# International Seaways, Inc. (INSW) Informational only - not investment advice. CIK: 0001679049 SIC: 4400 Water Transportation SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [SIC Major Group 44](/major-group/44/) > [SIC 4400 Water Transportation](/industry/4400/) Latest 10-K filed: 2026-02-26 SEC page: https://www.sec.gov/edgar/browse/?CIK=1679049 Filing source: https://www.sec.gov/Archives/edgar/data/1679049/000110465926020113/insw-20251231x10k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001104659-26-020113 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001679049.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 843,302,000 USD | 2025 | verified | | Net income | 309,261,000 USD | 2025 | verified | | Assets | 2,668,642,000 USD | 2025 | verified | | Net margin | 36.67% | 2025 | computed | | Operating margin | 40.96% | 2025 | computed | | Revenue YoY | -11.38% | 2025 | computed | | ROE | 15.31% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | INSW | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 36.7% | 11.9% | 100 | 8 | | Operating margin | 41.0% | 16.4% | 100 | 8 | | Revenue growth | -11.4% | 1.8% | 14 | 8 | | ROE | 15.3% | 17.6% | 29 | 8 | | ROA | 11.6% | 7.7% | 86 | 8 | | Liabilities / equity | 0.32 | 0.90 | 0 | 8 | | Current ratio | 3.71 | 1.21 | 100 | 8 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4400 Water Transportation, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 843302000 | USD | 2025 | 2026-02-26 | | Net income | 309261000 | USD | 2025 | 2026-02-26 | | Assets | 2668642000 | USD | 2025 | 2026-02-26 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001679049.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 398,319,000 | 290,101,000 | 270,361,000 | 366,184,000 | 421,648,000 | 272,546,000 | 864,665,000 | 1,071,775,000 | 951,613,000 | 843,302,000 | | Net income | -18,223,000 | -106,088,000 | -88,940,000 | -830,000 | -5,531,000 | -133,492,000 | 387,891,000 | 556,446,000 | 416,724,000 | 309,261,000 | | Operating income | 7,207,000 | -107,945,000 | -54,531,000 | 55,168,000 | 39,880,000 | -112,137,000 | 442,654,000 | 615,431,000 | 455,225,000 | 345,385,000 | | Diluted EPS | | | | -0.03 | -0.20 | -3.48 | 7.77 | 11.25 | 8.38 | 6.23 | | Operating cash flow | 128,960,000 | 17,395,000 | -12,480,000 | 87,486,000 | 216,140,000 | -76,192,000 | 287,801,000 | 688,402,000 | 547,138,000 | 380,052,000 | | Dividends paid | | | | | 6,770,000 | 40,939,000 | 69,841,000 | 308,154,000 | 284,416,000 | 144,611,000 | | Share buybacks | | | | | 29,997,000 | 16,660,000 | 20,017,000 | 13,948,000 | 25,000,000 | | | Assets | 1,662,521,000 | 1,664,484,000 | 1,848,601,000 | 1,753,501,000 | 1,586,539,000 | 2,346,780,000 | 2,615,334,000 | 2,521,819,000 | 2,636,397,000 | 2,668,642,000 | | Liabilities | 483,009,000 | 578,830,000 | 838,746,000 | 731,208,000 | 614,497,000 | 1,176,448,000 | 1,127,582,000 | 805,062,000 | 780,349,000 | 648,365,000 | | Stockholders' equity | 1,179,512,000 | 1,085,654,000 | 1,009,855,000 | 1,022,293,000 | 972,042,000 | 1,169,748,000 | 1,487,752,000 | 1,716,757,000 | 1,856,048,000 | 2,020,277,000 | | Cash and cash equivalents | 92,001,000 | 60,027,000 | 58,313,000 | 89,671,000 | 199,390,000 | 97,883,000 | 243,744,000 | 126,760,000 | 157,506,000 | 116,922,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | -4.57% | -36.57% | -32.90% | -0.23% | -1.31% | -48.98% | 44.86% | 51.92% | 43.79% | 36.67% | | Operating margin | 1.81% | -37.21% | -20.17% | 15.07% | 9.46% | -41.14% | 51.19% | 57.42% | 47.84% | 40.96% | | Return on equity | -1.54% | -9.77% | -8.81% | -0.08% | -0.57% | -11.41% | 26.07% | 32.41% | 22.45% | 15.31% | | Return on assets | -1.10% | -6.37% | -4.81% | -0.05% | -0.35% | -5.69% | 14.83% | 22.07% | 15.81% | 11.59% | | Liabilities / equity | 0.41 | 0.53 | 0.83 | 0.72 | 0.63 | 1.01 | 0.76 | 0.47 | 0.42 | 0.32 | | Current ratio | 3.79 | 2.79 | 2.23 | 1.64 | 2.36 | 0.96 | 2.50 | 2.38 | 2.87 | 3.71 | ## As-reported value updates 1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/INSW/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001679049.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 2.28 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 3.47 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 3.11 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 241,708,000 | 97,937,000 | 1.99 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 250,734,000 | 132,114,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 274,401,000 | 144,490,000 | 2.92 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 257,409,000 | 144,723,000 | 2.91 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 225,190,000 | 91,688,000 | 1.84 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 194,613,000 | 35,823,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 183,394,000 | 49,565,000 | 1.00 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 195,641,000 | 61,646,000 | 1.25 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 196,388,000 | 70,546,000 | 1.42 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 