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International Seaways
(NYSE:INSW)
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Rating:76Outperform
Price Target:
$118.00
â–²(19.13% Upside)
Action:Reiterated
Date:10/22/26
Overall score is driven primarily by strong financial performance (very high recent profitability and improved leverage) and attractive valuation (low P/E with a high dividend yield). The main offsets are mixed technicals (near-term weakness despite longer-term trend support) and cyclicality/visibility risks highlighted on the earnings call (partial Q3 booking and market/geopolitical uncertainty).
Positive Factors
Balance Sheet Strength
Controlled leverage and nearly $1 billion of liquidity give INSW resilience through tanker-rate swings and capacity to fund fleet renewal or acquisitions. The lower debt-to-equity trend, modest near-term repayments, and largely fixed or hedged debt also reduce refinancing pressure.
Negative Factors
Cyclical Revenue
Shipping profitability is exposed to freight-rate cycles: despite very strong TTM earnings, revenue declined about 7%, and free cash flow has been volatile across years. This uneven top-line and conversion profile makes future earnings and reinvestment capacity less predictable.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Controlled leverage and nearly $1 billion of liquidity give INSW resilience through tanker-rate swings and capacity to fund fleet renewal or acquisitions. The lower debt-to-equity trend, modest near-term repayments, and largely fixed or hedged debt also reduce refinancing pressure.
Read all positive factors
International Seaways (INSW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.19B
Dividend Yield11.35%
Average Volume (3M)823.60K
Price to Earnings (P/E)7.1
Beta (1Y)0.72
Revenue Growth57.66%
EPS Growth225.95%
CountryUS
Employees2,837
SectorEnergy
Sector Strength52
IndustryMarine Shipping
Share Statistics
EPS (TTM)15.76
Shares Outstanding49,531,310
10 Day Avg. Volume815,736
30 Day Avg. Volume823,604
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 Cap0.78
Enterprise Value/Revenue3.23
Enterprise Value/Gross Profit4.89
Enterprise Value/Ebitda3.04
Forecast
1Y Price Target
$125.67Price Target Upside26.87% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)16.57
Revenue Forecast (FY)$1.39B
International Seaways Business Overview & Revenue Model
Company Description
International Seaways, Inc. (INSW) specializes in the global seaborne transport of crude oil and refined petroleum products, managing and operating a substantial fleet of ocean-going vessels. Its business is categorized into two key divisions: Cru...
How the Company Makes Money
International Seaways makes money primarily by chartering its tanker vessels to customers for the transportation of crude oil and refined petroleum products. Its revenue model is largely driven by (1) spot market voyages and time-charter arrangeme...
International Seaways Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call emphasized multiple record financial achievements (adjusted net income, EBITDA, free cash flow), strong spot rate performance and disciplined capital allocation, supported by a very strong balance sheet and low leverage. These positives are tempered by geopolitical disruptions, market cycle/orderbook risks and fleet renewal dynamics that create future supply and demand uncertainty. Overall, the company is positioned to generate substantial cash and return capital to shareholders, but remains exposed to macro and geopolitical risk that could reverse current tailwinds if prolonged.Positive Updates
Record Profitability
Adjusted net income of $295 million for Q2 2026 ($5.91 per diluted share) and record adjusted EBITDA of $345 million.
Negative Updates
Geopolitical Disruption Risk
Conflicts in the Strait of Hormuz and attempts to disrupt Bab-el-Mandeb have created significant seaborne transport disruptions. While currently supporting ton-mile demand, prolonged disruptions could depress global oil consumption and negatively affect tanker demand.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Profitability
Adjusted net income of $295 million for Q2 2026 ($5.91 per diluted share) and record adjusted EBITDA of $345 million.
