INSW

International Seaways, Inc.

Next est. report 2026-11-05 · BMO

Freight Transport '26: VLCCsSmall Themes '25: Tariff ShippersSupply Shock in MidEast Long '26: Oil Tankers

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Overview

International Seaways, Inc. (INSW) provides global seaborne transport of crude oil and refined petroleum products. The company operates a diverse fleet, includi

International Seaways, Inc. (INSW) provides global seaborne transport of crude oil and refined petroleum products. The company operates a diverse fleet, including crude tankers and product carriers, serving oil companies, traders, and refiners. INSW recently expanded its Tankers International commercial pool to include Suezmax vessels, alongside its VLCC operations. They actively renew their fleet and prioritize shareholder returns.

Key Inputs And Sourcing

1. Bunker Fuel

energy · VLSFO/HSFO · Global · 30-60% of vessel operating expenses

Source Fuel is consistently cited as the largest single operating expense for tanker operations, with its share fluctuating significantly based on market prices and vessel efficiency.

Confidence: high

2. Crew Wages & Benefits

labor · Global · 20-30% of vessel operating expenses

Source Labor costs, including crew wages and benefits, are a significant portion of operating expenses in the shipping industry.

Confidence: high

3. Vessel Maintenance & Repairs (including Drydocking)

other · Global · 10-20% of vessel operating expenses

Source Maintenance and repair costs are ongoing, with drydocking being a substantial periodic expense. INSW reported $20 million in dry dock and capital expenditures in Q2 2026.

Confidence: high

4. Vessel Insurance

other · Global · 5-10% of vessel operating expenses

Source Insurance premiums are a mandatory and significant operating cost for shipping companies.

Confidence: medium

5. Port & Canal Fees

logistics · Global · unknown

Source These are variable but essential costs for vessel operations, incurred at various ports and during transit through canals like the Panama Canal (mentioned in transcript for LR1s).

Confidence: medium

6. Newbuilding Vessels (Capital Cost)

component · Asia (e.g., Korea) · N/A (Capital Expenditure)

Source While a capital expenditure, the cost of new vessels is a critical input for fleet renewal and growth. INSW recently ordered 4 LR1 newbuildings for delivery in 2028 and mentioned the aggregate contract price for six LR1s was approximately $359 million.

Confidence: high

7. Charter Hire Expenses

other · Global · unknown

Source When INSW charters in vessels, charter hire is a direct operating cost. The transcript mentions $4 million in charter hire for the lightering business.

Confidence: medium

8. Lubricants & Spares

component · Global · 5-10% of vessel operating expenses

Source These are ongoing consumables necessary for vessel operation, typically a smaller but consistent part of operating expenses.

Confidence: low

Industry Publications

TradeWinds (tradewindsnews.com) — Provides comprehensive global shipping news, focusing on commercial aspects, newbuilds, sales, chartering, and market trends relevant to tanker owners.
Clarksons Research (clarksons.com) — Offers market-leading data, analysis, forecasts, and insights on shipping supply/demand, freight rates, vessel earnings, and asset values, crucial for strategic decision-making.
BIMCO (Baltic and International Maritime Council) (bimco.org) — As the world's largest direct-membership organization for shipowners, it provides standard contracts, market analysis, research, and advocates for global shipping standards and regulations.
Splash247 (splash247.com) — Delivers incisive and exclusive maritime news, interviews, and in-depth analysis on global maritime, shipping, and offshore sectors, including technological developments.
Drewry Shipping Consultants (drewry.com) — An independent maritime research consultancy providing market insights and advisory services across all main market sectors, including tanker shipping.

Economic Data Watch

1. IEA / OPEC Monthly Oil Market Report — Oil Market Report / Monthly Oil Market Report

Metric/field Global Oil Demand Growth Forecast (million barrels per day, year-over-year)

Cadence monthly

Why it matters Directly impacts the volume of oil transported by tankers, serving as a fundamental driver of demand for INSW's services.

Signal to watch Increasing growth forecasts are bullish; declining forecasts are bearish.

Confidence: high

2. IEA / OPEC Monthly Oil Market Report — Oil Market Report / Monthly Oil Market Report

Metric/field Global Crude Oil Supply Forecast (million barrels per day)

Cadence monthly

Why it matters Influences the global supply-demand balance and trade patterns, affecting tanker utilization and freight rates.

Signal to watch Supply exceeding demand (or vice-versa) impacts inventory and trade; generally, higher supply (if demand can absorb it) is bullish for ton-miles.

Confidence: high

3. IMF World Economic Outlook — World Economic Outlook

Metric/field World Real GDP Growth Rate (Annual % change)

Cadence quarterly

Why it matters Broad economic health is a fundamental driver of global oil demand and trade, directly impacting the overall market for tanker services.

Signal to watch Accelerating growth or upward revisions are bullish; decelerating growth or downward revisions are bearish.

Confidence: high

4. U.S. Energy Information Administration (EIA) — Spot Prices for Crude Oil and Petroleum Products

Metric/field Europe Brent Spot Price FOB (Dollars per Barrel, daily close)

Cadence daily

Why it matters Reflects global oil market conditions, influencing production, consumption, and the profitability of oil trading, which impacts tanker demand.

Signal to watch Sustained high prices (especially if demand-driven) are generally bullish for tanker demand; sharp declines can signal weakening demand.

Confidence: high

5. OECD — Industrial Production, Original and Seasonally Adjusted by Country and Month

Metric/field Industrial Production Index (Total Economy, Seasonally Adjusted, Index 2015=100)

Cadence monthly

Why it matters Industrial activity is a key component of energy consumption and thus oil demand, directly impacting the need for oil transportation.

Signal to watch Increasing index values or positive year-over-year growth are bullish; declining values are bearish.

Confidence: high

Free Alt Data Watch

1. Google Trends — Google Search Data

Metric/field Search interest for 'crude oil tanker rates' (5-year trend, worldwide, relative popularity 0-100)

Cadence daily

Why it matters Indicates public and industry interest in tanker market conditions, potentially correlating with market sentiment and emerging trends.

