Download PDF

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.

Show Full description

1.b. Last Insights on INSW

International Seaways' recent performance was positively driven by its Q2 2025 earnings beat, with adjusted earnings per share of $1.02, exceeding the $0.93 forecast. The company's strong balance sheet, manageable debt, and robust liquidity also contributed to its resilience. Furthermore, the successful placement of $250 million in 5-year senior unsecured bonds at 7.125% per annum, maturing in 2030, demonstrated investor confidence. Favorable tanker market dynamics, including vessel shortages and longer voyage routes, are expected to support high day rates and future profitability.

1.c. Company Highlights

2. International Seaways' Q3 2025 Earnings: A Strong Performance

International Seaways reported adjusted net income of $57 million or $1.15 per diluted share for the third quarter of 2025, beating analyst estimates of $0.91. The company's adjusted EBITDA was $108 million. The strong earnings were driven by a robust tanker market, with the company's CFO, Jeffrey Pribor, reporting a net increase in cash of $264 million, resulting in ending cash of $413 million and total liquidity of nearly $1 billion.

Publication Date: Nov -11

📋 Highlights
  • Strong Q3 Financial Performance:: Net income of $71M ($1.42/share), adjusted net income of $57M ($1.15/share), and adjusted EBITDA of $108M, alongside a $0.86/share dividend and $50M share repurchase extension.
  • Fleet Renewal Strategy:: Sold five vessels (>17.5 years old) for $67M, three MRs for $37M, and financed two LR1 vessels with $82M debt, while acquiring a 2020-built VLCC for $107M in Q4.
  • Robust Liquidity and Low Leverage:: $985M total liquidity, net debt under $400M, and a 13% net loan-to-value ratio after repaying leases via a $250M senior unsecured bond issuance.
  • Favorable Tanker Market Outlook:: 1M barrels/day oil demand growth, 14% of fleet in newbuild orders, and strong Suezmax/Aframax performance ($29K/day MR rates) driven by geopolitical factors.
  • Free Cash Flow and Guidance:: Pro forma $727M liquidity, $40.4K/day blended TCE in Q4, and $14.5K/day 2026 breakeven, supporting continued shareholder returns and fleet upgrades.

Operational Highlights

During the quarter, International Seaways took delivery of two LR1 vessels, borrowed $82 million to finance them, and sold five vessels with an average age above 17.5 years for $67 million. The company also agreed to sell three of its oldest MRs for $37 million and will purchase a 2020-built VLCC for $107 million in the fourth quarter, continuing its strategy of renewing its fleet and improving earnings capability.

Tanker Market Fundamentals

The tanker market's demand fundamentals are solid, with oil demand growth of 1 million barrels per day. The supply side remains compelling, with orders slowed in 2025 and tankers on order representing 14% of the fleet. International Seaways believes these fundamentals will translate into a continued up cycle over the next few years, with the company expecting to continue generating significant free cash flows and returning cash to shareholders.

Valuation and Return Metrics

With a P/E Ratio of 12.16 and an EV/EBITDA of 7.31, the company's valuation appears reasonable. The Dividend Yield is 6.1%, and the Free Cash Flow Yield is 9.82%, indicating a attractive return profile. The company's ROE is 11.51%, and ROIC is 8.85%, demonstrating a healthy profitability. Analysts estimate next year's revenue growth at 8.7%, which could lead to further upside.

Market Outlook and Guidance

International Seaways' forward-looking guidance indicates a blended average spot TCE of about $40,400 per day for the fourth quarter, with a breakeven rate of about $14,500 per day for 2026. The company's strong liquidity position, with net debt under $400 million and a net loan-to-value of 13%, provides a solid foundation for future growth.

3. NewsRoom

Card image cap

Financial Survey: International Seaways (NYSE:INSW) and Nippon Yusen Kabushiki Kaisha (OTCMKTS:NPNYY)

Nov -30

Source: defenseworld.net

Card image cap

Donald Smith & Co's Strategic Moves: Honda Motor Co Ltd Takes Center Stage

Nov -25

Source: gurufocus.com

Card image cap

Financial Survey: International Seaways (NYSE:INSW) vs. Ultrapetrol (Bahamas) (OTCMKTS:ULTRF)

Nov -18

Source: defenseworld.net

Card image cap

Here are Tuesday's Top Wall Street Analyst Research Calls: Coreweave, Instacart, Qorvo, Robinhood Markets, Skyworks Solutions, Viasat and More

Nov -11

Source: 247wallst.com

Card image cap

Are You Looking for a Top Momentum Pick? Why International Seaways (INSW) is a Great Choice

Nov -10

Source: zacks.com

Card image cap

International Seaways, Inc. (INSW) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

Card image cap

International Seaways (INSW) Q3 Earnings and Revenues Beat Estimates

Nov -06

Source: zacks.com

Card image cap

Is the Options Market Predicting a Spike in International Seaways Stock?

Oct -27

Source: zacks.com

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

Stock-Card
Western Midstream Partners

A-Score: 7.1/10

Value: 5.1

Growth: 6.6

Quality: 7.2

Yield: 10.0

Momentum: 5.0

Volatility: 9.0

1-Year Total Return ->

View Full Report
Stock-Card
International Seaways

A-Score: 6.7/10

Value: 7.2

Growth: 8.2

Quality: 7.4

Yield: 10.0

Momentum: 2.0

Volatility: 5.7

1-Year Total Return ->

View Full Report
Stock-Card
DT Midstream

A-Score: 6.6/10

Value: 3.2

Growth: 6.0

Quality: 6.5

Yield: 7.0

Momentum: 8.5

Volatility: 8.3

1-Year Total Return ->

View Full Report
Stock-Card
Plains GP Holdings

A-Score: 6.6/10

Value: 8.1

Growth: 3.6

Quality: 3.9

Yield: 10.0

Momentum: 4.5

Volatility: 9.3

1-Year Total Return ->

View Full Report
Stock-Card
Plains All American Pipeline

A-Score: 6.5/10

Value: 7.8

Growth: 3.6

Quality: 4.5

Yield: 10.0

Momentum: 4.0

Volatility: 9.0

1-Year Total Return ->

View Full Report
Stock-Card
EnLink Midstream

A-Score: 4.6/10

Value: 3.5

Growth: 5.4

Quality: 2.8

Yield: 5.0

Momentum: 4.5

Volatility: 6.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

51.13$

Current Price

51.13$

Potential

-0.00%

Expected Cash-Flows