Read all positive updates
Company Guidance
Management's guidance said that, as of the call about 48% of expected Q3 revenue days were booked at a blended spot TCE of ~ $61,000/day (Q2 blended spot TCE was $79,000/day and Q1 $55,600/day), while fleet‑wide spot cash breakeven remains below $14,500/day over the next year, giving a large margin to current spot earnings; they cautioned Q3 reported TCEs may change as additional voyages are fixed and provided updated expense guidance for the rest of 2026 plus appendix detail on expected off‑hire and CapEx. They reiterated strong liquidity and balance‑sheet metrics to support the guidance — total liquidity roughly $0.9–1.0 billion (quarter start $377m cash + $541m undrawn; quarter end $409m cash + $526m undrawn = ~$935m), net debt about $250m (net LTV ≈6%), gross debt $651m, ~25 unencumbered vessels, mandatory H2‑2026 debt repayments ≈ $15m, and a total cost of debt around 5.5% — and confirmed their capital policy to return at least 85% of adjusted net income while funding fleet renewal (including 10 LR1s in the Panamax pool, 4 new orders for 2028).International Seaways Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.26B | 843.30M | 951.61M | 1.07B | 864.66M | 272.55M |
| Gross Profit | 830.66M | 356.62M | 478.16M | 627.54M | 470.52M | -37.80M |
| EBITDA | 1.34B | 515.14M | 614.78M | 755.12M | 556.09M | -9.57M |
| Net Income | 779.12M | 309.26M | 416.72M | 556.45M | 387.89M | -133.49M |
Balance Sheet | ||||||
| Total Assets | 3.02B | 2.67B | 2.64B | 2.52B | 2.62B | 2.35B |
| Cash, Cash Equivalents and Short-Term Investments | 409.40M | 166.92M | 157.51M | 186.76M | 323.74M | 97.88M |
| Total Debt | 652.77M | 576.22M | 711.74M | 744.53M | 1.07B | 1.13B |
| Total Liabilities | 753.61M | 648.37M | 780.35M | 805.06M | 1.13B | 1.18B |
| Stockholders Equity | 2.27B | 2.02B | 1.86B | 1.72B | 1.49B | 1.17B |
Cash Flow | ||||||
| Free Cash Flow | 269.32M | 38.13M | 261.96M | 481.77M | 171.12M | -155.21M |
| Operating Cash Flow | 633.07M | 380.05M | 547.14M | 688.40M | 287.80M | -76.19M |
| Investing Cash Flow | -293.17M | -141.31M | -155.02M | -124.27M | 42.80M | 133.29M |
| Financing Cash Flow | -329.30M | -279.32M | -361.38M | -681.12M | -185.79M | -173.84M |
International Seaways Technical Analysis
Positive
99.05
Price Trends
104.57
Positive
92.92
Positive
78.03
Positive
Market Momentum
1.65
Positive
50.74
Neutral
21.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INSW, the sentiment is Positive. The current price of 99.05 is below the 20-day moving average (MA) of 113.65, below the 50-day MA of 104.57, and above the 200-day MA of 78.03, indicating a neutral trend. The MACD of 1.65 indicates Positive momentum. The RSI at 50.74 is Neutral, neither overbought nor oversold. The STOCH value of 21.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
85 Outperform | $3.28B | 5.63 | 27.73% | 2.08% | 19.33% | 110.30% | |
82 Outperform | $11.20B | 7.69 | 54.89% | 12.05% | 48.84% | 524.52% | |
82 Outperform | $4.05B | 4.76 | 24.51% | 2.13% | 32.68% | 130.22% | |
82 Outperform | $2.24B | 6.93 | 28.44% | 7.54% | 81.06% | 556.47% | |
76 Outperform | $5.19B | 7.05 | 37.04% | 11.35% | 57.66% | 225.95% | |
76 Outperform | $3.76B | 8.22 | 39.55% | 10.14% | 39.42% | 148.77% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
INSW
International Seaways
111.15
68.75
162.16%
DHT
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24.16
13.17
119.90%
FRO
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51.29
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144.09%
STNG
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83.02
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40.99%
TNK
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95.99
38.64
67.38%
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52.40
26.71
103.98%
International Seaways Corporate Events
Business Operations and StrategyPrivate Placements and Financing
International Seaways Expands Bruton Stake Through Share Exchange
Positive
Oct 21, 2026
On October 20 and 21, 2026, International Seaways, Inc. and its subsidiary International Seaways Operating Corporation Ltd. completed previously announced exchange transactions with certain shareholders of Bruton Limited. These shareholders, holdi...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsShareholder Meetings
International Seaways Announces Bruton Acquisition and Strong Q3
Positive
Oct 16, 2026
On October 16, 2026, International Seaways agreed to acquire Bruton Limited in transactions valuing the Oslo-listed tanker owner at about $370 million, starting with exchange agreements to buy 50.5% of Bruton’s shares for INSW stock and foll...
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
International Seaways Announces Record Results and Historic Dividend
Positive
Aug 10, 2026
In the second quarter of 2026, International Seaways reported record financial results, including net income of $295 million, adjusted EBITDA of $345 million and free cash flow of $261 million, driven by sharply higher spot earnings and profit-sha...
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.