Signal to watch Sustained increase in search interest is bullish; declining interest is bearish.

Confidence: medium

2. U.S. Department of the Treasury (OFAC) — Sanctions List Updates

Metric/field Specially Designated Nationals (SDN) List updates (additions/removals of entities/vessels related to oil trade)

Cadence event_driven

Why it matters Changes in sanctions directly impact the availability of compliant tanker supply and global crude oil trade patterns, creating or alleviating market tightness.

Signal to watch New sanctions or stricter enforcement (reducing compliant supply) are bullish; relaxation of sanctions (increasing supply) is bearish.

Confidence: high

3. Reddit (r/shipping subreddit) — Public Forum Discussions

Metric/field Qualitative sentiment analysis of discussions on 'tanker market conditions' and 'geopolitical impacts on shipping' (e.g., number of bullish/bearish posts, key themes)

Cadence daily

Why it matters Provides real-time, qualitative insights and emerging narratives from industry participants and enthusiasts, potentially signaling shifts in market perception.

Signal to watch Predominantly positive sentiment and discussions around tight supply/high demand are bullish; negative sentiment or concerns about oversupply are bearish.

Confidence: low

4. U.S. Energy Information Administration (EIA) — Weekly Petroleum Status Report

Metric/field U.S. Commercial Crude Oil Inventories (Thousand Barrels, week-over-week change)

Cadence weekly

Why it matters U.S. inventory levels are a key indicator of the domestic supply/demand balance in a major oil market, influencing global prices and trade flows.

Signal to watch Consistent declines in inventories suggest strong demand or tight supply (bullish); sustained builds suggest oversupply (bearish).

Confidence: high

5. Baltic Exchange — Baltic Dirty Tanker Index (BDTI)

Metric/field Baltic Dirty Tanker Index (BDTI) (Daily value)

Cadence daily

Why it matters Provides a real-time benchmark for crude tanker spot rates, directly reflecting immediate market supply-demand dynamics and profitability for tanker operators.

Signal to watch Sustained high or increasing BDTI values are bullish; significant declines are bearish.

Confidence: high

Paid Alt Data Watch

1. Kpler / Vortexa — Global Crude Oil and Product Flow Data & Vessel Tracking

Metric/field Global Crude Oil and Product Ton-Mile Demand (daily, by vessel class and specific trade routes)

Cadence daily

Why it matters Directly measures the actual work performed by the tanker fleet, capturing the impact of geopolitical disruptions and rerouting on effective vessel supply.

Signal to watch Sustained increase in ton-mile demand is bullish; declining ton-miles suggest normalization or reduced demand.

Confidence: high

2. Clarksons Research — Shipping Intelligence Network

Metric/field Global Tanker Order Book (DWT, number of vessels, delivery schedules by year and vessel type: VLCC, Suezmax, Aframax, LR1)

Cadence quarterly

Why it matters Crucial for assessing future supply-side dynamics; a low order book relative to fleet aging and scrapping supports a tighter market outlook.

Signal to watch Order book remaining low or declining relative to fleet removals is bullish; significant increase in new orders is bearish.

Confidence: high

3. Poten & Partners / Braemar ACM Shipbroking — Tanker Market Reports

Metric/field Tanker Fleet Demolition Activity (number of vessels, DWT, average age of scrapped vessels, by vessel type)

Cadence monthly

Why it matters Tracks the removal of older, less efficient tonnage from the global fleet, which directly impacts effective vessel supply and market balance.

Signal to watch High demolition rates (especially for older vessels) are bullish; low demolition rates prolong oversupply.

Confidence: high

4. Braemar ACM Shipbroking / Clarksons Platou — Newbuilding Market Reports

Metric/field Newbuilding Prices (USD per vessel, by vessel type: VLCC, Suezmax, LR1)

Cadence monthly

Why it matters Indicates shipyard capacity, demand for new vessels, and replacement costs. Rising prices can signal a strong market and higher asset values for existing fleets.

Signal to watch Increasing newbuilding prices suggest strong market demand and limited shipyard slots (bullish); declining prices suggest weaker demand.

Confidence: medium

5. Clarksons Platou — Tanker Time Charter Rates

Metric/field Time Charter (TC) Rates (1-year, 3-year, 5-year TC rates by vessel class: VLCC, Suezmax, Aframax, LR1)

Cadence weekly

Why it matters Provides forward-looking market expectations for charter rates, crucial for long-term contract decisions, fleet valuation, and investor confidence.

Signal to watch Increasing long-term TCE rates are bullish, indicating sustained positive market outlook; declining rates are bearish.

Confidence: high

Search Keywords Brand Product

VLCC rates
Suezmax rates
Aframax rates
LR1 rates
MR rates
crude tanker rates
product tanker rates
dirty tanker
clean tanker
Panamax International Pool
Tankers International Pool
oil tanker market
seaborne oil transportation
ton-mile demand
fleet renewal
shipping industry
capital allocation
shareholder returns
global oil demand
tanker market outlook

Search Keywords Event Phrases

International Seaways earnings
INSW Q2 2026 results
newbuild vessel orders
Middle East maritime incidents

Search Keywords Policy Regulatory

Strait of Hormuz conflict
Bab-el-Mandeb disruptions
Red Sea rerouting
sanctions enforcement
shipping decarbonization

