International Seaways (INSW)
NYSE:INSW
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International Seaways
(NYSE:INSW)
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Rating:85Outperform
Price Target:
$90.00
â–²(17.69% Upside)
Action:Reiterated
Date:05/09/26
The score is driven by strong financial performance (record-level profitability and improved leverage), reinforced by a highly attractive valuation (very low P/E and solid dividend yield) and a positive earnings-call outlook with strong cash generation and shareholder-return policy. Technicals are supportive with strong trend momentum, though overbought readings add near-term risk.
Positive Factors
Strong balance sheet / low leverage
Material deleveraging meaningfully reduces financial risk and improves resilience through industry cycles. Lower net debt and ample unencumbered assets increase borrowing flexibility for newbuilds, support the high dividend policy, and provide cushion against freight-rate downturns.
Negative Factors
High cyclicality and volatile earnings
Earnings and cash conversion are highly sensitive to tanker market cycles, making profitability and dividend sustainability contingent on freight rates. Free cash flow has historically swung versus net income, reducing predictability of distributable cash across a 2–6 month horizon.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet / low leverage
Material deleveraging meaningfully reduces financial risk and improves resilience through industry cycles. Lower net debt and ample unencumbered assets increase borrowing flexibility for newbuilds, support the high dividend policy, and provide cushion against freight-rate downturns.
Read all positive factors
International Seaways (INSW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.98B
Dividend Yield6.12%
Average Volume (3M)569.44K
Price to Earnings (P/E)7.0
Beta (1Y)0.72
Revenue Growth14.50%
EPS Growth69.57%
CountryUS
Employees2,899
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)11.05
Shares Outstanding49,504,696
10 Day Avg. Volume563,846
30 Day Avg. Volume569,436
Financial Highlights & Ratios
PEG Ratio-0.30
Price to Book (P/B)1.19
Price to Sales (P/S)2.84
P/FCF Ratio62.82
Enterprise Value/Market Cap1.07
Enterprise Value/Revenue4.33
Enterprise Value/Gross Profit7.86
Enterprise Value/Ebitda5.93
Forecast
1Y Price Target
$95.60Price Target Upside25.02% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)14.4
Revenue Forecast (FY)$1.23B
International Seaways Business Overview & Revenue Model
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...
How the Company Makes Money
International Seaways makes money primarily by chartering its vessels to customers to transport crude oil and refined petroleum products. Its core revenue stream is voyage and time-charter income: (1) Under time charters, the customer pays a contr...
International Seaways Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call emphasized exceptionally strong financial and operational performance: record net income, robust adjusted EBITDA, large discretionary and ongoing shareholder returns (new 85% payout practice), high liquidity and low net leverage, and attractive forward spot TCE coverage vs a low breakeven. The primary negatives were external: market volatility driven by geopolitical disruption (Strait of Hormuz), a rising industry order book (≈16% of fleet) that could add supply over time, and modestly higher ongoing G&A from consolidation. On balance, company-specific fundamentals and capital allocation flexibility dominate the narrative, while the lowlights are mainly macro/market risks rather than company-specific deterioration.Positive Updates
Record Quarterly Profitability
Reported net income of $286 million ($5.75 per diluted share) for Q1 2026 — a company record. Excluding special items, adjusted net income was $194 million ($3.90 per diluted share) and adjusted EBITDA was $244 million.
Negative Updates
Market Volatility and Geopolitical Risk
Significant volatility due to the conflict and disruptions around the Strait of Hormuz. Management warned that a prolonged closure could have broader negative implications for global energy markets and that the market remains unusually volatile.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Profitability
Reported net income of $286 million ($5.75 per diluted share) for Q1 2026 — a company record. Excluding special items, adjusted net income was $194 million ($3.90 per diluted share) and adjusted EBITDA was $244 million.
