If You Invested in International Seaways (INSW)

International Seaways, Inc. (NYSE: INSW) is a tanker shipping company focused on deep sea freight transportation of crude oil and petroleum products. According to company disclosures, International Seaways is described as one of the largest tanker companies worldwide, providing energy transportation services in International Flag markets. The company is organized under the laws of the Republic of the Marshall Islands and its common stock is listed on the New York Stock Exchange under the symbol INSW.

International Seaways owns and operates a sizeable fleet of oceangoing tankers. Based on its public statements, the fleet includes very large crude carriers (VLCCs), Suezmaxes, Aframaxes/LR2s, LR1 product tankers (including newbuildings under construction), and MR tankers. Earlier descriptions of the business also reference ULCC and Panamax crude tankers and MR, LR1 and LR2 product carriers, reflecting the company’s focus on transporting both crude oil and refined petroleum products. The company’s vessel operations are organized into two main segments: Crude Tankers and Product Carriers.

International Seaways reports that it owns and operates dozens of vessels across these classes, with the exact number varying over time due to fleet sales, purchases and newbuilding deliveries. Recent company communications describe a fleet that includes double-digit numbers of VLCCs, Suezmaxes, Aframaxes/LR2s, LR1s and MR tankers. The company has also entered into contracts to build six scrubber-fitted, dual-fuel (LNG) ready LR1 vessels in Korea with K Shipbuilding Co., Ltd., at a total contract price of approximately $359 million, to be delivered over a multi-year period. These LR1 vessels are expected to trade in the Panamax International Pool.

Fleet optimization is a recurring theme in International Seaways’ public reporting. The company has described a fleet optimization program that includes selling older vessels, acquiring modern tankers and executing vessel swaps. Examples include exchanging two of its oldest VLCCs and cash for three 2015-built MR tankers, as well as selling multiple MR and LR1 vessels with average ages in the high teens. At the same time, International Seaways has agreed to purchase a 2020-built, scrubber-fitted VLCC and continues to take delivery of LR1 newbuildings. These actions, as described by the company, are intended to renew the fleet and adjust its age profile.

International Seaways also highlights the use of time charter agreements and pool employment in its tanker operations. The company periodically discloses the number of vessels on time charter, the average duration of those charters and the total future contracted revenues through expiry, excluding any profit-sharing components. In addition to time charters, the company participates in tanker pools, such as the Panamax International Pool for certain LR1 vessels, which it notes has outperformed the market in its own communications.

The company’s financial disclosures emphasize a focus on balance sheet management and capital structure. International Seaways has discussed revolving credit facilities, sale-and-leaseback arrangements, term loans and export credit agency-backed financing for its LR1 newbuildings. In 2025, the company entered into a Korean export agency-backed financing structure (the ECA Credit Facility) with DNB Bank and K-SURE, consisting of a term loan facility and a revolving facility to partly finance six LR1 tanker newbuildings. The company has also issued senior unsecured bonds in the Nordic bond market, due 2030, with a fixed coupon, and has indicated that proceeds are intended to refinance existing lease financing on VLCCs and for general corporate purposes.

International Seaways reports that it maintains revolving credit capacity and liquidity, and that it has used these facilities to support vessel transactions and manage its capital allocation. The company has also described amendments to its credit facilities that convert term loans into revolving capacity and adjust margins, with the stated goal of reducing mandatory debt repayments and interest expense. In its SEC filings, International Seaways notes financial covenants linked to liquidity levels, leverage ratios and current asset coverage of current liabilities.

Returns to shareholders are a regular topic in the company’s earnings releases and Form 8-K filings. International Seaways has disclosed a pattern of paying a regular quarterly dividend supplemented by additional dividends, with combined dividends per share determined as a percentage of adjusted net income. The company’s board has repeatedly declared combined dividends representing a substantial portion of adjusted net income, and the company has referred to multiple consecutive quarters of payout ratios at or above a specified percentage. In addition, International Seaways has an authorized share repurchase program with a stated dollar authorization and an expiry date, which has been extended by the board.

International Seaways is headquartered in New York City, New York. The company’s SEC filings list its principal executive offices in New York, and its press releases consistently describe it as headquartered in New York City. Its corporate structure includes International Seaways Operating Corporation and various vessel-owning subsidiaries formed in jurisdictions such as the Republic of the Marshall Islands and the Republic of Liberia. In 2025, the company disclosed amendments to its credit facilities to permit the redomiciliation of certain vessel-owning and intermediate holding subsidiaries to Bermuda, while the parent company remains organized under Marshall Islands law.

In addition to its core shipping operations, International Seaways has highlighted workforce and culture initiatives. In 2025, the company announced a female cadet program in collaboration with V., a global ship manager and marine services provider. According to the joint announcement, the program includes measures aimed at creating a more female-friendly working environment onboard, such as access to gender-specific facilities, workwear, safety equipment and health and wellness programs, along with onboard culture training. The initiative is presented as a response to the low representation of women in the global seafaring workforce and as a way to build a more diverse and sustainable workforce.

International Seaways’ SEC filings and earnings releases also refer to the company’s use of non-GAAP financial measures such as time charter equivalent (TCE) revenues, adjusted net income and adjusted EBITDA. These measures are used in the company’s own analysis of operating performance and capital allocation, and reconciliations to GAAP figures are provided in its public filings. The company also discloses segment-level shipping revenues and TCE revenues for its Crude Tankers and Product Carriers segments.

For investors researching INSW stock, the company’s public materials emphasize: (i) its role in transporting crude oil and petroleum products via a diversified tanker fleet across multiple size classes; (ii) its two primary operating segments, Crude Tankers and Product Carriers; (iii) an active fleet optimization and renewal program involving vessel sales, purchases, swaps and newbuildings; (iv) the use of time charters, pools and spot market exposure; (v) a capital structure that includes revolving credit facilities, export credit agency-backed financing and senior unsecured bonds; and (vi) a capital allocation framework that includes dividends and share repurchases, as described in its own communications.