What They Do (Plain English & Analogies): International Seaways, Inc. is like a specialized taxi service for oil, but on a massive global scale. They own and operate a large fleet of ocean-going vessels, called tankers, that transport two main types of cargo across the world's oceans: crude oil (raw oil from the ground) and refined petroleum products (like gasoline, diesel, and jet fuel). They essentially provide the crucial transportation link in the global energy supply chain, moving energy from where it's produced to where it's consumed or refined for their customers.
Very Brief History: International Seaways, Inc. was originally incorporated in 1999 as OSG International, Inc. The company adopted its current name, International Seaways, Inc., in October 2016. A significant milestone in its evolution was the completion of its merger with Diamond S Shipping Inc. in July 2021, which created the second-largest U.S.-listed tanker company by vessel count.
"Street Stereotype": The "street stereotype" for International Seaways is that of a well-managed, financially disciplined tanker company that prioritizes shareholder returns through consistent dividends and share repurchases, while maintaining a strong balance sheet and strategically renewing its fleet to capitalize on favorable market cycles. They are seen as a reliable player in a cyclical industry, focused on operational efficiency and prudent capital allocation.
Subsidiaries On Linked In*: Lightering LLC — A wholly owned subsidiary focused on commercial management of STS crude/DPP vessels and other maritime logistics. No distinct LinkedIn page found.
Tankers International Suez entity — A commercial pool entity that INSW began consolidating in Q2 2026 after launching the Suezmax pool and controlling a majority of participating vessels. No distinct LinkedIn page found.
Customer Sectors & Example Clients: International Seaways' diverse clientele spans independent oil companies, state-owned oil companies, energy traders, refinery operators, and international governmental bodies. Specific example clients include Shell. Other likely clients, based on the industry and scale of operations, would include major global energy companies such as BP, ExxonMobil, Chevron, Saudi Aramco, Vitol, and Trafigura.
New Customers / Segments They'Re Targeting: International Seaways is actively expanding its commercial management capabilities, particularly by integrating Tankers International more fully into the company. This includes expanding into the Suezmax segment through the Tankers International Pool. This move aims to deepen customer relationships, attract additional partners, and leverage combined expertise to strengthen their commercial unit.
Sales Geographies And Expansion Plans: The company operates globally, with significant exposure to various regions. The Americas (including the United States, Guyana, Brazil, and Argentina) are noted for increasing oil production, driving demand for tanker services from the Western Hemisphere to consumption centers in the East. The Middle East, particularly the Strait of Hormuz and Bab-el-Mandeb, is a critical region due to ongoing disruptions impacting trade routes. China is also mentioned as resuming product exports. While there are no explicit new geographical expansion plans disclosed, the company focuses on optimizing existing global trade routes and expanding its commercial pool segments (like Suezmax) to enhance its market footprint within these areas.
How Key Themes May Help/Hurt: The 'Supply Shock in MidEast Long '26: Oil Tankers' theme significantly helps International Seaways. The ongoing conflicts and disruptions in critical waterways like the Strait of Hormuz and Bab-el-Mandeb have created substantial inefficiencies in global trade, forcing cargoes to seek alternative, longer routes. This dramatically increases ton-mile demand for tankers, thereby supporting higher freight rates and overall tanker market strength, which directly benefits INSW's earnings and cash flow. Conversely, this theme could hurt INSW if the disruptions persist for an extended period and ultimately weigh on the global economy and overall oil demand, which would have broader negative implications for the tanker market.

3 Main Long-Term Bull Details

Robust Financial Strength and Shareholder Returns: International Seaways maintains a strong balance sheet with nearly $1 billion in liquidity and low leverage, providing significant financial flexibility. The company has a stated commitment to returning at least 85% of adjusted net income to shareholders, demonstrating confidence in its financial performance and a focus on long-term value creation.
Strategic Fleet Renewal in an Aging Market: The company is actively renewing its fleet by ordering new, efficient vessels, such as the LR1 newbuildings, at attractive prices. This strategy positions INSW with a modern fleet to capitalize on future demand, especially as a significant portion of the global tanker fleet (roughly 30% over 20 years old, projected to exceed 50% by 2030) will require replacement, indicating a favorable supply-side dynamic.
Geopolitical Disruptions Driving Ton-Mile Demand: Ongoing geopolitical conflicts, particularly in the Strait of Hormuz and Bab-el-Mandeb, are creating significant inefficiencies in global trade. These disruptions force longer voyages and alternative routes, substantially increasing ton-mile demand for tankers and supporting a constructive outlook for tanker markets.

3 Main Long-Term Bear Details

Risk of Sustained Global Economic Slowdown: While current geopolitical disruptions are beneficial, a prolonged period of instability could ultimately weigh on the global economy and oil demand. A significant and sustained contraction in oil consumption would lead to an oversupply of vessels and depressed freight rates, negatively impacting INSW's profitability.
Cyclical Nature of the Shipping Industry: The tanker market is inherently cyclical and subject to rapid changes in supply and demand dynamics. Despite current strong market conditions, unforeseen global economic slowdowns, shifts in energy policies, or a sudden surge in new vessel orders could quickly alter market fundamentals and lead to a downturn in the cycle.
Accelerating Tanker Order Book and Future Supply Risk: While the current compliant tanker fleet supply is tight, the overall tanker order book has grown in recent years, reaching a 9-year high for crude tankers with deliveries potentially peaking in 2027. If newbuild deliveries outpace scrapping activity and oil demand growth in the future, it could lead to an oversupply of vessels and exert downward pressure on freight rates.

Competitors And Differentiation: International Seaways operates in a competitive global tanker market. Its main competitors include Torm (TRMD), Ardmore Shipping (ASC), DHT Holdings (DHT), Okeanis Eco Tankers (ECO), Frontline (FRO), Teekay Tankers (TNK), Tsakos Energy Navigation (TEN), Euronav NV (EURN), Scorpio Tankers Inc. (STNG), and Nordic American Tankers (NAT). International Seaways differentiates itself by being a well-managed, financially disciplined tanker company that prioritizes shareholder returns through consistent dividends and share repurchases. It maintains a strong balance sheet with nearly $1 billion of liquidity and low leverage, providing significant financial flexibility. The company also focuses on strategic fleet renewal and modernization, securing newbuilds at attractive prices even as industry prices rise. Furthermore, it diversifies its fleet across multiple tanker segments (VLCCs, Suezmaxes, Aframaxes, LR1s, MRs) and enhances its scale through leading commercial pools like Tankers International and the Panamax International Pool, allowing it to participate in a broad range of market opportunities.
Recent Performance & What The Market'S Focused On: International Seaways delivered record financial performance in Q2 2026, including record adjusted net income of $295 million ($5.91 per share), record EBITDA of $345 million, and record free cash flow of $261 million. The company declared its largest quarterly dividend of $5.05 per share. Blended spot TCEs were $79,000 per day, significantly up from previous periods. The market is focused on INSW's ability to sustain these strong TCE rates amidst geopolitical volatility, the progress of its fleet renewal program (including newbuild deliveries and older vessel disposals), its consistent dividend payout ratio, and the continued strength of its balance sheet (liquidity and low net loan-to-value).

