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.

60,4 %

36,7 %

−11,4 %

3.71

3.71

— International Seaways, Inc.
%
Crude Tankers52% Transportation of crude oil worldwide using VLCC, Suezmax and Aframax vessels, including lightering support services.
Product Carriers48% Transportation of refined petroleum products using LR2, LR1 and MR tankers across global trade routes.
Ship-to-Ship Lightering0% STS transfer services that help move crude between vessels where port access or draft limits apply.
Commercial Pooling and Management0% Pool participation and limited third-party commercial management that optimize vessel utilization and spot-market access.

The company sells transportation capacity to oil majors, independent and state-owned oil companies, traders, refinery...

  • Oil majors and large independent producersprimary

    They charter crude tankers for global crude movements and value scale, reliability and access to large vessel classes.

  • Oil tradersprimary

    They buy spot voyage capacity through pools to capture short-term arbitrage and cargo timing opportunities.

  • Refinery operatorssecondary

    They use product carriers and crude tankers to secure feedstock and product logistics across trade routes.

  • State-owned oil companies and government entitiessecondary

    They charter vessels for strategic crude and product movements, often requiring dependable global tonnage.

  • U.S. crude import/export customerssecondary

    They use lightering services in the U.S. Gulf, U.S. Pacific, Grand Bahama and Panama regions.

International Seaways operates globally, with vessels moving between trades and regions rather than fixed routes or...

  • •Global tanker operations across major crude and product trade lanes
  • •U.S. Gulf is key for lightering tied to crude imports and exports
  • •U.S. Pacific, Grand Bahama and Panama support STS lightering work
  • •Fleet can shift between regions as freight rates change
  • •Trade policy and port-access rules can affect vessel deployment

The company is focused on balancing spot exposure with long-term charters to manage earnings volatility while...

01
Fleet renewal and modernizationmedium-term

Newer vessels improve competitiveness, efficiency and regulatory compliance.

02
Balanced chartering mixshort-term

Combining spot and fixed-rate employment helps manage volatility while retaining upside.

03
Capital allocation disciplineshort-term

Management is using asset sales, liquidity and cash generation to fund growth and shareholder returns.

04
Expand commercial platformmedium-term

Broader pool coverage can improve utilization and access to cargoes.

Earnings are highly exposed to tanker freight-rate cycles because much of the fleet operates in the spot market and...

high

Spot market freight-rate volatility

A large share of revenue comes from voyage charters and pools priced at market rates.

Scope
Crude Tankers and Product Carriers
Materiality
high
high

Trade protectionism and China-linked vessel fees

Proposed U.S. fees on certain vessels could increase costs or reduce port access.

Scope
U.S. port calls and fleet deployment
Materiality
high
high

Environmental and safety regulation

Tankers face strict rules that may require capital spending to remain compliant.

Scope
Fleet upgrades, drydock, emissions and ballast systems
Materiality
high
high

Marine casualty and spill liability

Accidents can cause direct losses, insurance claims and stricter regulation.

Scope
Tanker operations and lightering
Materiality
high
medium

Oil-major vetting and customer acceptance

Employment can be limited if vessels fail risk assessment or customer standards.

Scope
Charter access and pool participation
Materiality
medium
Revenue recognition by charter type
Quarterly revenue and TCE volatility
Vessel useful lives and salvage values
Depreciation expense and impairment risk
Impairment of vessels
Asset carrying values and earnings
Lease accounting for chartered-in vessels
Operating expense, depreciation and liabilities
Capital commitments for newbuilds and vessel upgrades
Liquidity planning and leverage

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: 28/04/2026