267,879,000 | 127,504,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 325,476,000 | 286,143,000 | 5.75 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 467,287,000 | 294,925,000 | 5.91 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from INSW's latest 10-K: [/company/INSW/business/](/company/INSW/business/). ## Risk Factors Verbatim Item 1A Risk Factors from INSW's latest 10-K: [/company/INSW/risk-factors/](/company/INSW/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1679049/000110465926093061/insw-20260630x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-10 Report date: 2026-06-30 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FORWARD-LOOKING STATEMENTS ​ This Quarterly Report on Form 10-Q contains forward-looking statements. Such forward-looking statements represent the Company’s reasonable expectation with respect to future events or circumstances based on various factors and are subject to various risks and uncertainties and assumptions relating to the Company’s operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors, many of which are beyond the control of the Company, that could cause the Company’s actual results to differ materially from those indicated in these statements. Undue reliance should not be placed on any forward-looking statements and consideration should be given to the following factors when reviewing any such statement. Such factors include, but are not limited to: ​ [[GREPCENT_TABLE]] [["","\u25cf","the highly cyclical nature of INSW\u2019s industry;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","fluctuations in the market value of vessels;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","declines in charter rates, including spot charter rates or other market deterioration;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","an increase in the supply of vessels without a commensurate increase in demand;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the impact of adverse weather and natural disasters;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the adequacy of INSW\u2019s insurance to cover its losses, including in connection with maritime accidents or spill events;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","constraints on capital availability;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changing economic, political and governmental conditions in the United States and/or abroad and general conditions in the oil and natural gas industry;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the effect of an increase in trade protectionism, including tariffs, and potential fees on vessels entering U.S. ports that were constructed in China or are owned or operated by a Chinese entity, and potential fees on vessels entering Chinese ports that were not constructed in China and that are owned or operated by a U.S. controlled entity;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the impact of changes in fuel prices;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","acts of piracy on ocean-going vessels;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","terrorist attacks and seizures and active international hostilities and instability, including attacks against merchant vessels in the Arabian Gulf and Strait of Hormuz by Iran, and in the Red Sea and the Gulf of Aden by Iran-backed Houthi militants based in Yemen, as well as hostilities involving Iran, the United States and Israel;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the war between Russia and Ukraine;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the impact of public health threats and outbreaks of other highly communicable diseases;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the effect of the Company\u2019s indebtedness on its ability to finance operations, pursue desirable business opportunities and successfully run its business in the future;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","an event occurs that causes the rights issued under the Second Amended and Restated Rights Agreement adopted by the Company on April 9, 2026 to become exercisable;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the Company\u2019s ability to generate sufficient cash to service its indebtedness and to comply with debt covenants;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the Company\u2019s ability to make capital expenditures to expand the number of vessels in its fleet, and to maintain all of its vessels and to comply with existing and new regulatory standards;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the availability and cost of third-party service providers for technical and commercial management of the Company\u2019s fleet;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the Company\u2019s ability to renew its time charters when they expire or to enter into new time charters;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","termination or change in the nature of the Company\u2019s relationship with any of the commercial pools in which it