Revenue Segments And Estimated Mix: Pool revenues — Mix: 76.10%; Source: FY2025 data
Time and bareboat charter revenues — Mix: 18.69%; Source: FY2025 data
Lightering services — Mix: 4.33%; Source: FY2025 data; Q2 2026 revenue of $13 million
Voyage charter revenues from non-variable lease payments — Mix: 0.88%; Source: FY2025 data
Crude Tankers — Mix: Largest segment; Source: Q2 2026 crude tanker revenues of $253 million; Trend: Crude tanker revenues were $253 million in Q2 2026, including $51 million from profit sharing.
Product Carriers — Mix: Substantial segment; Source: General business description and strong LR1/MR performance in Q2 2026; Trend: LR1s were standout performers in Q2 2026, and MRs continue strong, particularly in the Western Hemisphere.
Product Brands: International Seaways
Tankers International
Panamax International Pool

Bull / Bear Details

International Seaways (INSW) is exceptionally well-positioned to capitalize on a robust tanker market upcycle, driven by record financial performance, ongoing g

Thesis

International Seaways (INSW) is exceptionally well-positioned to capitalize on a robust tanker market upcycle, driven by record financial performance, ongoing geopolitical disruptions increasing ton-mile demand, and a critically aging global fleet. The company's strong balance sheet, disciplined fleet renewal, and commitment to significant shareholder returns through record dividends make it a compelling investment, as of 2026-09-06, despite inherent industry cyclicality and geopolitical risks.

Bull case

International Seaways delivered record adjusted net income of $295 million, EBITDA of $345 million, and free cash flow of $261 million in Q2 2026. These results, coupled with strong Q3 2026 bookings at a blended spot TCE of $61,000 per day, demonstrate the company's ability to translate favorable market conditions, driven by geopolitical disruptions and increased ton-mile demand, into exceptional profitability.
The global tanker fleet is aging significantly, with approximately 30% currently over 20 years old and projected to exceed 50% by 2030, necessitating substantial fleet renewal. INSW is proactively addressing this by ordering four additional LR1 newbuildings for 2028 at attractive pricing, complementing existing orders, and expanding its Tankers International pool into the Suezmax segment, positioning it with a modern and efficient fleet.
INSW maintains an exceptionally strong financial position with nearly $1 billion of liquidity, a net loan-to-value of approximately 6%, and 25 unencumbered vessels. This financial flexibility supports continued investment in growth opportunities while enabling the company to declare its largest-ever quarterly dividend of $5.05 per share, reflecting a commitment to return at least 85% of adjusted net income to shareholders.

Bear case

The tanker market remains highly susceptible to geopolitical volatility. While current conflicts in the Strait of Hormuz and Bab-el-Mandeb are increasing ton-mile demand, a sustained period of disruption could ultimately weigh on the global economy and oil demand, shifting the risk to consumption. Any de-escalation or resolution could rapidly normalize trade routes and reduce effective demand.
The shipping industry is inherently cyclical, and while INSW anticipates a continued upcycle, market conditions can change rapidly. A significant global economic slowdown, unforeseen changes in energy policies, or a future surge in new vessel orders could lead to an oversupply of tonnage and depressed freight rates, impacting INSW's profitability.
Long-term infrastructure projects, such as Hormuz bypass projects being pursued by Gulf producers, represent a potential future risk. While these have not yet translated into long-term time charters, their eventual completion could rebalance trade routes, reduce ton-mile demand, and potentially pressure tanker rates, altering the current favorable market dynamics.

Bull / Bear Case

Bear Case: The tanker market remains highly susceptible to geopolitical volatility. While current conflicts increase ton-mile demand, the IEA forecasts global oil demand to contract by 1.6 mb/d in 2026 due to the Strait of Hormuz closure and elevated fuel prices, shifting risk to consumption. A sustained global economic slowdown or de-escalation of conflicts could rapidly normalize trade routes and reduce effective demand. The shipping industry is inherently cyclical, and despite the current upcycle, a significant surge in new vessel orders, expected to increase in 2026 and beyond, could lead to an oversupply of tonnage and depress freight rates. Long-term infrastructure projects like Hormuz bypasses also pose a future risk by potentially rebalancing trade routes and reducing ton-mile demand.
Bull Case: International Seaways is exceptionally positioned to capitalize on a robust tanker market upcycle, driven by record financial performance, including $295 million adjusted net income and $261 million free cash flow in Q2 2026. Strong Q3 2026 bookings at a blended spot TCE of $61,000 per day demonstrate continued profitability. Geopolitical disruptions in the Middle East continue to increase ton-mile demand, supporting elevated freight rates. The global tanker fleet is critically aging, with over 30% currently exceeding 20 years old, necessitating substantial fleet renewal which INSW is proactively addressing with new LR1 orders at attractive pricing. The company maintains a strong balance sheet with nearly $1 billion in liquidity and low leverage, enabling disciplined growth and significant shareholder returns, including a record quarterly dividend of $5.05 per share.
More Compelling & Why: Bear. While INSW has delivered strong recent results, the IEA's forecast for a contraction in global oil demand in 2026 presents a significant headwind for the tanker market, which is currently inflated by unpredictable geopolitical disruptions. The company's P/E ratio of 6.32x is 22% above its 10-year median, and some analysts consider the stock 'Significantly Overvalued' compared to its intrinsic value, suggesting current pricing may not fully reflect the deteriorating demand outlook. My view would flip if global oil demand forecasts for 2026 were revised upwards, and new vessel deliveries were clearly being absorbed by accelerated scrapping, maintaining a tight supply-demand balance.

