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1. Company Snapshot

1.a. Company Description

International Seaways, Inc.owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the international flag trade.It operates in two segments, Crude Tankers and Product Carriers.


As of December 31, 2021, the company owned and operated a fleet of 83 vessels, which include 12 chartered-in vessels, as well as had ownership interests in two floating storage and offloading service vessels.It serves independent and state-owned oil companies, oil traders, refinery operators, and international government entities.The company was formerly known as OSG International, Inc.


and changed its name to International Seaways, Inc.in October 2016.International Seaways, Inc.


was incorporated in 1999 and is headquartered in New York, New York.

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1.b. Last Insights on INSW

International Seaways' recent performance was positively driven by a Wall Street Zen upgrade from a hold rating to a buy rating, citing the company's strategic vessel management and fundamental stability amid oil market volatility. The company's robust balance sheet and well-balanced exposure to spot and time charter rates provide flexibility and security. Additionally, the upcoming announcement of fourth quarter and full year 2025 results on February 26, 2026, may also contribute to investor optimism. (Source: Wall Street Zen)

1.c. Company Highlights

2. INSW Beats Expectations with Strong Q4 2025 Earnings

International Seaways reported a net income of $128 million or $2.56 per diluted share for Q4 2025, with adjusted net income coming in at $122 million or $2.45 per diluted share, significantly beating analyst estimates of $1.75 EPS. The company's TCE Revenues have been evenly balanced between crude and product over the past year, demonstrating a stable revenue stream. With a blended average spot TCE of about $50,900 per day on 71% of its first-quarter expected revenue, the company is poised to continue generating significant free cash flows in Q1 2026.

Publication Date: Mar -01

📋 Highlights
  • Record Dividend & Shareholder Returns:: Declared $2.15/share dividend (highest ever), with over $1B returned to shareholders since 2020.
  • Strong Financial Performance:: Q4 2025 net income $128M ($2.56/share), adjusted net income $122M ($2.45/share).
  • Acquisition & Fleet Growth:: Acquired remaining 50% stake in Tankers International and added $119M VLCC (Seaways Gibbs Hill).
  • Liquidity & Balance Sheet:: $724M total liquidity ($170M cash + $560M undrawn revolver), net loan-to-value under 13%.
  • Future Cash Flow Outlook:: Q1 2026 expects 71% of revenue at $50,900/day blended TCE, driven by strong market conditions.

Financial Performance and Guidance

The company's financial performance was bolstered by its acquisition of the remaining 50% interest in Tankers International and the delivery of the Seaways Gibbs Hill, a high-spec scrubber-fitted VLCC. International Seaways has guided for increased expenses in 2026, including higher projected G&A due to the consolidation of Tankers International. Despite this, the company is expected to maintain a healthy balance sheet with a net loan-to-value of below 13% and a spot cash breakeven rate of less than $15,000 per day.

Valuation and Dividend

With a P/E Ratio of 12.05 and an ROE of 16.02%, the company's valuation appears reasonable. The dividend yield stands at 3.88%, although the free cash flow yield is negative at -7.3%. International Seaways has demonstrated a strong track record of returning cash to shareholders, with a goal of sharing as much as possible. The company recently increased its dividend to an 87% threshold, marking a new high, with an annualized yield of over 12%.

Market Outlook and Industry Trends

The company views the recent consolidation in the VLCC segment, including Sinokor Maritime's impact, as a fundamental shift in the ownership base, providing a positive outlook for tanker owners. With a focus on renewing its fleet and a strong balance sheet, International Seaways is well-positioned to capitalize on industry trends. Analysts estimate a revenue growth of -7.8% for the next year, although the company's ability to generate free cash flows and return value to shareholders remains a positive factor.

