International Seaways(NYSE) INSW

International Seaways moves oil across the world using large ships. These vessels help energy companies get fuel to where people need it. They serve oil traders, refinery operators, and government groups.

Moving Energy Across the Ocean

• Crude Tankers: Large vessels that transport unrefined oil across international waters; this segment accounted for 58% of time charter equivalent revenue in the first quarter of 2026.
• Product Carriers: Ships designed to carry refined petroleum goods like gasoline and diesel; these generated 42% of time charter equivalent revenue during the first quarter of 2026.
• Lightering Services: Specialized operations that transfer oil between ships at sea to help larger vessels enter shallow ports.

New Ships and Recent Deals

• Purchased the remaining stock of Tankers (UK) Agencies Limited on January 27, 2026, to gain full control of its commercial management operations.
• Ordered six new liquefied natural gas-ready ships from K Shipbuilding Co., Ltd., with four delivered by April 2026 and two more expected by the end of the year.
• Established Tankers International Suezmax Ltd. in early 2026 to manage a specific group of mid-sized tankers for the company and other ship owners.
• Sold seven older vessels during the first quarter of 2026 for a total of $222.8 million to refresh the active fleet.

Strategic Use of Large Fleets

The company operates a diverse fleet of 67 vessels, ranging from Very Large Crude Carriers that hold two million barrels to smaller Medium Range tankers for refined products. By placing 82% of its ships in commercial pools, the company can quickly adjust to changes in global shipping rates and demand.

The First Quarter Scorecard

• Revenue reached $325.5 million in the first quarter of 2026, up 77.5% from $183.4 million in the same period last year.
• Net income rose to $286.1 million in the first quarter of 2026, up 477.3% year-over-year.
• Operating cash flow was $141.1 million in the first quarter of 2026, an increase of 101.7% from $69.9 million in the first quarter of 2025.
• Free cash flow turned positive to reach $70.1 million in the first quarter of 2026, improved from negative $13.4 million in the prior year.

The Evolution of the Fleet

International Seaways has transitioned toward a modern fleet capable of using cleaner fuels while maintaining high exposure to the immediate shipping market. This strategy allows the company to benefit from global energy trade shifts and volatile market rates.