Key Factors5 rows

Key Factor	Why It Matters	What To Watch	What It Signals	Where/How To Track	Free Alt Data	Paid Alt Data
Global Compliant Tanker Fleet Supply Dynamics: Aging Fleet and Newbuild Order Book	The significant aging of the global tanker fleet combined with a disciplined newbuild order book supports a tight supply environment, driving higher utilization and freight rates for compliant vessels.	Updates on the percentage of the global tanker fleet over 20 years old (currently ~30%, projected >50% by 2030) and new LR1/Suezmax order book activity. Specifically, monitor the delivery of INSW's 4 additional LR1 newbuildings in H2 2028.	Bullish: The percentage of the global fleet over 20 years old continues to increase, and the overall compliant tanker order book remains below replacement levels. Timely delivery of INSW's newbuilds. Bearish: A significant surge in new compliant vessel orders across the industry that outpaces scrapping, or delays in INSW's newbuild deliveries.	Industry reports (Clarksons Research, BIMCO), company earnings calls for INSW's specific newbuild updates.	BIMCO's website for fleet statistics and market analysis.	Clarksons Research: Tanker fleet data, order book, and demolition statistics; Kpler/Vortexa: Vessel tracking for newbuild deliveries.
Geopolitical Disruptions in Middle East Waterways (Strait of Hormuz, Bab-el-Mandeb) and Impact on Ton-Mile Demand	Ongoing conflicts in key waterways create significant trade inefficiencies, forcing longer routes (increasing ton-mile demand) and tightening effective vessel supply, which directly supports higher tanker rates.	News and reports on the status of conflicts in the Strait of Hormuz and Bab-el-Mandeb, and their impact on global shipping routes. Monitor for signs of easing tensions or persistent disruptions.	Bullish: Conflicts persist, leading to continued rerouting and elevated ton-mile demand. Potential for strategic petroleum reserve replenishment if disruptions ease. Bearish: Significant de-escalation of conflicts, leading to normalization of trade routes and reduction in ton-mile demand. Sustained disruption weighing heavily on global oil demand.	International news agencies (Reuters, Bloomberg), maritime security advisories, IEA/OPEC monthly reports on oil flows and demand.	MarineTraffic.com or VesselFinder.com for real-time vessel movements in affected regions; Google News alerts for 'Strait of Hormuz conflict,' 'Bab-el-Mandeb shipping.'	Kpler/Vortexa: Global crude oil and product flow data, vessel tracking, and ton-mile demand analysis; Argus Media: Oil market intelligence and geopolitical risk assessments.
Balance Sheet Health: Total Liquidity and Net Loan-to-Value (LTV) Ratio	Strong liquidity and low leverage provide financial flexibility for strategic investments, fleet renewal, and sustained shareholder returns, while also offering resilience during market downturns.	Total liquidity (cash + undrawn revolver capacity) and net loan-to-value ratio reported in subsequent quarters. As of Q2 2026, total liquidity was $935 million and net LTV was approximately 6%.	Bullish: Total liquidity maintained above $900 million and net LTV remains below 10%, demonstrating continued financial strength and flexibility. Bearish: Significant reduction in total liquidity (e.g., below $700 million) or an increase in net LTV above 15% without clear strategic justification.	Company's quarterly earnings reports (Form 10-Q) and presentations.	Company investor relations website for financial statements.	S&P Global Market Intelligence: Financial data and ratios.
Blended Average Spot TCE Booked-to-Date for Q3 2026 and Full Quarter Performance	Spot TCE rates are the primary driver of revenue and profitability for INSW, directly reflecting market conditions and the company's ability to capitalize on strong tanker demand.	Blended spot TCE rate for Q3 2026 and the percentage of expected revenue days booked. Currently, INSW has booked approximately 48% of Q3 revenue days at $61,000 per day.	Bullish: Blended average spot TCE for Q3 2026 remains at or above $61,000/day for the remaining unbooked revenue, or the full Q3 average exceeds this level. Bearish: Significant drop in TCE rates for unbooked Q3 revenue, bringing the blended average below $55,000/day.	Company's Q3 2026 earnings call and presentation, expected around November 5, 2026.	Baltic Exchange website for daily/weekly Baltic Dirty Tanker Index (BDTI) and Baltic Clean Tanker Index (BCTI) rates.	Clarksons Platou: Specific route TCE rates by vessel class; Braemar ACM Shipbroking: Tanker market reports.
Quarterly Dividend Declaration and Payout Ratio	INSW's commitment to returning at least 85% of adjusted net income through dividends is a key component of its shareholder return strategy and reflects management's confidence in future earnings.	The declared quarterly dividend per share and the corresponding payout ratio of adjusted net income in subsequent quarters. The Q2 2026 dividend was $5.05 per share.	Bullish: Payout ratio maintained at or above 85% or further increases in the absolute dividend per share in future quarters. Bearish: Payout ratio drops significantly below 75% or a reduction in the absolute dividend amount.	Company press releases, SEC filings (Form 8-K for dividend declarations), and quarterly earnings calls.	Company investor relations website for dividend history.	Bloomberg Terminal: Dividend announcements and historical data.

Key Reported Metrics, Reratings Triggers & Results3 rows

This segment is a primary revenue driver. Its growth reflects the company's ability to capitalize on strong crude tanker market conditions, especially with geop

Upcoming print · 2026-11-05

Key reported metrics
Metric	Last period	Why it matters
Crude Tankers Revenue	174.0%	This segment is a primary revenue driver. Its growth reflects the company's ability to capitalize on strong crude tanker market conditions, especially with geopolitical disruptions impacting ton-mile demand.
Adjusted EBITDA	238.2%	As a measure of operational profitability, it indicates the company's efficiency and ability to generate cash from its core shipping operations, crucial for capital allocation and shareholder returns.
Blended Average Spot TCE	187.3%	This metric provides direct insight into the company's immediate revenue generation capabilities and market conditions. Investors will gauge future profitability based on these rates.