participates and the ability of such commercial pools to pursue a profitable chartering strategy;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","competition within the Company\u2019s industry and INSW\u2019s ability to compete effectively for charters with companies with greater resources;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the loss of a large customer or significant business relationship;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the Company\u2019s ability to realize benefits from its past acquisitions or acquisitions or other strategic transactions it may make in the future;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","increasing operating costs and capital expenses as the Company\u2019s vessels age, including increases due to limited shipbuilder warranties or the consolidation of suppliers;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the Company\u2019s ability to replace its operating leases on favorable terms, or at all;"]] [[/GREPCENT_TABLE]] 25 INTERNATIONAL SEAWAYS, INC. [[GREPCENT_TABLE]] [["","\u25cf","changes in credit risk with respect to the Company\u2019s counterparties on contracts;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the failure of contract counterparties to meet their obligations;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the compliance by shipyards that are constructing the Company\u2019s newbuild vessels with their obligations under the shipbuilding contracts;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the Company\u2019s ability to attract, retain and motivate key employees;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","work stoppages or other labor disruptions by employees of INSW or other companies in related industries;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","unexpected drydock costs;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the potential for technological innovation to reduce the value of the Company\u2019s vessels and charter income derived therefrom;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the impact of an interruption in or failure of the Company\u2019s information technology and communication systems upon the Company\u2019s ability to operate;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","seasonal variations in INSW\u2019s revenues;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","government requisition of the Company\u2019s vessels during a period of war or emergency;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the Company\u2019s compliance with complex laws, regulations and in particular, environmental laws and regulations, including those relating to ballast water treatment and the emission of greenhouse gases and air contaminants, including from marine engines;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","legal, regulatory or market measures to address climate change, including proposals to restrict emissions of greenhouse gases (\u201cGHGs\u201d) and other sustainability initiatives;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","increasing scrutiny and changing expectations from investors, lenders, and other market participants with respect to our sustainability and governance policies;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","any non-compliance with the U.S. Foreign Corrupt Practices Act of 1977 or other applicable regulations relating to bribery or corruption;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the impact of litigation, government inquiries and investigations;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","governmental claims against the Company;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the arrest of INSW\u2019s vessels by maritime claimants;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in laws, including governing tax laws, treaties or regulations, including those relating to environmental and security matters;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in worldwide trading conditions, including the impact of tariffs, trade sanctions, boycotts and other restrictions on trade; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","pending and future tax law changes may result in significant additional taxes to INSW."]] [[/GREPCENT_TABLE]] ​ The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements in this Quarterly Report on Form 10-Q and written and oral forward-looking statements attributable to the Company or its representatives after the date of this Quarterly Report on Form 10-Q are qualified in their entirety by the cautionary statement contained in this paragraph and in other reports hereafter filed by the Company with the Securities and Exchange Commission. ​ ​ ​ INTRODUCTION ​ This Management’s Discussion and Analysis, which should be read in conjunction with our accompanying condensed consolidated financial statements and notes thereto, provides a discussion and analysis of our business, current developments, financial condition, cash flows and results of operations