Start here if you're new
what it is
International Seaways owns 73 tankers that move crude oil and refined fuels around the world.
how it gets paid
Last year L Seaways made $843M in revenue. MR Product Carriers was the main engine at $369.7M, or 44% of sales.
why growth slowed
Revenue fell 11.4% last year. Most recently, the company inked a deal to sell five older mr and vlcc vessels for $185 million that should result in a $65 million.
what just happened
Latest Revenue hit $575M, up 193% vs. prior year, while EPS reached $3.67.
At a glance
S balance sheet
5/100 earnings predictability — expect surprises
11.3x trailing p/e — the market's not buying it — or you found a deal
0.8% dividend yield — cash in your pocket every quarter
7.5% return on capital — nothing to write home about
xvary composite: 54/100 — below average
What they do
International Seaways owns 73 tankers that move crude oil and refined fuels around the world.
This business wins with steel, scale, and timing. INSW runs 73 vessels, and 86% of 2024 revenue came from the spot market, meaning ships are hired at current rates, so your upside jumps fast when tanker pricing tightens. The catch is the same as the edge: you get torque when rates rise, and whiplash when they fall.
How they make money
$843M
annual revenue · their business grew -11.4% last year
MR Product Carriers
$369.7M
Suezmax Tankers
$150.1M
VLCCs
$138.6M
LR1 Tankers
$127.0M
Aframax/LR2 Tankers
$57.7M
The products that matter
charters crude and product tankers
Tanker Fleet Chartering
$843M revenue · entire business
it's the whole $843M business, which means every earnings swing traces back to charter rates and vessel utilization.
100% of revenue
Key numbers
86%
spot revenue
Spot market → ships hired at current market rates → so what: 86% of revenue moves with tanker pricing, which makes profits run hot or cold fast.
45.0%
operating margin
Operating margin → profit after running the business → so what: keeping 45 cents of every revenue dollar is rich for a shipping company.
$510M
long-term debt
Long-term debt → money owed over years → so what: debt is 15% of capital, which is manageable until fleet upgrades get more expensive.
$54
18-month target
Target price → estimated fair value over the next 18 months → so what: at $60.38, shares sit about 11% above that mark.
Financial health
S
strength
- balance sheet grade S
- risk rank 3 — safer than 50% of stocks
- price stability 35 / 100
- long-term debt $510M (15% of capital)
- net profit margin 23.7% — keeps 24 cents of every dollar in revenue
- return on equity 8% — $0.08 profit for every $1 investors have put in
S — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in INSW 3 years ago → it's now worth $22,050.
The index would have given you $13,880.
source: institutional data · total return
What just happened
beat estimates
Latest Revenue hit $575M, up 193% vs. prior year, while EPS reached $3.67.
The quarter showed what spot exposure looks like when rates cooperate. Annual revenue still fell 11.4% to $843M, so you are looking at a business that swings hard between feast and cleanup.
$211M
revenue
$3.67
eps
+193%
revenue growth
the number that mattered
The number was $575M of quarterly revenue, because it shows how fast this model can reprice when tanker markets tighten.
-
we are initiating coverage of international seaways this week in the institutional data.the new yorkheadquartered tanker shipping company owns and operates a fleet of 73 ships for the transport of crude oil and refined petrolem products.
-
much like other tanker ship owners, the company has focused on modernizing its fleet to comply with the upcoming international maritime organization’s net-zero carbon emissions ruling.most recently, the company inked a deal to sell five older mr and vlcc vessels for $185 million that should result in a $65 million gain on sale in the first quarter. additionally, it was scheduled to take delivery of four lr1 newbuilds through the third quarter of 2026.
-
the company’s performance likely got a jolt at the close of 2025.year-end strength likely came from the overall call for increased oil production in the back half of 2025. we note that the tanker market is notoriously cyclical and highly volatile, especially among vessels operating in the short-term spot market. international seaways’ fleet is mainly employed in the spot market, where shipping rates can gyrate depending on global oil supply, fleet availability, and geopolitical events.
-
in recent months, a surge in vlcc rates likely reflected a rapidly tightening environment, as compliant ships became less available due to expanding u.s. sanctions and an aging fleet.
-
our outlook for the next two years is mixed.momentum ought to carry into the first half of the year, as u.s. actions involving venezuela have reduced the pool of compliant vessels, thereby supporting spot tanker rates. meanwhile, global oil production remains elevated and contangoinfluenced stockpiling ought to bolster tonmile demand. more balanced supply/demand fundamentals are likely to prevail in 2027, with vessel supply growth likely to pressure freight rates and a gradual reopening of the suez canal ought to shorten voyage distances.
source: company earnings report, 2026
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What could go wrong
the #1 risk is spot tanker rate compression.
high
spot tanker rate compression
all $843M of revenue comes from chartering tankers. If spot rates fall, the income statement feels it quickly because there is no second engine to offset the drop.
revenue exposure: 100% of the business
med
fleet renewal execution
selling five older vessels and taking delivery of four new LR1 tankers through Q3 2026 can improve fleet quality, but it also creates timing risk. New ships need to earn enough to justify the transition.
near-term moving parts: 5 vessel sales, 4 vessel deliveries
med
emissions regulation and compliance cost
new emissions rules are one reason management is modernizing the fleet. For an asset-heavy operator, regulation shows up as capex, downtime, or lower returns on older ships.
balance-sheet buffer matters: $510M long-term debt, 15% of capital
low
long-term oil demand drift
this fleet is built to move crude oil and refined products. If the energy mix changes over time, tanker assets do not get more valuable by staying in the same place.
strategic exposure: the company remains tied to petroleum shipping
a weaker freight market would hit the entire $843M revenue base, and the low 5/100 earnings predictability score says the stock does not give you much warning.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
spot tanker rates
this is the main input. When rates move, INSW's revenue and sentiment usually move with them.
calendar
LR1 deliveries through Q3 2026
four new LR1 tankers are scheduled through Q3 2026. You want those deliveries on time and earning into a healthy market.
trend
oil production and sanctions
the current setup points to support from high oil production and sanctions. If that backdrop fades, rate support can fade with it.
risk
rate strength in 2027
the market sounds more comfortable about 2026 than 2027. That gap matters because cyclical stocks tend to rerate before the weaker year shows up in earnings.
Analyst rankings
short-term outlook
average
momentum score 3 — in human-speak, analysts think the stock is behaving normally, not breaking out.
risk profile
average
stability score 3 — about middle of the pack on overall risk, even if the business itself is cyclical.
chart momentum
below average
technical score 4 — the chart says the easy move may already have happened.
earnings predictability
5 / 100
earnings are hard to forecast because shipping rates are hard to forecast. The rating is low for a reason.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 133 buyers vs. 125 sellers in 3q2025. total institutional holdings: 37.2M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$30
$77
$60
current price
$54
target midpoint · 11% from current · 3-5yr high: $77
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