Last reported · 2026-05-07

Key reported metrics
Metric	Last period	Why it matters
Crude Tankers Revenue	57.29%	Indicates the performance of a key revenue segment. Given the strong market commentary on VLCCs and their outperformance in Q4 2025, this segment's growth is vital for overall company revenue and investor confidence.
Adjusted EBITDA	84.21%	A crucial profitability metric for capital-intensive shipping companies, indicating operational efficiency before non-cash expenses. It's key for assessing the company's ability to generate cash from core operations and validate strategic initiatives.
Consolidated TCE Revenues	36.13%	Reflects the fleet's average daily revenue performance, directly impacting profitability. Investors monitor this for overall market conditions and fleet utilization, indicating the company's ability to capitalize on strong tanker rates.

Key Questions

Will International Seaways sustain its strong Q3 2026 TCE rates, particularly given the reported volatility in VLCCs and the broader tanker market's sector dive

Will International Seaways sustain its strong Q3 2026 TCE rates, particularly given the reported volatility in VLCCs and the broader tanker market's sector divergence, and the current booking of $61,000 per day for 48% of Q3 revenue days?

Question 2: Can International Seaways maintain its recently elevated dividend payout ratio (at least 85% of adjusted net income, with Q2 2026 dividend of $5.05 per share) and share repurchase program, especially if future earnings face pressure?
Question 3: How will evolving geopolitical tensions in the Middle East (Strait of Hormuz, Bab-el-Mandeb), the potential for strategic petroleum reserve replenishment, and the aging global tanker fleet dynamics continue to impact the supply-demand balance and freight rates for the compliant tanker fleet?

Earnings Transcript Summary2 rows

2026-08-10 · 2026Q2 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. Returning capital to shareholders: Management delivered record adjusted net income, EBITDA, and free cash flow, and declared their largest quarterly dividend of $5.05 per share, reflecting a commitment to return at least 85% of adjusted net income. 2. Fleet renewal and disciplined capital allocation: The company ordered four additional LR1 newbuildings for delivery in 2028 at attractive pricing, complementing existing orders, and expanded into the Suezmax segment by fully integrating Tankers International into the Seaways family. 3. Maintaining a strong balance sheet and financial flexibility: International Seaways highlighted nearly $1 billion of liquidity, low leverage with a net loan-to-value of approximately 6%, and 25 unencumbered vessels, providing significant financial flexibility for investments and shareholder returns.	Call Takeaway & ToneThe call conveyed a highly positive and confident tone, emphasizing record financial performance in Q2 2026, driven by strong market conditions and strategic execution. Management highlighted significant shareholder returns, disciplined fleet renewal, and a robust balance sheet, expressing a constructive outlook for the tanker market despite geopolitical uncertainties.	Prior Quarter'S Y/Y Growth By SegmentCrude Tankers: 117.05% y/y growth (Q1 2026); Product Carriers: 41.05% y/y growth (Q1 2026)	3 Things Analysts Most Pressed On (And Mgmt Responses)1. Changes in the Atlantic Basin and impact on Suezmax/LR1 rates: Liam Burke asked about anticipated changes in the Atlantic Basin (reroutes, additional production) and their effect on long-term Suezmax or LR1 rates. Lois Zabrocky responded by noting significant dislocation and substitution between tanker sizes, with LR1s being standout performers due to larger ships being pulled east. She also mentioned increasing production in the Americas (United States, Guyana, Brazil, Argentina) and the fundamental demand for crude from the East. 2. Optimism on the product tanker side compared to crude: Liam Burke inquired if management was as optimistic about the product side as the crude side. Lois Zabrocky explained that daily impacts on product carriers are significant, citing Ukrainian attacks on Russian refineries and challenges for Middle East product exports. She highlighted strong United States exports of diesel and gasoline, concentrated on MRs, and China resuming product exports, indicating continued strong demand and elevated MR rates. 3. Growth opportunities outside conventional crude and product tanker trade: Sherif Elmaghrabi asked if the company would consider growth opportunities beyond its conventional crude and product tanker business, given its strong balance sheet. Lois Zabrocky affirmed that INSW's strategy has been to focus on its core oil tanker space, where they anticipate strong market volatility to the upside, while continuously looking for niche opportunities within that space.	Revenue SegmentsCrude Tankers: 174.04% y/y growth; Product Carriers: 97.83% y/y growth

2026-02-26 · 2025Q4 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. Returning capital to shareholders: Management declared their largest ever quarterly dividend of $2.15 per share, representing an 87% payout ratio of adjusted net income, and highlighted over $1 billion in returns to shareholders since 2020. They also mentioned the ongoing $50 million share repurchase program. 2. Fleet renewal and modernization: Management discussed taking delivery of new vessels (Seaways Gibbs Hill VLCC, remaining LR1s), disposing of 10 older vessels in 2025 and 7 more in early 2026, and consolidating Tankers International to expand with a Suezmax platform. 3. Maintaining a strong balance sheet and financial flexibility: Management emphasized a healthy balance sheet with $724 million in total liquidity, a net loan-to-value below 13%, and a low spot cash breakeven rate of less than $15,000 per day. They also highlighted repaying leases and a bond issuance to unencumber VLCCs and lower debt costs.	Call Takeaway & ToneInternational Seaways delivered strong Q4 2025 results, driven by robust tanker market fundamentals, strategic fleet optimization, and a commitment to significant shareholder returns. The company is well-positioned to capitalize on favorable market conditions, supported by a strong balance sheet and ongoing fleet modernization. The tone was overwhelmingly positive and confident, with management expressing excitement about financial performance, market outlook, and shareholder returns.	Prior Quarter'S Y/Y Growth By SegmentCrude Tankers: -6.80% y/y growth (Q3 2025 shipping revenues of $96 million vs. $103 million in Q3 2024). Product Carriers: -18.03% y/y growth (Q3 2025 shipping revenues of $100 million vs. $122 million in Q3 2024).	3 Things Analysts Most Pressed On (And Mgmt Responses)1. MR rates and macro drivers for Q1 2026: Liam Burke questioned the compelling nature of MR rates given refinery margins. Management (Lois Zabrocky and Derek Solon) attributed the strong rates to geopolitical factors, specifically the EU not importing refined Russian product from India and Turkey, leading to increased U.S. Gulf exports to Europe, and winter weather delays exacerbating supply issues. 2. Dividend payout ratio and future expectations: Omar Nokta asked if the 87% payout ratio was a new base level. Management (Lois Zabrocky and Jeff Pribor) expressed excitement about the highest dividend, emphasizing their focus on free cash flow, the strong balance sheet, and their commitment to leaning into increasing the dividend and sharing as much as possible with shareholders. 3. Industry consolidation and its impact: Chris Robertson inquired about the impact of Sinokor Maritime on the VLCC segment and the potential for further industry consolidation. Management (Lois Zabrocky) viewed the restructuring of the ownership base by a major player consolidating legitimate VLCC tonnage as a "true strength" and a "fundamental shift" in the highly fragmented market, expecting more consolidation as customers seek access to tonnage.	Revenue SegmentsCrude Tankers: 57.29% y/y growth (Q4 2025 shipping revenues of $151 million vs. $96 million in Q4 2024). Product Carriers: 18.18% y/y growth (Q4 2025 shipping revenues of $117 million vs. $99 million in Q4 2024).