as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025. It is organized as follows: ​ [[GREPCENT_TABLE]] [["","\u25cf","General. This section provides a general description of our business, which we believe is important in understanding the results of our operations, financial condition and potential future trends."]] [[/GREPCENT_TABLE]] ​ [[GREPCENT_TABLE]] [["","\u25cf","Operations & Oil Tanker Markets. This section provides an overview of industry operations and dynamics that have an impact on the Company\u2019s financial position and results of operations."]] [[/GREPCENT_TABLE]] ​ 26 INTERNATIONAL SEAWAYS, INC. [[GREPCENT_TABLE]] [["","\u25cf","Critical Accounting Estimates and Policies. This section identifies any updates to those accounting policies that are considered important to our results of operations and financial condition, require significant judgment and involve significant management estimates."]] [[/GREPCENT_TABLE]] ​ [[GREPCENT_TABLE]] [["","\u25cf","Results from Vessel Operations. This section provides an analysis of our results of operations presented on a business segment basis. In addition, a brief description of significant transactions and other items that affect the comparability of the results is provided, if applicable."]] [[/GREPCENT_TABLE]] ​ [[GREPCENT_TABLE]] [["","\u25cf","Liquidity and Sources of Capital. This section provides an analysis of our cash flows, outstanding debt and commitments. Included in the analysis of our outstanding debt is a discussion of the amount of financial capacity available to fund our ongoing operations and future commitments as well as a discussion of the Company\u2019s planned and/or already executed capital allocation activities."]] [[/GREPCENT_TABLE]] ​ [[GREPCENT_TABLE]] [["","\u25cf","Risk Management. This section provides a general overview of how the interest rate, currency and fuel price volatility risks are managed by the Company."]] [[/GREPCENT_TABLE]] ​ This Quarterly Report on Form 10-Q includes industry data and forecasts that we [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1679049/000110465926020113/insw-20251231x10k.htm Complete FY 2025 MD&A: /company/INSW/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-26 Report date: 2025-12-31 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ​ INTRODUCTION ​ This MD&A, which should be read in conjunction with our accompanying consolidated financial statements as set forth in Item 8, “Financial Statements and Supplementary Data,” provides a discussion and analysis of our business, current developments, financial condition, cash flows and results of operations. It is organized as follows: ​ [[GREPCENT_TABLE]] [["","\u25cf","General. This section provides a general description of our business and factors that impact our operations, which we believe is important in understanding the results of our operations, financial condition and potential future trends."]] [[/GREPCENT_TABLE]] ​ [[GREPCENT_TABLE]] [["","\u25cf","Operations & Oil Tanker Markets. This section provides an overview of industry operations and dynamics that have an impact on the Company\u2019s financial position and results of operations."]] [[/GREPCENT_TABLE]] ​ [[GREPCENT_TABLE]] [["","\u25cf","Results from Vessel Operations. This section provides an analysis of our results of operations presented on a business segment basis. In addition, a brief description of significant transactions and other items that affect the comparability of the results is provided, if applicable."]] [[/GREPCENT_TABLE]] ​ [[GREPCENT_TABLE]] [["","\u25cf","Liquidity and Sources of Capital. This section provides an analysis of our cash flows, outstanding debt and commitments. Included in the analysis of our outstanding debt is a discussion of the amount of financial capacity available to fund our ongoing operations and future commitments as well as a discussion of the Company\u2019s planned and/or already executed capital allocation activities."]] [[/GREPCENT_TABLE]] ​ [[GREPCENT_TABLE]] [["","\u25cf","Risk Management. This section provides a general overview of how the interest rate, currency and fuel price volatility risks are managed by the Company."]] [[/GREPCENT_TABLE]] ​ [[GREPCENT_TABLE]] [["","\u25cf","Critical Accounting Estimates and Policies. This section identifies those accounting policies that are considered important to our results of operations and financial condition, require significant judgment and involve significant management estimates."]] [[/GREPCENT_TABLE]] ​ ​ A detailed discussion of the 2024 to 2023 year-over-year changes is not included herein and can be found in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024 filed on February 27, 2025. ​ GENERAL ​ We are a provider of ocean transportation services for crude oil and refined petroleum products. We operate our vessels in the International Flag market. Our business includes two reportable segments: Crude Tankers and Product Carriers. For the years ended December 31, 2025 and 2024 we derived 52% and 47%, respectively, of our TCE revenues from our