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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. The company operates in two segments: Crude Tankers and Product Carriers. It operates fleet of 70 vessels of VLCCs, Suezmaxes, and Aframaxes, as well as MRs, LR1, and LR2 product carrier. The company provides ship-to-ship (STS) lightering support services, such as hoses and fenders; and full-service STS lightering that includes lightering vessels. It also offers MR product carriers, including IMO III compliant for carrying edible oils, such as palm and vegetable oil, increasing flexibility when switching between cargo grades. The company serves independent and state-owned oil companies, oil traders, refinery operators, and international government entities. The company was formerly known as OSG International, Inc. and changed its name to International Seaways, Inc. in October 2016. International Seaways, Inc. was incorporated in 1999 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $843M | $515M | $309M | $38M | 15.3% | -11.4% | -25.8% |
| 2024 | $952M | $615M | $417M | $262M | 22.5% | -11.2% | -25.1% |
| 2023 | $1.1B | $755M | $556M | $482M | 32.4% | 24.0% | 43.5% |
| 2022 | $865M | $556M | $388M | $171M | 26.1% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 864.66 | 1,071.78 | 951.61 | 843.30 |
| Cost Of Revenue | - | 394.15 | 444.24 | 473.45 | 486.68 |
| Gross Profit | - | 470.52 | 627.54 | 478.16 | 356.62 |
| Operating Expense | - | 46.35 | 47.47 | 52.61 | 50.24 |
| Operating Income | - | 424.16 | 580.07 | 425.56 | 306.39 |
| EBITDA | - | 556.09 | 755.12 | 614.78 | 515.14 |
| EBIT | - | 445.70 | 626.08 | 465.34 | 351.55 |
| Pretax Income | - | 387.98 | 560.32 | 415.64 | 308.85 |
| Tax Provision | - | 0.09 | 3.88 | -1.08 | -0.41 |
| Net Income | - | 387.89 | 556.45 | 416.72 | 309.26 |
| Net Income Common Stockholders | - | 387.40 | 556.04 | 416.55 | 309.11 |
| Total Expenses | - | 440.50 | 491.71 | 526.06 | 536.91 |
| Interest Expense | - | 57.72 | 65.76 | 49.70 | 42.70 |
| Interest Income | - | 3.65 | 13.96 | 9.92 | 7.61 |
| Selling General And Administration | - | 46.35 | 47.47 | 52.61 | 50.24 |
| Normalized EBITDA | - | 538.86 | 723.76 | 585.11 | 478.22 |
| Normalized Income | - | 370.67 | 525.31 | 393.29 | 280.09 |
| Market Cap | 3,931.96 | 3,931.96 | 3,931.96 | 3,931.96 | 3,931.96 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| International Seaways, Inc.this co. | INSW | $3.9B | 12.71↓ discount | 1.95 | 15.3% | 8.52 |
| Magnolia Oil & Gas Corporation | MGY | $5.5B | 17.19 | 2.88 | 16.8% | 6.54 |
| Comstock Resources, Inc. | CRK | $5.0B | 11.84 | 1.88 | 15.9% | 5.73 |
| Tidewater Inc. | TDW | $4.4B | 13.11 | 3.21 | 24.5% | 10.26 |
| Cactus, Inc. | WHD | $3.9B |
| - |
| - |
| - |
| - |
| - |
| - |
| 23.74 |
| 3.21 |
| 13.5% |
| 11.78 |
| SM Energy Company | SM | $3.3B | 10.65 | 1.43 | 13.5% | 4.18 |
| Par Pacific Holdings, Inc. | PARR | $3.3B | 8.60 | 2.10 | 24.4% | 6.02 |
| CVR Energy, Inc. | CVI | $3.1B | 117.36 | 4.34 | 3.7% | 7.51 |
| Crescent Energy Company | CRGY | $3.1B | 31.41 | 0.81 | 2.6% | 5.92 |
| Peer Median | - | 15.15 | 2.49 | 14.7% | 6.28 | |