3. NewsRoom

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International Seaways Has Its Ways To Mitigate Risks And Fuel Upside

Mar -04

Source: seekingalpha.com

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International Seaways (INSW) Upgraded to Strong Buy: Here's What You Should Know

Mar -03

Source: zacks.com

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New Strong Buy Stocks for March 3rd

Mar -03

Source: zacks.com

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International Seaways, Inc. (INSW) Q4 2025 Earnings Call Transcript

Feb -26

Source: seekingalpha.com

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International Seaways (INSW) Surpasses Q4 Earnings and Revenue Estimates

Feb -26

Source: zacks.com

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International Seaways to Announce Fourth Quarter and Full Year 2025 Results on February 26, 2026

Feb -11

Source: businesswire.com

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International Seaways (NYSE:INSW) Shares Gap Up on Analyst Upgrade

Jan -25

Source: defenseworld.net

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QRG Capital Management Inc. Sells 10,917 Shares of International Seaways Inc. $INSW

Jan -20

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.16%)

6. Segments

Product Carriers

Expected Growth: 2.5%

International Seaways' Product Carriers segment growth of 2.5% is driven by increasing global demand for refined petroleum products, expansion of international trade, and a growing fleet of vessels. Additionally, the company's focus on operational efficiency, cost management, and strategic partnerships contribute to its growth momentum.

Crude Tankers

Expected Growth: 1.8%

International Seaways' Crude Tankers segment growth of 1.8% is driven by increasing global oil demand, improved fleet utilization, and a rise in ton-mile demand due to longer voyage distances. Additionally, the company's modern and diversified fleet, coupled with its cost-saving initiatives, have contributed to the segment's growth.

7. Detailed Products

Crude Oil Transportation

International Seaways provides crude oil transportation services, transporting crude oil from production areas to refineries and other destinations.

Refined Petroleum Product Transportation

The company transports refined petroleum products such as gasoline, diesel, and jet fuel from refineries to distribution terminals and storage facilities.

LNG and LPG Transportation

International Seaways provides transportation services for liquefied natural gas (LNG) and liquefied petroleum gas (LPG) to meet the growing demand for clean energy.

Chemical Transportation

The company transports a range of chemical products, including petrochemicals, specialty chemicals, and hazardous materials.

Dry Bulk Transportation

International Seaways provides dry bulk transportation services for commodities such as iron ore, coal, and grains.

8. International Seaways, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for International Seaways, Inc. is medium due to the availability of alternative transportation methods such as pipelines and railroads, but the high cost of switching to these alternatives reduces the threat.

Bargaining Power Of Customers

The bargaining power of customers for International Seaways, Inc. is low due to the company's diverse customer base and the lack of concentration in the industry.

Bargaining Power Of Suppliers

The bargaining power of suppliers for International Seaways, Inc. is medium due to the presence of a few large suppliers of vessels and equipment, but the company's size and diversification reduce the bargaining power of suppliers.

Threat Of New Entrants

The threat of new entrants for International Seaways, Inc. is low due to the high barriers to entry in the industry, including the need for significant capital investment and regulatory compliance.

Intensity Of Rivalry

The intensity of rivalry for International Seaways, Inc. is high due to the competitive nature of the industry, with many players competing for market share and the need for continuous investment in vessels and technology to remain competitive.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 29.92%
Debt Cost 3.95%
Equity Weight 70.08%
Equity Cost 3.68%
WACC 3.76%
Leverage 42.69%

11. Quality Control: International Seaways, Inc. passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Western Midstream Partners

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Value: 5.9

Growth: 6.6

Quality: 9.0

Yield: 10.0

Momentum: 6.0

Volatility: 9.3

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International Seaways

A-Score: 7.0/10

Value: 6.3

Growth: 8.2

Quality: 6.9

Yield: 10.0

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Volatility: 6.0

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Growth: 3.6

Quality: 5.1

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DT Midstream

A-Score: 6.5/10

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Growth: 5.8

Quality: 6.4

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EnLink Midstream

A-Score: 4.5/10

Value: 2.5

Growth: 5.4

Quality: 2.7

Yield: 4.0

Momentum: 5.5

Volatility: 6.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

75.44$

Current Price

75.44$

Potential

-0.00%

Expected Cash-Flows