Crude Tankers segment. Revenues from our Product Carriers segment constituted the balance of our TCE revenues during these periods. ​ As of December 31, 2025, the Company’s operating fleet consisted of 70 wholly-owned or lease financed and time chartered-in vessels aggregating 8.4 million deadweight tons (“dwt”). In addition to our operating fleet of 70 vessels, four LR1 newbuilds are scheduled for delivery to the Company between the first and third quarters of 2026, bringing the total operating and newbuild fleet to 74 vessels. Our fleet includes VLCC, Suezmax and Aframax crude tankers and LR2, LR1 and MR product carriers. ​ The Company’s revenues are impacted by (i) the patterns of supply and demand for vessels of the size and design configurations owned and operated by the Company and the trades in which those vessels operate and (ii) the Company’s vessel employment strategy, which seeks to achieve an optimal mix of spot (voyage charter) and long-term (time charter) charters. ​ Supply and Demand for Vessels ​ The global fleet supply is affected by newbuilding deliveries and by the removal of existing vessels from service, principally through storage, recycling or conversions. Rates for the transportation of crude oil and refined petroleum products from which the Company earns a substantial majority of its revenues are determined by market forces such as the supply and demand for oil, the distance that 54 International Seaways, Inc. Table of Contents cargoes must be transported, and the number of vessels expected to be available at the time such cargoes need to be transported. The demand for oil shipments is significantly affected by general U.S. domestic and international economic conditions and actual or expected supply chain disruptions and inflation, war and political instability in oil producing countries or regions, government regulations (both in the United States and internationally), levels of consumer demand, adverse weather and other conditions, which are beyond our control, that impact the levels of U.S. domestic and international production and OPEC+ exports. ​ The geopolitical and macroeconomic consequences of political instability and armed conflict including the instability in Venezuela, the Russian-Ukraine war, conflicts in the Israel-Gaza region and continued hostilities in the Middle East, including those between Israel, Iran and the United States, continue to have ongoing direct and indirect repercussions on the global trade of crude oil and refined petroleum products. ​ The Russian-Ukraine war has resulted in the United States, United Kingdom, and the European Union, and other countries implementing sanctions and executive orders against citizens, entities, and activities connected to Russia. Some of these sanctions and executive orders target the Russian oil sector, including a prohibition on the import of oil from Russia to the United States or the United Kingdom, and the EU's ban on Russian crude oil and petroleum products, which took effect in December 2022 and February 2023, respectively. ​ Russia’s invasion of Ukraine also led to a disruption in supply chains for crude oil and refined petroleum products, changing volumes and trade routes, thus increasing ton-mile demand for the seaborne transportation of both crude oil and refined petroleum products, which has resulted in a prolonged spike in freight rates. Self-sanctioning by Western oil majors and many shipowners resulted in disrupted product flows, primarily diesel, from Russia to Europe, while high arbitrage spreads incentivized Middle Eastern and U.S. diesel flows to Europe, increasing ton-mile demand for vessels. ​ The U.S., EU nations and other countries could impose wider sanctions and take other actions. Further sanctions imposed or actions taken by the U.S., EU nations or other countries, and retaliatory measures by Russia in response, could lead to increased volatility in global oil demand, which could have a material impact on our business, results of operations and financial condition. In addition, it is possible that third parties with which we do business may be impacted by events in Russia and Ukraine, which could adversely affect us. ​ Military hostilities in the Middle East, including those in the Israel-Gaza region and those between Israel, Iran, the Houthis of Yemen and the United States have had both a direct and an indirect impact on the transportation of crude oil and refined petroleum products through the region. Heightened security risks because of attacks and threats of attacks on merchant vessels transiting through the region led to an increase in ton-mile demand for vessels as more vessel owners were opting to re-route their vessels around the Cape of Good Hope. Such hostilities also led to periodic increases in charter rates to compensate vessel owners for the heightened risks as well as increases in war risk insurance premiums. ​ The United States’ naval blockade of oil exports from Venezuela on sanctioned vessels has also resulted in a shift of trade from sanctioned