International Seaways, Inc. INSW
International Seaways, Inc., a Marshall Islands corporation incorporated in 1999, and its wholly owned subsidiaries own and operate a fleet of oceangoing vessels engaged primarily in the transportation of crude oil and petroleum products in the International Flag trade. Our vessel operations are organized into two segments: Crude Tankers and Product Carriers. At December 31, 2025, we owned or operated an International Flag fleet of 70 vessels (totaling an aggregate of 8.4 million dwt), consisting of VLCC, Suezmax and Aframax crude tankers, as well as LR2, LR1 and MR product carriers. In addition to our operating fleet of 70 vessels, four dual-fuel ready LR1 newbuilds are contracted for delivery to the Company between the first and third quarters of 2026, bringing the total operating and newbuild fleet to 74 vessels. The Marshall Islands is the principal flag of registry of our vessels. Additional information about our fleet, including its ownership profile, is set forth under "— Fleet Operations — Fleet Summary," as well as on the Company's website, www.intlseas.com. Neither our website nor the information contained on that site, or connected to that site, is incorporated by reference in this Annual Report on Form 10-K.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- International Crude Tankers Segment
- International Product Carriers Segment
| Segment | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| International Crude Tankers Segment | $439.6M | $451.4M | $524.0M |
| International Product Carriers Segment | $403.7M | $500.3M | $547.8M |
As the company reported it, from the “REVENUE (Schedule of Disaggregated Revenue) (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $843.3M | $951.6M | $1.07B | $864.7M | $272.5M | $421.6M | $366.2M | $270.4M | $290.1M | $398.3M |
| SG&A | $50.2M | $52.6M | $47.5M | $46.4M | $33.2M | $29.0M | $26.8M | $24.3M | $24.5M | $30.4M |
| Total operating expenses | $497.9M | $496.4M | $456.3M | $422.0M | $384.7M | $381.8M | $311.0M | $324.9M | $398.0M | $391.1M |
| Operating income | $345.4M | $455.2M | $615.4M | $442.7M | -$112.1M | $39.9M | $55.2M | -$54.5M | -$107.9M | $7.2M |
| Interest expense | $42.7M | $49.7M | $65.8M | $57.7M | $36.8M | $36.7M | $66.3M | $60.2M | $41.2M | $40.4M |
| Pre-tax income | $308.9M | $415.6M | $560.3M | $388.0M | -$133.0M | -$5.5M | -$829.0K | -$89.0M | -$106.0M | -$17.7M |
| Income tax | $411.0K | $1.1M | $3.9M | $88.0K | $1.6M | $1.0K | $1.0K | $105.0K | $44.0K | $440.0K |
| Net income | $309.3M | $416.7M | $556.5M | $387.9M | -$134.7M | -$5.5M | -$830.0K | -$88.9M | -$106.1M | -$18.2M |
| EPS, basic | 6.27 | 8.45 | 11.35 | 7.85 | -3.48 | -0.20 | -0.03 | — | — | — |
| EPS, diluted | 6.23 | 8.38 | 11.25 | 7.77 | -3.48 | -0.20 | -0.03 | -3.05 | -3.64 | -0.62 |
| Shares, diluted (wtd. avg.) | 49.6M | 49.7M | 49.4M | 49.8M | 38.4M | 28.4M | 29.2M | 29.1M | 29.2M | 29.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $116.9M | $157.5M | $126.8M | $243.7M | $98.9M | $215.7M | $150.2M | $117.6M | $70.6M | $92.0M |
| Short-term investments | $50.0M | — | $60.0M | $80.0M | — | — | — | — | — | — |
| Receivables | $177.9M | $185.5M | $247.2M | $289.8M | $107.1M | $43.4M | $83.8M | $94.6M | $58.2M | $66.9M |
| Inventory | $611.0K | $1.9M | $1.3M | $531.0K | $2.1M | $3.6M | $3.9M | $3.1M | $3.3M | $1.3M |
| Total current assets | $367.0M | $376.3M | $465.0M | $642.6M | $224.5M | $256.8M | $187.3M | $167.6M | $131.8M | $170.9M |
| Property, plant and equipment | $2.08B | $2.05B | $1.91B | $1.68B | $1.80B | $1.11B | $1.29B | $1.33B | $1.10B | $1.10B |
| Other intangibles | — | — | — | — | $842.0K | — | — | — | — | — |
| Total assets | $2.67B | $2.64B | $2.52B | $2.62B | $2.35B | $1.59B | $1.75B | $1.85B | $1.66B | $1.66B |
| Accounts payable | $1.7M | $5.8M | $6.6M | $1.8M | $1.6M | $2.6M | $5.0M | $1.2M | $330.0K | $2.9M |
| Short-term debt | $25.8M | $50.1M | $127.4M | $162.9M | $178.7M | $61.5M | $70.3M | $51.6M | $24.1M | $6.2M |
| Total current liabilities | $98.9M | $130.9M | $195.6M | $257.4M | $234.6M | $108.9M | $114.5M | $75.3M | $47.2M | $45.1M |
| Long-term debt | $541.3M | $638.4M | $595.2M | $860.6M | $926.3M | $474.3M | $590.7M | $759.1M | $528.9M | $433.5M |
| Total liabilities | $648.4M | $780.3M | $805.1M | $1.13B | $1.18B | $614.5M | $731.2M | $838.7M | $578.8M | $483.0M |
| Retained earnings | $523.8M | $359.1M | $226.8M | -$21.4M | -$409.3M | -$275.8M | -$270.3M | -$269.5M | -$180.5M | -$74.5M |
| Total equity | $2.02B | $1.86B | $1.72B | $1.49B | $1.17B | $972.0M | $1.02B | $1.01B | $1.09B | $1.18B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $380.1M | $547.1M | $688.4M | $287.8M | -$76.2M | $216.1M | $87.5M | -$12.5M | $17.4M | $129.0M |
| Depreciation and amortisation | $163.6M | $149.4M | $129.0M | $110.4M | $86.7M | $74.3M | $75.7M | $72.4M | $78.9M | $79.9M |
| Stock-based compensation | $8.7M | $9.0M | $8.5M | $6.7M | $10.5M | $5.6M | $4.3M | $3.2M | $3.8M | $2.8M |
| Capital expenditure | — | $119.5M | — | — | — | — | — | $148.9M | $173.5M | $2.0M |
| Investing cash flow | -$141.3M | -$155.0M | -$124.3M | $42.8M | $133.3M | $32.4M | $107.9M | $123.7M | -$136.8M | $2.5M |
| Financing cash flow | -$279.3M | -$361.4M | -$681.1M | -$185.8M | -$173.8M | -$183.1M | -$162.8M | -$64.2M | $98.0M | -$357.3M |
| Dividends paid | $144.6M | $284.4M | $308.2M | $69.8M | $1.7M | $1.7M | $1.7M | — | — | — |
| Buybacks | — | $25.0M | $13.9M | $20.0M | $16.7M | $30.0M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-017661.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $398.3M | $290.1M | $270.4M | $366.2M | $421.6M | $272.5M | $864.7M | $1.07B | $951.6M | $843.3M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$18.2M | -$106.1M | -$88.9M | -$830.0K | -$5.5M | -$134.7M | $387.9M | $556.5M | $416.7M | $309.3M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Material agreement signed Item 1.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Material agreement signed Item 1.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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