INSW on NYSE
International Seaways, Inc.
Water transportation company that raised $23.8 million in 2025 (SEC Form D). Summary from the record
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Last updated Oct 19, 2026.
Overview
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- TickerINSW on NYSE1
- IndustryWater Transportation1
- Headquarters1T1
- Incorporated inMarshall Islands2
- Business address600 Third Avenue, 39Th Floor, New York, Ny 100162
- Filer categoryLarge accelerated filer2
- Legal formCorporation
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International Seaways, Inc., a Marshall Islands corporation incorporated in 1999, and its wholly owned subsidiaries own and operate a fleet of oceangoing vessels engaged primarily in the transportation of crude oil and petroleum products in the International Flag trade. Our vessel operations are organized into two segments: Crude Tankers and Product Carriers. At December 31, 2025, we owned or operated an International Flag fleet of 70 vessels (totaling an aggregate of 8.4 million dwt), consisting of VLCC, Suezmax and Aframax crude tankers, as well as LR2, LR1 and MR product carriers. In addition to our operating fleet of 70 vessels, four dual-fuel ready LR1 newbuilds are contracted for delivery to the Company between the first and third quarters of 2026, bringing the total operating and newbuild fleet to 74 vessels. The Marshall Islands is the principal flag of registry of our vessels. A…3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
41.0%Operating margin4
36.7%Net margin4
-11.4%Revenue growth, 20254
15.3%Return on equity4
0.27×Debt to equity4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Time Charter Equivalent Services brought in 49% of the revenue International Seaways, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Time Charter Equivalent Services | $1.1B | $933.1M | $819.6M |
| Pool Revenue Leases | $905.8M | $749.2M | $641.8M |
| Time and Bareboat Charter Leases | $96.5M | $137.1M | $157.6M |
| Voyage Charter Leases | $69.4M | $65.3M | $43.9M |
Business segments
International Crude Tankers brought in 52% of the revenue International Seaways, Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| International Crude Tankers | $524.0M | $451.4M | $439.6M |
| International Product Carriers | $547.8M | $500.3M | $403.7M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs63¢$533.6M
- Income tax0¢$411.0K
- Profit37¢$309.3M
Out of $843.3M in revenue.4
Where each dollar of operating cash went, fiscal 2025
- Dividends paid38¢$144.6M
- Kept or used elsewhere62¢$235.4M
Out of $380.1M of cash from operations.4
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Shipping revenues | $843.3M | $951.6M | $1.1B |
| Voyage expenses | $23.7M | $18.5M | $16.3M |
| Vessel expenses | $266.1M | $275.7M | $259.5M |
| Charter hire expenses | $33.3M | $29.8M | $39.4M |
| Depreciation and amortization | $163.6M | $149.4M | $129.0M |
| General and administrative | $50.2M | $52.6M | $47.5M |
| Other operating expenses | $3.5M | $2.8M | |
| Third-party debt modification fees | $168.0K | $568.0K | |
| (Gain) loss on disposal of vessels and other assets, net of impairments | -$42.5M | -$32.7M | -$35.9M |
| Total operating expenses | $497.9M | $496.4M | $456.3M |
| Income from vessel operations | $345.4M | $455.2M | $615.4M |
| Other income | $6.2M | $10.1M | $10.7M |
| Income before interest expense and income taxes | $351.6M | $465.3M | $626.1M |
| Interest expense | -$42.7M | -$49.7M | -$65.8M |
| Income before income taxes | $308.9M | $415.6M | $560.3M |
| Income tax benefit/(provision) | $411.0K | $1.1M | -$3.9M |
| Net income | $309.3M | $416.7M | $556.4M |
| Basic | 49.3M shares | 49.3M shares | 49.0M shares |
| Diluted | 49.6M shares | 49.7M shares | 49.4M shares |
| Basic net income per share | $6.27 | $8.45 | $11.35 |
