substantial-multi-cycle supplemental-and-special-dividend (multi-cycle quarterly-supplemental + special-dividend reflecting 75%-of-cash-flow-from-operations distribution-policy providing total ~~$4.00-6.50/yr providing ~~10-18% yield) + selective-substantial-share-buyback + multi-cycle-deleveraging-and-fleet-renewal-and-modernization.

Lois Zabrocky founder-CEO + ~8+ year leadership: distinctive multi-decade OSG + International-Seaways + multi-cycle-tanker shipping executive + ~~8+ year CEO providing substantial multi-decade-aligned-strategic-positioning + multi-cycle-Overseas-Shipholding-Group-and-International-Seaways + multi-cycle-tanker-shipping + multi-cycle-strategic-direction.

Multi-decade compounder thesis combines distinctive multi-decade OSG-and-International-Seaways heritage, multi-cycle ~~75-80 vessel diversified-tanker fleet (VLCC + Suezmax + Aframax/LR2 + MR + LR1 + emerging-LNG-FSO), 2022 Diamond S Shipping all-stock merger + multi-cycle-diversified-tanker, multi-cycle aggressive-and-substantial-capital-return (75% cash-flow-from-operations distribution-policy), Lois Zabrocky + OSG-and-International-Seaways expertise, emerging-multi-cycle Red-Sea-and-Russia-Ukraine-and-G7-price-cap + IMO-and-environmental-compliance + emerging-Asian-and-multi-jurisdiction tanker demand structural-tailwinds.

Consolidated Capital Position + Balance Sheet

Capital position is investment-grade-shipping-equivalent (BB+/BBB-), distribution-and-buyback-substantial, conservative: net debt ~$0.5-0.8B (~~0.9-1.5x leverage low-mid-cap-shipping, multi-cycle-deleveraging post-2022-Diamond-S-merger), non-rated mid-cap shipping (BB+/BBB-equivalent if rated), $0.20-0.40B cash + undrawn revolver + shipping-bond-and-money-market liquidity, FCF ~~$300-450M/yr deployed into multi-cycle regular-dividend (~~$1.50/yr) + substantial-multi-cycle supplemental-and-special-dividend (multi-cycle quarterly-supplemental + special-dividend total ~~$4.00-6.50/yr) + selective-substantial-share-buyback (multi-cycle ~~$50-150M/yr buyback providing modest share-count-reduction) + multi-cycle-deleveraging-and-fleet-renewal capex ($100-200M/yr), occasional-opportunistic-equity-issuance, ~~50M shares + multi-cycle-share-buyback-track-record providing modest share-count-reduction. Multi-cycle 75% cash-flow-from-operations distribution-policy + multi-cycle Lois Zabrocky-strategic-execution provides distinctive multi-decade-shareholder-aligned crude-and-product-tanker-shipping-cash-flow.

Key Core Metrics

Metric	FY2025E Range	Notes
Revenue	~$0.90-1.10B	VLCC + Suezmax + Aframax/LR2 + MR + LR1
Average TCE Rate	~$30-40K/day	Mixed-fleet crude-and-product-tanker rates
Net Income	~$240-340M	Tanker-cycle pricing-power
EPS	~$4.80-6.80	Reflecting multi-cycle share-count-reduction
EBITDA	~$430-550M	~45-55% margins tanker-cycle
Fleet — VLCC	~13 vessels	~300K dwt long-haul-crude
Fleet — Suezmax	~13 vessels	~160K dwt medium-haul-crude
Fleet — Aframax/LR2	~5 vessels	~110K dwt regional-crude + product
Fleet — MR	~40+ vessels	~50K dwt refined-petroleum-product
Fleet — LR1	~6 vessels	~75K dwt long-haul clean-and-dirty
Fleet — LNG-FSO JV	Emerging	Liquified-Natural-Gas-Floating-Storage-Offloading
Net Debt	~$0.5-0.8B	~0.9-1.5x leverage post-Diamond-S-deleveraging
Regular Dividend	~$1.50/yr	+ supplemental/special total ~$4.00-6.50/yr
Total Dividend Yield	~10-18%	75%-cash-flow-from-operations payout policy
Buyback	~$50-150M/yr	Multi-cycle modest share-count-reduction
Shares Outstanding	~50M	Multi-cycle share-count-reduction

Market Evaluation

At ~$35-65 per share, equity value ~$1.7-3.3B, EV ~$2.2-4.1B, providing ~5-13x EPS and ~~4-8x EV/EBITDA — typical-cyclical-mid-cap-crude-and-product-tanker multiple consistent with multi-cycle tanker-cycle pricing-power thesis + emerging Red-Sea-and-Russia-Ukraine-and-G7-price-cap + IMO-and-environmental-compliance tailwinds + 75%-cash-flow-distribution-policy.

Base case: tanker-cycle constructive + Red-Sea-and-Suez-and-Russia-Ukraine + emerging-Asian-tanker demand + EPS $5.00-7.00 + dividend maintained + supplemental-and-special-dividend + multi-cycle-share-buyback + ~~5-20% return.

Bull case: tanker-cycle accelerates + Red-Sea-and-Suez-and-Russia-Ukraine + emerging-Asian-tanker demand inflects + emerging-IMO-and-environmental-compliance tonnage-tightness + EPS $7.00-10.50 + special-dividend-substantial + substantial-multi-cycle-share-buyback + re-rate 6-9x + 30-60%+ return.

Bear case: tanker-cycle-rolls + Red-Sea-and-Suez normalization + emerging-Asian-tanker-demand-disappoints + EPS $2.50-3.50 + dividend-and-special-dividend-cut + de-rate 4-6x + flat-to-substantially-negative.

FY2026 turns on tanker-cycle, Red-Sea-and-Suez-and-Russia-Ukraine-and-G7-price-cap trade-realignment, VLCC-and-Suezmax-and-MR supply-and-demand environment, IMO-and-emerging-environmental-compliance + emerging-Asian-and-emerging-multi-jurisdiction tanker demand environment, and Lois Zabrocky-strategic-execution.

Word count: 2010

[INSW] International Seaways Thesis 2026: A Crude-and-Product-Tanker Cycle-Pure-Play Compounds Through Demand and Capital Return