At a glance
International Seaways Inc is worth $5.53B, about 18 times its fiscal 2025 earnings. Revenue fell 11.4% to $843.3M in fiscal 2025, with 36.7% kept as profit; over 5 years it has grown 14.9% a year. It pays a 11.29% dividend yield, and returned $923.6M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +161.8% over the past year with dividends reinvested and +60.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 29.0% in the 2020 crash (S&P 500: 33.7%) and 26.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month after the low.
The business in plain English
International Seaways (INSW) owns and operates oceangoing tankers that carry crude oil and refined petroleum products, such as gasoline and diesel, around the world. As of December 31, 2025, it owned or operated 70 vessels with 8.4 million deadweight tons of carrying capacity. Its crude tankers range from VLCCs (very large crude carriers) down to smaller Suezmax and Aframax ships. Its product carriers are LR2, LR1 and MR vessels. Four new LR1 product tankers were contracted for delivery in 2026.
Customers include major independent and state-owned oil companies, oil traders, refinery operators and government entities. INSW earns money by chartering, or renting out, its ships. Most of the fleet works in the spot market, where ships are hired one voyage at a time at market rates. INSW does this through six commercial pools, which combine ships from several owners. Some ships are on time charters, which pay a fixed daily rate for a set period and make income more predictable. The Crude Tankers segment also includes a lightering business, which moves crude oil from one ship to another.
The company reports two segments. In 2025, Crude Tankers brought in $439.6 million, or 52% of revenue, and Product Carriers brought in $403.7 million, or 48%. Total shipping revenue was $843.3 million, down 11.4% from 2024. Income from vessel operations fell to $345.4 million from $455.2 million, mainly because of lower product carrier rates.
Price history
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INSW +161.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| International Crude Tankers Segment | $439.6M | 52.1% |
| International Product Carriers Segment | $403.7M | 47.9% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $467.3M, up 138.8% from a year earlier, and net income was $294.9M (+378.4%).
- For fiscal 2025, revenue was $843.3M (-11.4% year over year; +14.9% a year from FY2020 to FY2025) with a 36.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +14.9% good |
|---|---|
| Operating margin | 41% good |
| Free cash flow margin | 44.9% good |
| Return on equity (FY2025) | 15.3% good |
| Return on assets (FY2025) | 11.6% good |
| Net cash (cash minus debt) | $-236.2M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $421.6M | $-5.5M | $215.6M |
| FY2021 | $272.5M | $-133.5M | $-77.2M |
| FY2022 | $864.7M | $387.9M | $287.1M |
| FY2023 | $1.07B | $556.4M | $686.9M |
| FY2024 | $951.6M | $416.7M | $545.8M |
| FY2025 | $843.3M | $309.3M | $378.6M |
Valuation snapshot
| Market value | $5.53B |
|---|---|
| P/E ratio | 17.9 |
| Dividend yield | 11.29% |
Rank among 1514 US companies
Market value at each year end
International Seaways’s market value went from $744.1M at the end of 2021 to $5.53B on Oct 28, 2026, about 7.4 times as much; since the end of 2025 it is up 131%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.53B | +130.8% |
| 2025 | $2.40B | +35.6% |
| 2024 | $1.77B | -20.5% |
| 2023 | $2.22B | +22.4% |
| 2022 | $1.82B | +144.2% |
| 2021 | $744.1M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| INSW price data to Oct 28, 2026 | +163.0% | +161.8% | +47.8% | +60.8% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +163.0% |
| 2025 | +44.9% |
| 2024 | -11.0% |
| 2023 | +43.0% |
| 2022 | +162.9% |
| 2021 | +2.5% |
| 2020 | -44.4% |
| 2019 | +76.7% |
| 2018 | -8.8% |
| 2017 | +31.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 10% over that stretch · deepest drop along the way 29%, back to its old high 0.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 139.7% over that stretch · deepest drop along the way 26.4%, back to its old high 0.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 26 sales ($133.6M), 8 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 30, 2026 | Famatown Finance Ltd 10% owner | sell | $12.8M |
| May 1, 2026 | Famatown Finance Ltd 10% owner | sell | $12.3M |
| Oct 9, 2026 | Famatown Finance Ltd 10% owner | sell | $12.2M |
| May 6, 2026 | Famatown Finance Ltd 10% owner | sell | $11.8M |
| Oct 5, 2026 | Famatown Finance Ltd 10% owner | sell | $11.5M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.3% | Mar 31, 2025 |
| FMR LLC | 9.5% | Dec 31, 2025 |
ETFs with the most weight in INSW
| PXJ Invesco Oil & Gas Services ETF | 3.03% |
| PSCE Invesco S&P SmallCap Energy ETF | 2.7% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 2.23% |
| SEA U.S. Global Sea to Sky Cargo ETF | 2.14% |
| BOAT SonicShares Global Shipping ETF | 1.94% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 1.29% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 1.02% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.65% |
What could go wrong
- Earnings depend on volatile spot rates. INSW hires out most ships one voyage at a time at spot rates, which swing sharply. Mostly because of lower product carrier rates, income from vessel operations fell to $345.4 million in 2025 from $455.2 million.