| Diluted net income per share | $6.23 | $8.38 | $11.25 |
| Pool revenues, received from companies accounted for by the equity method | $233.0M | $273.8M | $313.9M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $116.9M | $157.5M | ||
| Short-term investments | $50.0M | |||
| Voyage receivables, net of allowance for credit losses of $52 and $86, including unbilled of $169,610 and $181,211 | $177.9M | $185.5M | ||
| Other receivables | $13.8M | $13.8M | ||
| Inventories | $611.0K | $1.9M | ||
| Prepaid expenses and other current assets | $7.4M | $15.6M | ||
| Current portion of derivative asset | $406.0K | $2.1M | ||
| Total Current Assets | $367.0M | $376.3M | ||
| Vessels and other property, less accumulated depreciation of $246,413 and $466,356 | $2.1B | $2.1B | ||
| Vessels construction in progress | $57.7M | $37.0M | ||
| Deferred drydock expenditures, net | $109.3M | $90.2M | $70.9M | $65.6M |
| Operating lease right-of-use assets | $7.2M | $21.2M | ||
| Pool working capital deposits | $33.1M | $35.4M | ||
| Long-term derivative assets | $5.0K | $801.0K | ||
| Other assets | $16.4M | $25.2M | ||
| Total Assets | $2.7B | $2.6B | ||
| Accounts payable, accrued expenses and other current liabilities | $69.9M | $66.3M | ||
| Current portion of operating lease liabilities | $3.2M | $14.6M | ||
| Current installments of long-term debt | $25.8M | $50.1M | ||
| Total Current Liabilities | $98.9M | $130.9M | ||
| Long-term operating lease liabilities | $6.0M | $8.7M | ||
| Long-term debt, net | $541.3M | $638.4M | ||
| Other liabilities | $2.2M | $2.3M | ||
| Total Liabilities | $648.4M | $780.3M | ||
| Capital - 100,000,000 no par value shares authorized; 49,404,078 and 48,194,458 shares issued and outstanding | $1.5B | $1.5B | ||
| Retained earnings | $523.8M | $359.1M | ||
| Stockholders Equity Subtotal | $2.0B | $1.9B | ||
| Accumulated other comprehensive loss | -$10.8M | -$7.9M | ||
| Total Equity | $2.0B | $1.9B | ||
| Total Liabilities and Equity | $2.7B | $2.6B | ||
| Unbilled voyage receivable (in dollars) | $169.6M | $181.2M | ||
| Voyage receivables, allowance for credit losses | $52.0K | $86.0K | $191.0K | $261.0K |
| Common stock, shares authorized | 100.0M shares | 100.0M shares | ||
| Common stock, no par value | $0 | $0 | ||
| Common stock, shares, issued | 49.4M shares | 49.2M shares | ||
| Common stock, shares, outstanding | 49.4M shares | 49.2M shares | 48.9M shares | 49.1M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $116.9M | $157.5M | ||
| Short-term investments | $50.0M | |||
| Voyage receivables, net of allowance for credit losses of $52 and $86, including unbilled of $169,610 and $181,211 | $177.9M | $185.5M | ||
| Other receivables | $13.8M | $13.8M | ||
| Inventories | $611.0K | $1.9M | ||
| Prepaid expenses and other current assets | $7.4M | $15.6M | ||
| Current portion of derivative asset | $406.0K | $2.1M | ||
| Total Current Assets | $367.0M | $376.3M | ||
| Vessels and other property, less accumulated depreciation of $246,413 and $466,356 | $2.1B | $2.1B | ||
| Vessels construction in progress | $57.7M | $37.0M | ||
| Deferred drydock expenditures, net | $109.3M | $90.2M | $70.9M | $65.6M |
| Operating lease right-of-use assets | $7.2M | $21.2M | ||
| Pool working capital deposits | $33.1M | $35.4M | ||
| Long-term derivative assets | $5.0K | $801.0K | ||
| Other assets | $16.4M | $25.2M | ||
| Total Assets | $2.7B | $2.6B | ||
| Accounts payable, accrued expenses and other current liabilities | $69.9M | $66.3M | ||
| Current portion of operating lease liabilities | $3.2M | $14.6M | ||
| Current installments of long-term debt | $25.8M | $50.1M | ||
| Total Current Liabilities | $98.9M | $130.9M | ||
| Long-term operating lease liabilities | $6.0M | $8.7M | ||
| Long-term debt, net | $541.3M | $638.4M | ||