vessels to unsanctioned vessels as the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) has recently expanded its issuance of licenses, which authorize various oil trading activities involving Venezuela (including transportation). ​ See Item 1A, Risk Factors – Terrorist attacks and international hostilities and instability can affect the tanker industry, which could adversely affect INSW’s business. ​ Vessel Employment Strategy ​ The Company’s revenues are also affected by its vessel employment strategy, which seeks to achieve the optimal mix of spot (voyage charter) and long-term (time or bareboat charter) charters. Because shipping revenues and voyage expenses are significantly affected by the mix between voyage charters and time charters, the Company measures the performance of its fleet of vessels based on TCE revenues. Management makes economic decisions based on anticipated TCE rates and evaluates financial performance based on TCE rates achieved. ​ Our revenues are derived predominantly from spot market voyage charters and our vessels are predominantly employed in the spot market via market-leading commercial pools. We derived approximately 82% and 86% of our total TCE revenues in the spot market for the years ended December 31, 2025 and 2024, respectively. The future minimum revenues, before reduction for brokerage 55 International Seaways, Inc. Table of Contents commissions, expected to be received on non-cancelable time charters for three VLCCs, two Suezmaxes, one Aframax, one LR2 and six MRs as of December 31, 2025 are as follows: ​ [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b"],["(Dollars in millions)","\u200b","Amount(1)"],["2026","\u200b","$","95.1"],["2027","\u200b","\u200b","39.4"],["2028","\u200b","\u200b","34.0"],["2029","\u200b","\u200b","34.0"],["2030","\u200b","\u200b","7.1"],["Future minimum revenues","\u200b","$","209.6"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","(1)","Future minimum contracted revenues do not include the Company\u2019s share of time charters entered into by the pools in which it participates or profit-sharing above the base rate on the time charters of its dual-fuel LNG VLCCs. In arriving at the minimum future charter revenues, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although there is no assurance that such estimate will be reflective of the actual off-hire in the future."]] [[/GREPCENT_TABLE]] ​ ​ See Item 1, “Business — Fleet Operations,” for further information on our vessel employment strategy. ​ OPERATIONS AND OIL TANKER MARKETS ​ The International Energy Agency (“IEA”) estimates global oil consumption for the fourth quarter of 2025 at 105.1 million barrels per day (“b/d”), up 0.8% from the same quarter in 2024. The estimate for global oil consumption for 2026 is 105.0 million b/d, an increase of 1.0% over the 2025 estimate of 104.0 million b/d. OECD demand in 2026 is estimated to increase by 0.2% to 45.8 million b/d, while non-OECD demand is estimated to increase by 1.5% to 59.2 million b/d. ​ Global oil production in the fourth quarter of 2025 was 107.2 million b/d, an increase of 4.1 million b/d from the fourth quarter of 2024. OPEC crude oil production averaged 28.5 million b/d in the fourth quarter of 2025, up 0.6 million b/d from the third quarter of 2025, and an increase of 1.8 million b/d from the fourth quarter of 2024. Non-OPEC production increased by 2.1 million b/d to 73.0 million b/d in the fourth quarter of 2025 compared with the fourth quarter of 2024. Oil production in the U.S. of 13.9 million b/d in the fourth quarter of 2025 increased by 1.2% from the third quarter of 2025 and by 2.5% from the fourth quarter of 2024. ​ 56 International Seaways, Inc. Table of Contents U.S. refinery throughput decreased by 1.4 million b/d to 16.0 million b/d in the fourth quarter of 2025 compared with the third quarter of 2025. ​ U.S. crude oil impo [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/INSW/mda/fy2025/ All MD&A years: /company/INSW/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/INSW/mda/fy2024/): filed 2025-02-27; accession 0001558370-25-001691 (https://www.sec.gov/Archives/edgar/data/1679049/000155837025001691/insw-20241231x10k.htm) - [FY 2023 MD&A](/company/INSW/mda/fy2023/): filed 2024-02-29; accession 0001558370-24-002108 (https://www.sec.gov/Archives/edgar/data/1679049/000155837024002108/insw-20231231x10k.htm) - [FY 2022 MD&A](/company/INSW/mda/fy2022/): filed 2023-02-28; accession 0001558370-23-002247 (https://www.sec.gov/Archives/edgar/data/1679049/000155837023002247/insw-20221231x10k.htm) - [FY 2021 MD&A](/company/INSW/mda/fy2021/): filed 2022-03-02; accession 0001558370-22-002682 (https://www.sec.gov/Archives/edgar/data/1679049/000155837022002682/insw-20211231x10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 4400 Water Transportation) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/INSW.md · JSON record: /company/INSW.json · verified financials: /company/INSW/financials.json / /company/INSW/financials.csv · machine TOC for the whole site: /llms.txt