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2026-08-10

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)
About Expanding Eligible MarketInternational Seaways is expanding into the Suezmax segment, which marks an important next step in the Tankers International pool's evolution, aiming to deepen customer relationships and attract additional partners. The company is seeing significant dislocation and substitution by charters between vessel sizes, with LR1s performing exceptionally due to larger ships being pulled east. The Americas are increasing oil production, with the United States, Guyana, Brazil, and Argentina contributing more barrels per day. The U.S. refinery system is operating at full capacity, exporting 1.5 million barrels of diesel and nearly 1 million barrels of gasoline per day, primarily on MRs. China has also resumed product exports, with approximately 800,000 barrels per day in July, an MR market. The company intends to continue its strong customer base and reliable niche trade in the Americas for its LR1 fleet. While exploring niche opportunities for advantage, the company is currently sticking to the oil tanker space for growth.	About CompetitionThe company is strengthening its commercial unit by expanding into the Suezmax segment within the Tankers International pool, aiming to deepen customer relationships and attract additional partners. They were able to secure attractive pricing for new LR1 newbuildings at a quality shipyard, which is an increasingly important consideration in today's market. The consolidation of the Tankers International Suez entity, where International Seaways controls a majority of participating vessels, indicates a strategic move to enhance its market position. The market is also seeing countries like Abu Dhabi actively buying VLCCs, creating a 'scramble for surety of ownership and supply' and pushing prices higher, suggesting competitive demand for vessels.	About The Broader IndustryThe tanker market is experiencing an 'exceptional backdrop' with solid demand fundamentals supporting a constructive outlook for seaborne transportation. The conflict in the Strait of Hormuz and disruptions in Bab-el-Mandeb have created significant inefficiencies in global trade, increasing ton-mile demand and supporting tanker markets. These two waterways historically handled nearly 25 million barrels per day of crude and oil petroleum products. Strategic petroleum reserves have been drawn down to offset supply disruptions, and their replenishment could be an additional source of tanker demand if disruptions ease. Conversely, persistent disruptions could weigh on the global economy and oil demand. The industry is in its fifth year of an up cycle, with new orders entering the market, but the global fleet is aging significantly; roughly 30% is over 20 years old, projected to exceed 50% by 2030, necessitating substantial fleet renewal. Geopolitical events, such as Ukrainian attacks on Russian refineries and challenges for Middle East product exports, are impacting product carrier markets. Gulf producers are also working on Hormuz bypass projects, reflecting significant capital investment in long-term solutions, though this has not yet translated into long-term time charters for new routes.	Where Things Are HeadedThe company anticipates continued strong tanker earnings. Looking ahead, two paths are envisioned: if Middle East disruptions ease, inventory replenishment could drive additional tanker demand as governments rebuild strategic reserves. If disruptions persist, the risk shifts to consumption, potentially weighing on the global economy and oil demand. Significant fleet renewal is expected, with over 50% of the world's tanker fleet projected to be over 20 years old by 2030. International Seaways will continue its balanced capital allocation strategy, focusing on fleet renewal, preserving financial flexibility, and returning meaningful capital to shareholders. The company remains committed to its core oil tanker space for growth opportunities, despite the impressive pace and capital investment in Hormuz bypass projects by Gulf countries, which have not yet led to long-term time charters.	Updates On ThemeOil	Broader Themes EmergingGeopolitical instability continues to be a dominant factor shaping global trade routes and supply chain efficiencies in the oil and product tanker markets. The scramble for 'surety of ownership and supply' by countries like Abu Dhabi highlights a broader theme of energy security and strategic asset acquisition in a volatile environment. The significant aging of the global tanker fleet, with over 30% currently over 20 years old and projected to exceed 50% by 2030, points to a substantial, industry-wide need for fleet renewal and modernization.	Bullish-Leaning Quotes (Short)We delivered record adjusted net income of $295 million or $5.91 per share. Record EBITDA of $345 million and record free cash flow for the quarter of $261 million. Declaring our largest quarterly dividend of $5.05 per share. Demand fundamentals are solid and continue to support a constructive outlook for seaborne transportation. For now, however, the market continues to benefit from the combination of elevated ton-mile demand and stable oil consumption. Our tanker earnings continue strong.	Bearish-Leaning Quotes (Short)The effects of ongoing and threatened conflicts around the world, including in particular, in the Middle East. The conflict in the Strait of Hormuz has created one of the most significant disruptions to seaborne transportation that we have seen in decades. If these disruptions persist for an extended period, the risk shifts to consumption. Sustained disruption of this magnitude could ultimately weigh on the global economy and oil demand. Ukrainians have been hitting a lot of the Russian refineries. The Middle East products are having a challenging time consistently getting exported.