| Other liabilities | $2.2M | $2.3M | ||
| Total Liabilities | $648.4M | $780.3M | ||
| Capital - 100,000,000 no par value shares authorized; 49,404,078 and 48,194,458 shares issued and outstanding | $1.5B | $1.5B | ||
| Retained earnings | $523.8M | $359.1M | ||
| Stockholders Equity Subtotal | $2.0B | $1.9B | ||
| Accumulated other comprehensive loss | -$10.8M | -$7.9M | ||
| Total Equity | $2.0B | $1.9B | ||
| Total Liabilities and Equity | $2.7B | $2.6B | ||
| Unbilled voyage receivable (in dollars) | $169.6M | $181.2M | ||
| Voyage receivables, allowance for credit losses | $52.0K | $86.0K | $191.0K | $261.0K |
| Common stock, shares authorized | 100.0M shares | 100.0M shares | ||
| Common stock, no par value | $0 | $0 | ||
| Common stock, shares, issued | 49.4M shares | 49.2M shares | ||
| Common stock, shares, outstanding | 49.4M shares | 49.2M shares | 48.9M shares | 49.1M shares |
Every line of the cash flow as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $309.3M | $416.7M | $556.4M |
| Depreciation and amortization | $163.6M | $149.4M | $129.0M |
| Loss on write-down of vessels and other assets | $8.7M | ||
| Amortization of debt discount and other deferred financing costs | $4.3M | $4.1M | $5.6M |
| Deferred financing costs write-off | $1.8M | $2.7M | |
| Stock compensation | $8.7M | $9.0M | $8.5M |
| Other - net | -$189.0K | -$553.0K | -$2.5M |
| Gain on disposal of vessels and other assets, net | -$42.5M | -$41.4M | -$35.9M |
| Loss on extinguishment of debt | $315.0K | $1.3M | |
| Payments for drydocking | -$84.2M | -$58.6M | -$34.5M |
| Insurance claims proceeds related to vessel operations | $2.8M | $1.1M | $3.2M |
| Decrease in receivables | $7.6M | $61.6M | $42.6M |
| (Decrease)/increase in deferred revenue | -$1.9M | $1.6M | $3.3M |
| Purchase of insurance contract in connection with settlement of pension plan obligations | -$3.6M | ||
| Net change in inventories, prepaid expenses and other current assets and accounts payable, accrued expense, and other current and long-term liabilities | $10.5M | -$942.0K | $8.7M |
| Net cash provided by operating activities | $380.1M | $547.1M | $688.4M |
| Expenditures for vessels, vessel improvements and vessels under construction, including deposits for acquisitions | -$340.5M | -$278.8M | -$205.2M |
| Security deposits returned for vessel exchange transactions | $5.0M | -$5.0M | |
| Proceeds from disposal of vessels and other assets | $246.3M | $71.9M | $66.0M |
| Expenditures for other property | -$1.4M | -$1.4M | -$1.5M |
| Pool working capital deposits | -$650.0K | -$1.7M | -$3.6M |
| Investments in short term time deposits | -$50.0M | -$125.0M | -$235.0M |
| Proceeds from maturities of short term time deposits | $185.0M | $255.0M | |
| Net cash used in investing activities | -$141.3M | -$155.0M | -$124.3M |
| Borrowings on nonrevolving credit facility debt | $331.5M | ||
| Borrowings on revolving credit facilities | $80.0M | $120.0M | $50.0M |
| Repayments on revolving credit facilities | -$224.6M | -$70.0M | -$50.0M |
| Repayments of debt | -$39.9M | -$382.1M | |
| Premium and fees on extinguishment of debt | -$315.0K | -$1.3M | |
| Proceeds from sale and leaseback financing, net of issuance and deferred financing costs | $169.7M | ||
| Payments on sale and leaseback financing and finance lease | -$303.5M | -$49.3M | -$136.0M |
| Payments of deferred financing costs | -$11.7M | -$5.8M | -$3.6M |
| Cash dividends paid | -$144.6M | -$284.4M | -$308.2M |
| Repurchases of common stock | -$25.0M | -$13.9M | |
| Cash paid to tax authority upon vesting or exercise of stock-based compensation | -$6.1M | -$7.1M | -$5.8M |
| Net cash used in financing activities | -$279.3M | -$361.4M | -$681.1M |
| Net (decrease)/increase in cash and cash equivalents | -$40.6M | $30.7M | -$117.0M |
No quarter-by-quarter statement was filed.
