International Seaways, Inc.
International Seaways owns and operates a global tanker fleet that transports crude oil and refined petroleum products. The company also provides ship-to-ship lightering services in key U.S. and international locations, and it uses a mix of spot voyages, pools, time charters, and bareboat charters to manage earnings exposure.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueTransportation of crude oil worldwide using VLCC, Suezmax and Aframax vessels, including lightering support services.
Transportation of refined petroleum products using LR2, LR1 and MR tankers across global trade routes.
STS transfer services that help move crude between vessels where port access or draft limits apply.
Pool participation and limited third-party commercial management that optimize vessel utilization and spot-market access.
Products
Reported · share of revenue- Pool Revenue Leases76.1 %
- Time and Bareboat Charter Leases18.7 %
- Voyage Charter Leases5.2 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company sells transportation capacity to oil majors, independent and state-owned oil companies, traders, refinery operators, and international government entities. Its customers use the fleet to move crude oil and refined products on spot voyages or under fixed-rate charters, depending on their need for flexibility versus price certainty.
They charter crude tankers for global crude movements and value scale, reliability and access to large vessel classes.
They buy spot voyage capacity through pools to capture short-term arbitrage and cargo timing opportunities.
They use product carriers and crude tankers to secure feedstock and product logistics across trade routes.
They charter vessels for strategic crude and product movements, often requiring dependable global tonnage.
They use lightering services in the U.S. Gulf, U.S. Pacific, Grand Bahama and Panama regions.
Strategy
The company is focused on balancing spot exposure with long-term charters to manage earnings volatility while preserving upside in strong tanker markets. It is also renewing the fleet, reducing debt incrementally, and returning capital to shareholders through regular and supplemental dividends and share repurchases.
Newer vessels improve competitiveness, efficiency and regulatory compliance.
Combining spot and fixed-rate employment helps manage volatility while retaining upside.
Management is using asset sales, liquidity and cash generation to fund growth and shareholder returns.
Broader pool coverage can improve utilization and access to cargoes.
Geography
International Seaways operates globally, with vessels moving between trades and regions rather than fixed routes or schedules. Its lightering business is concentrated in the U.S. Gulf, U.S. Pacific, Grand Bahama and Panama, making U.S. crude flows and port access especially important to that segment. The company also faces regulatory and trade-policy exposure across the countries where its vessels call and are registered.
Risks
Earnings are highly exposed to tanker freight-rate cycles because much of the fleet operates in the spot market and through pools. The business also faces regulatory, environmental and trade-policy risk, including potential U.S. fees on China-linked vessels, stricter tanker safety rules, and customer vetting requirements that can limit employment.
- Trade protectionism and China-linked vessel feesImpact: HighLikelihood: High
Proposed U.S. fees on certain vessels could increase costs or reduce port access.
Exposure: U.S. port calls and fleet deployment
- Spot market freight-rate volatilityImpact: HighLikelihood: Medium
A large share of revenue comes from voyage charters and pools priced at market rates.
Exposure: Crude Tankers and Product Carriers
- Environmental and safety regulationImpact: HighLikelihood: Medium
Tankers face strict rules that may require capital spending to remain compliant.
Exposure - Marine casualty and spill liabilityImpact: HighLikelihood: Medium
Accidents can cause direct losses, insurance claims and stricter regulation.
Exposure: Tanker operations and lightering
- Oil-major vetting and customer acceptanceImpact: MediumLikelihood: Medium
Employment can be limited if vessels fail risk assessment or customer standards.
Exposure: Charter access and pool participation
Accounting
Judgemental itemsSpot voyages, pools and fixed-rate charters are recognized differently and affect comparability.
Impact: Quarterly revenue and TCE volatility
Management estimates 25-year useful lives, which drive depreciation and can change with regulation or market weakness.
Impact: Depreciation expense and impairment risk
Lower market values or prolonged weak freight markets can trigger write-downs.
Impact: Asset carrying values and earnings
Bareboat and time-chartered-in vessels under leases affect balance sheet and expense recognition.
Impact: Operating expense, depreciation and liabilities
Construction and betterment commitments must be tracked and disclosed as future cash uses.
Impact: Liquidity planning and leverage
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Last updated: 24/09/2026