- Dividends may shrink or stop. The annual report warns that INSW may not keep paying cash dividends. Payouts have already swung widely: dividends per share fell from $6.29 in 2023 to $2.93 in 2025.
- Reliance on pools and outside managers. At the end of 2025, INSW found spot work through six commercial pools and used outside firms for technical and commercial fleet management. Losing or changing these relationships could hurt earnings.
- Tanker cycles move rates and ship values. Shipping is highly cyclical. A wave of new tankers without matching demand can push down charter rates and vessel values. That can cut earnings and may force impairment charges (write-downs of ship values).
- Attacks, wars and piracy at sea. Houthi attacks on ships in the Red Sea and Gulf of Aden, the Russia–Ukraine war and piracy can endanger crews, disrupt trade routes and raise costs. Insurance may not cover every loss.
- Climate rules and the energy shift. Greenhouse gas rules and other environmental laws can raise operating and compliance costs. Over the long run, a shift to cleaner energy could reduce demand for shipping crude oil and petroleum products.
Recent events
- Major agreement signed
- Unregistered sale of shares
- Major agreement signed; Unregistered sale of shares; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Major agreement signed
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Change to shareholder rights
- Major agreement signed
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
INSW pays a dividend, but the amount swings with tanker profits. Dividends per share rose from $0.24 in 2020 to $6.29 in 2023, then fell to $5.77 in 2024 and $2.93 in 2025. That means there is no streak of annual increases. The $144.6 million paid in 2025 was about 47% of earnings and 38% of free cash flow (cash left after capital spending). Buybacks were small: $75.6 million in 2021–2025, versus $848 million in dividends. The yield was 11.29% as of October 28, 2026, but payouts could shrink if tanker rates weaken.
The stock has not always moved with the broader market. In the 2020 COVID crash it fell as much as 29% but recovered by March 30, 2020, though it ended that year down 44%. In the 2022 bear market it rose about 140%. As of October 28, 2026, its deepest fall in nearly 10 years of price history was 57.5%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does International Seaways make money?
International Seaways makes money by chartering, or renting out, its oil tankers. Most ships earn spot rates on single voyages, arranged through commercial pools. Others are on time charters that pay a fixed daily rate for a set period. As of December 31, 2025, it owned or operated 70 vessels. In 2025, crude tankers brought in about 52% of revenue and product carriers about 48%, out of $843.3 million in total shipping revenue.
Does International Seaways raise its dividend every year?
No. International Seaways has no streak of dividend increases, and its payout rises and falls with tanker earnings. Dividends per share were $6.29 in 2023, $5.77 in 2024 and $2.93 in 2025. The $144.6 million paid in 2025 was about 47% of earnings and 38% of free cash flow. The company's annual report warns that it may not continue paying cash dividends.
What is International Seaways' dividend yield?
The dividend yield was 11.29% as of October 28, 2026. That is high, and it came during a strong stretch for the company's earnings. In the quarter ended June 30, 2026, net income was $294.9 million, up 378.4% from a year earlier. For comparison, dividends per share were $2.93 in 2025. INSW's dividends have tended to move with its earnings, which depend on volatile tanker rates, so a yield this high may not last.
Why is International Seaways stock so volatile?
The share price swings because tanker rates swing. Most of the fleet earns spot rates, which rise and fall with the balance between ship supply and demand for oil shipping. The stock gained 163% in 2026 through October 28, but it fell 44% in 2020 and 11% in 2024. Its one-year volatility (a measure of how much the price moves) was 39.8%. Its deepest fall in nearly 10 years of price history was 57.5% as of that date.
How much debt does International Seaways have?
As of June 30, 2026, International Seaways had $645.6 million of total debt and $409.4 million of cash and investments. That left $236.2 million of net debt, against $2.27 billion of shareholder equity. At the end of 2025, net debt was 12.9% of its asset value. In 2025 it issued $250 million of 7.125% unsecured bonds due 2030. It used the money to buy six VLCCs it had been leasing, which cut its interest costs.