2026-02-26

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)
About Expanding Eligible MarketInternational Seaways is expanding Tankers International, a leading VLCC pool, by acquiring the remaining 50% interest and adding a Suezmax platform. Geopolitical shifts, such as the EU no longer importing refined Russian product from India and Turkey, are redirecting trade flows, benefiting MR tankers with increased U.S. Gulf exports to Europe.	About CompetitionThe consolidation of legitimate VLCC tonnage by a major player like Sinokor Maritime is seen as a true strength in the highly fragmented tanker market, representing a fundamental shift in the ownership base. This consolidation is driven by the recognition that now is the time to gather legitimate unsanctioned tonnage and capitalize on the marketplace, providing staying power and strong leadership. Customers are also recognizing this shift and are actively seeking access to vessels, which is structurally positive for tanker owners.	About The Broader IndustryDemand fundamentals for seaborne tanker transportation are considered solid, with healthy oil demand growth projected at over 1 million barrels per day for both 2026 and 2027. OPEC+ is supplementing non-OPEC production increases by unwinding previous cuts. Despite forecasts from the EIA and IEA predicting supply to exceed demand in 2026, the market structure remains backwardated, and absolute oil prices are elevated, possibly due to China stocking up substantial storage capacity. The geopolitical environment, including U.S.-Iran tensions, the Russia-Ukraine conflict, and upheaval in Venezuela, continues to strongly impact the tanker business. Sanctions enforcement is supporting the compliant fleet, and the tanker order book remains well below the replacement of the fleet, with removal candidates for compliant trade significantly outnumbering new vessels on order.	Where Things Are HeadedThe company anticipates a continued up cycle over the next few years, driven by strong market fundamentals, and is well-positioned to capitalize on these conditions. International Seaways plans to continue its balanced capital allocation strategy, focusing on fleet renewal, maintaining a strong balance sheet, and returning value to shareholders. The company aims to keep its balance sheet fortified for potential downturns and explore ways to further lower its breakeven cost to maximize upside for shareholders. Management expects to continue generating significant free cash flows and will lean into increasing dividends, aiming to share as much as possible with shareholders.	Updates On ThemeTanker	Broader Themes EmergingGeopolitical intensity and its direct impact on global trade routes and commodity markets. Consolidation within highly fragmented industries, as seen with Sinokor Maritime in the VLCC segment, leading to structural shifts and increased demand for legitimate tonnage from customers.	Bullish-Leaning Quotes (Short)Demand fundamentals are solid and continue to support a constructive outlook for seaborne tanker transportation. Oil demand growth remains healthy at more than 1 million barrels per day of growth projected for both 2026 and 2027. We believe these fundamentals should translate into a continued up cycle over the next few years. The spot market is just going from strength to strength. The fact that you now have a major player consolidating legitimate VLCC tonnage is a true strength in our market.	Bearish-Leaning Quotes (Short)EIA and the IEA are forecasting supply to exceed demand in 2026. The geopolitical intensity on tankers remains strong, and we continue to work through a multitude of scenarios that constantly impact our business.

NotesTable

Date	Comment	Comment Type	Comment Sentiment	Link	Price Reaction
2026-02-26	International Seaways (INSW) reported robust Q4 2025 earnings, significantly beating analyst estimates with strong revenue and adjusted EPS. The company declared its largest ever quarterly dividend of $2.15/share, reflecting an 87% payout ratio and over $1 billion returned to shareholders since 2020. This, coupled with a positive tanker market outlook and fleet optimization, led to a strong market reception, with the stock surging over 5% post-earnings and continuing to gain.	Other	Neutral		Deferred (realtime snapshot stale)

Upcoming Events6 rows

Catalyst ID	Estimated Timing	Estimated Date Start	Estimated Date End	Catalyst	Why It Matters	Ticker Or Theme Specific	Transcript Date	Source Type
INSW_acc16dba	Our remaining 4 LR1s will deliver in 2026, completing our newbuild program	2026-01-01	2026-12-31	Delivery of the remaining 4 LR1 newbuild vessels, completing International Seaways' newbuild program.	The completion of the newbuild program will modernize the fleet, potentially improving operational efficiency and revenue generation, while also impacting capital expenditures.	Ticker	2026-02-26	earnings_transcript
INSW_c04287a6	in place until the end of 2026	2026-02-27	2026-12-31	Execution of the $50 million share repurchase program.	The timing and amount of share repurchases are uncertain and can significantly impact shareholder returns, earnings per share, and investor sentiment.	Ticker	2026-02-26	earnings_transcript
INSW_6aedc1a1	The U.S., Iran tensions remain elevated. The Russia-Ukraine conflict has not been resolved. The United States started the year with upheaval of the Venezuelan government and their oil production. The geopolitical intensity on tankers remains strong.	2026-02-27	2028-12-31	Evolution or resolution of ongoing geopolitical conflicts, including U.S.-Iran tensions, the Russia-Ukraine conflict, and the situation in Venezuela, impacting global oil production and trade routes.	Geopolitical events are a primary driver of oil supply, demand, and trade patterns, directly influencing tanker rates and the company's profitability. Escalation or de-escalation could materially shift market dynamics.	Theme	2026-02-26	earnings_transcript
INSW_ce5808d1	We're starting to see the enforcement of sanctions that are affecting our business, which provides support for the compliant fleet.	2026-02-27	2028-12-31	Continued enforcement and potential expansion of sanctions against non-compliant vessels in the tanker market.	Stronger enforcement of sanctions removes non-compliant tonnage from the legitimate trade, tightening the supply of compliant vessels and supporting higher freight rates for companies like International Seaways.	Theme	2026-02-26	earnings_transcript
INSW_b9871d2e	Do you think we'll see more of it now that these benefits are pretty clear? I think so.	2026-02-27	2028-12-31	Further consolidation among tanker owners in the crude or refined product segments.	Industry consolidation can lead to a more rationalized supply side, increased pricing power for owners, and potentially higher asset values, benefiting existing players.	Theme	2026-02-26	earnings_transcript
INSW_306428cc	We review our capital allocation strategy quarterly with our Board	2026-04-01	2026-12-31	Board's quarterly decision on future dividend payout ratios and capital allocation strategy.	While management is committed to high payouts, the exact ratio and amount of future dividends are subject to quarterly review and can impact investor sentiment and shareholder returns.	Ticker	2026-02-26	earnings_transcript