Leadership
Who has led International Seaways, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
20202025
- Chief executive officerLois K. Zabrocky Dec 2, 2016 to now12
- PresidentLois K. Zabrocky Nov 10, 2016 to now13
- Chief financial officerIan T. Blackley Nov 10, 2016 to Nov 10, 201614
- Chief financial officerJeffrey Pribor Nov 18, 2016 to now15
Board members and other officers (24)
- TreasurerDebra Grillo Mar 6, 2025 to now16
- VP and Chief Comm. OfficerDerek G. Solon Mar 7, 2017 to now17
- VP and Head of Shipping Ops.William F. Nugent Mar 7, 2017 to now18
- TreasurerGeoffrey Carpenter Nov 10, 2016 to Nov 10, 201619
- SVP & SecretaryJames D. Small Iii. Nov 10, 2016 to Nov 10, 201620
- SVP and ComptrollerRick F. Oricchio Nov 10, 2016 to Nov 10, 201621
- ControllerAdewale Oshodi Dec 2, 2016 to now22
- Board memberDarron M. Anderson Jun 17, 2024 to now23
- Board memberKristian Johansen Jun 17, 2024 to now24
- Board memberCraig H. Stevenson Jr. Jul 20, 2021 to now25
- Board memberNadim Z. Qureshi Jul 20, 2021 to Mar 15, 202426
- Board memberDavid I. Greenberg Jun 12, 2017 to now27
- Board memberIan T. Blackley Nov 10, 2016 to now14
- Board memberLois K. Zabrocky Nov 10, 2016 to now13
- Board memberRick F. Oricchio Nov 10, 2016 to Nov 10, 201621
- Board memberGregory A. Wright Nov 15, 2016 to Jun 30, 202028
- Board memberChad Valerio Dec 2, 2016 to Dec 16, 201629
- Board memberDouglas D. Wheat Dec 2, 2016 to Jun 17, 202430
- Board memberJoseph Isaac Kronsberg Dec 2, 2016 to May 17, 202431
- Board memberRandee E. Day Dec 2, 2016 to now32
- Board memberRonald Steger Dec 2, 2016 to Dec 16, 201633
- Board memberTimothy J. Bernlohr Dec 2, 2016 to now34
- Board memberTy Wallach Dec 2, 2016 to Jun 3, 202135
- General counselJames D. Small Iii. Dec 2, 2016 to now36
Named in SEC Form D filings
People the company listed in its private-offering notices.
- DirectorA. Kate Blankenship named Oct 7, 202537
Former names
- OSG International, INCJul 15, 2016 to Sep 15, 20162
Timeline
- Dec 2, 2016New chief executive Lois K. Zabrocky becomes CEO12
Filings
676 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 77 major events, 414 insider forms, 37 large holders, 1 private raises, 127 other. The latest 20:
- Oct 8, 2026SCHEDULE 13D/A EDGAR
- Sep 16, 20264 EDGAR
- Aug 18, 20264 EDGAR
- Aug 17, 2026144 EDGAR
- Aug 10, 202610-Q EDGAR
- Aug 10, 20268-K EDGAR
- Jul 17, 20264 EDGAR
- Jul 17, 20264 EDGAR
- Jul 15, 2026144 EDGAR
- Jul 15, 2026144 EDGAR
- Jul 7, 20264 EDGAR
- Jun 17, 20264 EDGAR
- Jun 17, 20264 EDGAR
- Jun 15, 2026144 EDGAR
- Jun 15, 2026144 EDGAR
- Jun 12, 20268-K EDGAR
- Jun 10, 20264 EDGAR
- Jun 10, 20264 EDGAR
- Jun 10, 20264 EDGAR
- Jun 10, 20264 EDGAR
The 676 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
175 open-market trades by officers, directors and large owners since October 2021: 5 buys and 170 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 15, 2026 | Zabrocky Lois KPresident & CEO | Sale | 2,000 | $108.01 | $216.0K | Form 4 |
| Aug 17, 2026 | Zabrocky Lois KPresident & CEO | Sale | 2,000 | $98.44 | $196.9K | Form 4 |
| Jul 15, 2026 | Pribor JeffreySVP & CFO | Sale | 1,000 | $87.49 | $87.5K | Form 4 |
| Jul 15, 2026 | Zabrocky Lois KPresident & CEO | Sale | 2,000 | $87.59 | $175.2K | Form 4 |
| Jun 15, 2026 | Pribor JeffreySVP & CFO | Sale | 1,000 | $81.68 | $81.7K | Form 4 |
| Jun 15, 2026 | Zabrocky Lois KPresident & CEO | Sale | 2,000 | $81.34 | $162.7K | Form 4 |
| May 15, 2026 | Zabrocky Lois KPresident & CEO | Sale | 2,000 | $84.23 | $168.5K | Form 4 |