Read all positive updates
Company Guidance
Management's guidance emphasized strong cash generation and conservative breakeven assumptions: Q1 reported record net income $286M ($5.75/diluted share), adjusted net income $194M ($3.90/share) and adjusted EBITDA $244M, and the company declared a $4.55/share combined dividend while instituting an 85% payout ratio going forward (bringing returns to shareholders to ~$1.3B since 2020); liquidity stands at ~$918M (cash ≈$377M and undrawn revolver ≈$540–541M), Q1 free cash flow was ≈$133M, and net proceeds from seven vessel sales were ~$223M (sale price noted as $216M; avg age 17). They noted fleet activity (2 LR1 deliveries to date in 2026, 2 remaining in Q3; added a 3‑year Suezmax time charter at $40,000/day), strong forward bookings (book‑to‑date blended spot TCE >$100,000/day on ~45% of Q2 revenue), and a spot cash breakeven of roughly $14,900/day (spot ships collectively need < $15,000/day to breakeven for 2026). Balance‑sheet metrics: net debt ≈$225M, net LTV <7%, gross debt $650M, mandatory 2026 repayments ≈$21M, cost of debt <6%, and 25 unencumbered vessels; guidance also reflects a small increase to quarterly G&A (a few million) from Tankers International consolidation offset by TI commissions, a $5M G&A reduction in Q1 from legal expense reimbursement, lightering revenue ≈$6M, and appendix disclosure of quarterly off‑hire and CapEx (Q1 drydock/CapEx ≈$15M; LR1 installments ~$28M; $5M for remaining TI stake).International Seaways Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 985.38M | 843.30M | 951.61M | 1.07B | 864.66M | 272.55M |
| Gross Profit | 543.27M | 356.62M | 478.16M | 627.54M | 470.52M | -37.80M |
| EBITDA | 720.51M | 515.14M | 614.78M | 755.12M | 556.09M | -9.57M |
| Net Income | 545.84M | 309.26M | 416.72M | 556.45M | 387.89M | -133.49M |
Balance Sheet | ||||||
| Total Assets | 2.87B | 2.67B | 2.64B | 2.52B | 2.62B | 2.35B |
| Cash, Cash Equivalents and Short-Term Investments | 376.85M | 166.92M | 157.51M | 186.76M | 323.74M | 97.88M |
| Total Debt | 610.12M | 576.22M | 711.74M | 744.53M | 1.07B | 1.13B |
| Total Liabilities | 677.07M | 648.37M | 780.35M | 805.06M | 1.13B | 1.18B |
| Stockholders Equity | 2.19B | 2.02B | 1.86B | 1.72B | 1.49B | 1.17B |
Cash Flow | ||||||
| Free Cash Flow | 121.62M | 38.13M | 261.96M | 481.77M | 171.12M | -155.21M |
| Operating Cash Flow | 451.17M | 380.05M | 547.14M | 688.40M | 287.80M | -76.19M |
| Investing Cash Flow | -215.86M | -141.31M | -155.02M | -124.27M | 42.80M | 133.29M |
| Financing Cash Flow | -226.23M | -279.32M | -361.38M | -681.12M | -185.79M | -173.84M |
International Seaways Technical Analysis
Neutral
76.47
Price Trends
78.70
Negative
69.89
Positive
57.89
Positive
Market Momentum
0.53
Positive
38.48
Neutral
7.34
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INSW, the sentiment is Neutral. The current price of 76.47 is below the 20-day moving average (MA) of 85.30, below the 50-day MA of 78.70, and above the 200-day MA of 57.89, indicating a neutral trend. The MACD of 0.53 indicates Positive momentum. The RSI at 38.48 is Neutral, neither overbought nor oversold. The STOCH value of 7.34 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for INSW.
International Seaways Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
88 Outperform | $4.02B | 7.01 | 15.85% | 3.19% | -2.77% | 1.00% | |
85 Outperform | $3.98B | 6.96 | 27.13% | 6.12% | 14.50% | 69.57% | |
84 Outperform | $2.56B | 5.70 | 21.40% | 3.72% | -2.29% | 31.43% | |
82 Outperform | $1.86B | 9.17 | 17.91% | 13.08% | 36.27% | 109.57% | |
79 Outperform | $7.89B | 8.50 | 36.04% | 4.32% | 18.51% | 160.00% | |
78 Outperform | $2.72B | 7.94 | 29.14% | 6.12% | 4.66% | 85.89% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
INSW
International Seaways
76.81
42.60
124.51%
DHT
DHT Holdings
16.35
5.83
55.37%
FRO
Frontline
34.54
17.42
101.72%
STNG
Scorpio Tankers
74.60
35.71
91.80%
TNK
Teekay Tankers
70.29
26.67
61.13%
LPG
Dorian LPG
41.70
22.16
113.38%
International Seaways Corporate Events
Business Operations and StrategyPrivate Placements and Financing
International Seaways Launches New $200 Million ATM Program
Neutral
May 11, 2026
On May 11, 2026, International Seaways entered into a new equity distribution agreement with BTIG, B. Riley Securities, Clarksons Securities and Fearnleys Securities to facilitate at-the-market offerings of up to $200 million of its common stock, ...
Business Operations and StrategyDividendsFinancial Disclosures
International Seaways Posts Record Q1 Earnings and Dividend
Positive
May 7, 2026
International Seaways reported strong first-quarter 2026 results on May 7, 2026, posting net income of $286 million, or $5.75 per diluted share, versus $50 million a year earlier, driven by sharply higher spot earnings across both crude and produc...
Business Operations and StrategyRegulatory Filings and Compliance
International Seaways Extends Amended Shareholder Rights Plan
Neutral
Apr 9, 2026
On April 9, 2026, International Seaways, Inc. amended and restated its existing shareholder rights plan, extending the final expiration date from April 2026 to April 8, 2029. The company also raised the plan’s purchase price from $50 to $95,...
Business Operations and StrategyPrivate Placements and Financing
International Seaways Updates Revolving Credit Facility Collateral Structure
Positive
Apr 1, 2026
On March 27, 2026, an indirect wholly owned subsidiary of International Seaways entered into a joinder agreement to its existing $500 million revolving credit facility, becoming a subsidiary guarantor under that financing. As part of the agreement...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.