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International Seaways Inc.

INSW Energy Oil & Gas Midstream

International Seaways Inc.’s revenue for fiscal 2025 (year ended December 2025) was $843.3 million, down 11.4% from fiscal 2024. In the quarter to June 2026, revenue grew 138.9%, EPS grew 376.8%, free cash flow grew 125.4% and total debt rose 18.0%, each against the same quarter a year earlier.

109.99 3.12 −2.76%
Market cap
$5.6B
P/E
7.0×
Fwd P/E
5.0×
Dividend yield
4.70%
F-score
5/9
Altman Z
3.36
Beneish M
−2.53
Dividend safety
54/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

International Seaways Inc. (INSW) Business Profile

Updated before January 2025

Company Overview

International Seaways Inc. (INSW) is a leading global provider of shipping transportation services, specializing in the transportation of crude oil and petroleum products. The company was founded in 2016 as a spin-off from Overseas Shipholding Group (OSG), a well-established maritime transportation company. Headquartered in New York City, INSW operates one of the largest fleets of tankers in the world, serving customers across the globe. The company is led by Lois K. Zabrocky, who serves as the President and Chief Executive Officer. Under her leadership, INSW has focused on operational excellence, fleet modernization, and sustainability initiatives to maintain its competitive edge in the shipping industry.

Core Business Segments

INSW operates across two primary business segments:

1. Crude Oil Transportation

INSW specializes in the transportation of crude oil through its fleet of Very Large Crude Carriers (VLCCs), Suezmax tankers, and Aframax tankers. These vessels are designed to transport large quantities of crude oil efficiently and safely across international waters. The company’s crude oil transportation services cater to major oil producers, refineries, and trading companies.

2. Product Transportation

In addition to crude oil, INSW also provides transportation services for refined petroleum products such as gasoline, diesel, and jet fuel. This segment is supported by the company’s fleet of Medium Range (MR) and Long Range (LR) tankers, which are optimized for the efficient delivery of refined products to global markets. The product transportation segment serves a diverse customer base, including oil majors, national oil companies, and independent refiners.

Business Model

INSW’s business model is centered around providing reliable, cost-effective, and environmentally responsible shipping solutions. The company generates revenue primarily through time charters, spot market voyages, and contracts of affreightment (COAs). By maintaining a diversified fleet and leveraging its expertise in maritime logistics, INSW is able to meet the varying needs of its customers while optimizing fleet utilization.

Key elements of INSW’s business model include:

  • Fleet Modernization: INSW invests in state-of-the-art vessels equipped with advanced technologies to enhance fuel efficiency and reduce emissions.
  • Operational Excellence: The company employs rigorous safety and maintenance protocols to ensure the reliability and longevity of its fleet.
  • Customer-Centric Approach: INSW works closely with its customers to provide tailored shipping solutions that meet their specific requirements.

Strategic Direction

INSW is committed to driving long-term growth and creating value for its stakeholders. The company’s strategic priorities include:

  • Fleet Expansion: INSW plans to expand its fleet by acquiring modern, fuel-efficient vessels to meet growing demand for shipping services.
  • Sustainability Goals: The company is focused on reducing its environmental footprint by adopting cleaner fuels, investing in energy-efficient technologies, and complying with international regulations such as the International Maritime Organization’s (IMO) decarbonization targets.
  • Digital Transformation: INSW is leveraging digital tools and data analytics to optimize fleet operations, improve decision-making, and enhance customer service.
  • Market Diversification: The company aims to diversify its customer base and explore new markets to reduce dependence on any single region or customer segment.

Competitive Landscape

INSW operates in a highly competitive industry, facing competition from both established players and new entrants. Key competitors include:

  • Euronav NV: A leading provider of crude oil transportation services with a focus on VLCCs and Suezmax tankers.
  • Frontline Ltd.: A major player in the tanker shipping industry, offering transportation services for crude oil and refined products.
  • Teekay Tankers Ltd.: Specializes in the transportation of crude oil and refined products, with a strong focus on operational efficiency.
  • Scorpio Tankers Inc.: A prominent provider of product tanker services, catering to the refined petroleum market.

Risk Factors

INSW faces several risks that could impact its operations and financial performance, including:

  • Market Volatility: Fluctuations in oil prices and shipping rates can significantly affect the company’s revenue and profitability.
  • Regulatory Compliance: The shipping industry is subject to stringent environmental and safety regulations, which may require significant investments in fleet upgrades and operational changes.
  • Geopolitical Risks: Political instability, trade disputes, and conflicts in key shipping regions can disrupt operations and increase costs.
  • Supply Chain Disruptions: Delays in vessel deliveries, maintenance issues, and crew shortages can impact fleet availability and operational efficiency.

Recent Developments

INSW has made significant strides in fleet modernization and sustainability. Recent developments include:

  • Fleet Upgrades: The company has acquired several eco-friendly vessels equipped with advanced technologies to reduce fuel consumption and emissions.
  • Partnerships: INSW has entered into strategic partnerships with technology providers and industry stakeholders to accelerate its digital transformation and sustainability initiatives.
  • Market Expansion: The company has expanded its presence in emerging markets, capitalizing on growing demand for energy transportation services.
  • COVID-19 Response: INSW implemented robust health and safety measures to protect its crew and ensure uninterrupted operations during the pandemic.

Investment Considerations

Strengths:

  • Diverse Fleet: INSW’s versatile fleet enables it to serve a wide range of customers and adapt to changing market conditions.
  • Strong Leadership: The company benefits from experienced leadership and a clear strategic vision.
  • Sustainability Focus: INSW’s commitment to environmental responsibility positions it as a forward-thinking player in the shipping industry.

Risks:

  • Market Dependence: The company’s performance is closely tied to the global oil and gas market, which is subject to volatility.
  • Regulatory Challenges: Compliance with evolving environmental regulations may require significant capital investments.
  • Competitive Pressure: Intense competition in the shipping industry could impact pricing and profitability.

Conclusion

International Seaways Inc. is a prominent player in the global shipping industry, offering reliable and efficient transportation services for crude oil and refined petroleum products. With a diversified fleet, a customer-centric approach, and a strong focus on sustainability, the company is well-positioned to capitalize on growth opportunities in the energy transportation market. While challenges such as market volatility and regulatory compliance remain, INSW’s strategic initiatives and commitment to innovation provide a solid foundation for future success.