| May 15, 2026 | Pribor JeffreySVP & CFO | Sale | 1,000 | $83.72 | $83.7K | Form 4 |
| May 14, 2026 | Nugent William F.Senior Vice President | Sale | 6,830 | $85.23 | $582.1K | Form 4 |
| May 12, 2026 | Solon Derek G.Senior Vice President | Sale | 4,700 | $89.22 | $419.3K | Form 4 |
| May 12, 2026 | Zabrocky Lois KPresident & CEO | Sale | 25,000 | $88.08 | $2.2M | Form 4 |
| Apr 15, 2026 | Pribor JeffreySVP & CFO | Sale | 1,000 | $74.50 | $74.5K | Form 4 |
| Apr 15, 2026 | Zabrocky Lois KPresident & CEO | Sale | 2,000 | $74.57 | $149.1K | Form 4 |
| Mar 16, 2026 | Pribor JeffreySVP & CFO | Sale | 1,000 | $66.50 | $66.5K | Form 4 |
| Mar 16, 2026 | Zabrocky Lois KPresident & CEO | Sale | 2,000 | $67.79 | $135.6K | Form 4 |
| Mar 10, 2026 | Famatown Finance Ltd10% owner | Sale | 156,362 | $75.34 | $11.8M | Form 4 |
| Mar 9, 2026 | Grillo DebraTreasurer | Sale | 389 | $76.27 | $29.7K | Form 4 |
| Mar 9, 2026 | Day Randee EDirector | Sale | 4,090 | $74.93 | $306.5K | Form 4 |
| Mar 9, 2026 | Blankenship Alexandra KateDirector | Sale | 5,000 | $74.88 | $374.4K | Form 4 |
| Mar 9, 2026 | Famatown Finance Ltd10% owner | Sale | 300,000 | $75.62 | $22.7M | Form 4 |
All 175 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Famatown Finance LtdSCHEDULE 13D/A, 7 filings Apr 27, 2022 to Oct 8, 202638
- VANGUARD GROUP INCSCHEDULE 13G/A, 7 filings Feb 10, 2022 to Mar 27, 202639
- FMR LLCSCHEDULE 13G/A, 2 filings Nov 5, 2025 to Feb 5, 202640
- BlackRockSCHEDULE 13G, 1 filing Jan 8, 202541
- DIMENSIONAL FUND ADVISORS LPSC 13G/A, 3 filings Feb 8, 2022 to Feb 9, 202442
- EPS Ventures LtdSC 13G/A, 2 filings Oct 12, 2022 to Feb 7, 202443
- DONALD SMITH & CO., INC.SC 13G, 2 filings Feb 7, 2022 to Feb 9, 202344
- Navig8 Risk Management Pte. Ltd.SC 13D/A, 2 filings Oct 13, 2022 to Dec 8, 202245
- cobas asset management, sgiic, s.a.SC 13G/A, 2 filings Feb 15, 2022 to May 9, 202246
- CYRUS CAPITAL PARTNERS, L.P.SC 13D/A, 3 filings Nov 9, 2021 to Apr 25, 202247
- PRICE T ROWE ASSOCIATES INC /MD/SC 13G/A, 1 filing Feb 14, 202248
- WL ROSS & CO LLCSC 13G/A, 2 filings Feb 9, 2022 to Feb 10, 202249
Money raised
Private offerings the company reported to the SEC on Form D.
- Sep 23, 2025Raised $23.8 million in a private offering of debt Form D: 4 investors so far Form D
Members of Congress who traded it
1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| Oct 27, 2023 | Michael GuestRepublican, House | Buy | $1,001 - $15,000 | +41.9% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 13SEC EDGARLois K. Zabrocky, President
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- 16SEC EDGARDebra Grillo, Treasurer
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- 19SEC EDGARGeoffrey Carpenter, Treasurer
- 20SEC EDGARJames D. Small Iii., SVP & Secretary
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- 22SEC EDGARAdewale Oshodi, Controller
- 23SEC EDGARDarron M. Anderson, Board member
- 24SEC EDGARKristian Johansen, Board member
- 25SEC EDGARCraig H. Stevenson Jr., Board member
- 26SEC EDGARNadim Z. Qureshi, Board member
- 27SEC EDGARDavid I. Greenberg, Board member
- 28SEC EDGARGregory A. Wright, Board member
- 29SEC EDGARChad Valerio, Board member
- 30SEC EDGARDouglas D. Wheat, Board member
- 31SEC EDGARJoseph Isaac Kronsberg, Board member
- 32SEC EDGARRandee E. Day, Board member
- 33SEC EDGARRonald Steger, Board member
- 34SEC EDGARTimothy J. Bernlohr, Board member
- 35SEC EDGARTy Wallach, Board member
- 36SEC EDGARJames D. Small Iii., General counsel
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