# International Seaways, Inc. (INSW)

> Source: Nexqual · https://nexqual.com/INSW · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, International Seaways, Inc. (INSW), nexqual.com/INSW" · informational, not investment advice.

**Price:** USD 108.42 (-2.46% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 111.15 · day 106–111.24 · 52w 46.09–126.27 · market cap $5.37B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.26B, net income $779M (62.0% margin) (SEC filings).
- Valuation: P/E 6.9x (avg 5.4x at the last 3 fiscal year-ends), EV/EBITDA 5.8x, net debt $236M.
- Insider open-market sales, last ~7 months: 15 Form 4 filings, $112M; 4 not under a Rule 10b5-1 plan ($111M); 5 by opportunistic insiders (1 outside 10b5-1 plans), 8 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.17 on a 1–5 scale) (6 analysts), mean target USD 126 (range 88–145).
- Total return with dividends: 1Y +155.7% vs S&P 500 +14.9%; 5Y +905.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 6.46, revenue estimate $365M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $273M | $865M | $1.07B | $952M | $843M | $1.26B |
| Operating income | -$112M | $443M | $615M | $455M | $345M | $807M |
| Net income | -$133M | $388M | $556M | $417M | $309M | $779M |
| EPS (diluted) | -$3.48 | $7.77 | $11.25 | $8.38 | $6.23 | — |
| Operating margin | -41.1% | 51.2% | 57.4% | 47.8% | 41.0% | 64.2% |
| Net margin | -49.0% | 44.9% | 51.9% | 43.8% | 36.7% | 62.0% |
| Revenue growth | -35.4% | +217.3% | +24.0% | -11.2% | -11.4% | — |
| Cash + short-term investments | — | $324M | $187M | — | $167M | — |
| Total debt | $1.10B | $1.02B | $723M | $688M | $567M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 6.9x · P/S 4.3x · EV/EBITDA 5.8x · EV/Sales 4.5x · P/B 2.4x · Earnings yield 14.51% · Dividend yield (paid, TTM) 7.68% · Net debt $236M · EV $5.61B
P/E at fiscal year-ends: Dec 2025 7.8x, Dec 2024 4.3x, Dec 2023 4.0x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
11 of 15 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-15 | Zabrocky Lois K | President & CEO | 2,000 | $228K | 1.2% | Yes | Routine (sold in Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-04-30…2026-10-08 | Famatown Finance Ltd |  | 1,106,190 | $107M | 14.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-15 | Zabrocky Lois K | President & CEO | 2,000 | $216K | 1.2% | Yes | Routine (sold in Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-08-17 | Zabrocky Lois K | President & CEO | 2,000 | $197K | 1.1% | Yes | Routine (sold in Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-07-15 | Pribor Jeffrey | SVP & CFO | 1,000 | $87K | 1% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-15 | Zabrocky Lois K | President & CEO | 2,000 | $175K | 1.1% | Yes | Routine (sold in Aug & Sep & Oct & Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-15 | Pribor Jeffrey | SVP & CFO | 1,000 | $82K | 1% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-15 | Zabrocky Lois K | President & CEO | 2,000 | $163K | 1.1% | Yes | Routine (sold in Aug & Sep & Oct & Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-15 | Zabrocky Lois K | President & CEO | 2,000 | $168K | 1.1% | Yes | Routine (sold in Aug & Sep & Oct & Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-15 | Pribor Jeffrey | SVP & CFO | 1,000 | $84K | 1% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-14 | Nugent William F. | Senior Vice President | 6,830 | $582K | 12.2% | No | Too little history (no open-market trades in 2023) |
| 2026-05-12 | Solon Derek G. | Senior Vice President | 4,700 | $419K | 8.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-12 | Zabrocky Lois K | Director | 25,000 | $2.2M | 12.1% | No | Routine (sold in Aug & Sep & Oct & Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-04-15 | Pribor Jeffrey | SVP & CFO | 1,000 | $75K | 1% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-15 | Zabrocky Lois K | President & CEO | 2,000 | $149K | 1% | Yes | Routine (sold in Aug & Sep & Oct & Nov & Dec each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.17 on a 1–5 scale), 6 analysts; mean target USD 126 (low 88, high 145).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-05 | B. Riley Securities | Target raised | Buy | $120 → $140 |
| 2026-09-18 | BTIG | Target raised | Buy | $100 → $130 |
| 2026-08-13 | Jefferies | Target raised | Buy | $100 → $108 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +155.7% | +905.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +156.6% | +58.5% |
| Volatility (annualized) | 39.5% | 39.3% |
| Max drawdown | -16.2% (Oct 2026→Oct 2026) | -50.4% (May 2024→Mar 2025) |

## Peers (Oil & Gas Midstream)
CMBT (CMB.TECH NV) USD 18.08 -1.42% · HESM (Hess Midstream LP) USD 30.04 -3.32% · GLNG (Golar LNG Limited) USD 44.03 -2.13% · PAGP (Plains GP Holdings, L.P.) USD 27.93 +0.04% · STNG (Scorpio Tankers Inc.) USD 82.44 -0.70% · SOBO (South Bow Corporation) USD 34.57 -0.52%

## More
Full page: https://nexqual.com/INSW · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in INSW's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1679049/000110465926020113/insw-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Ardmore Shipping Corp (ASC) | "Voyage receivables consist of (i) operating lease receivables associated with revenues from leases accounted for under ASC 842, Leases (ASC 842), which are primarily accrued earnings due from pools; and (ii) billed and u…" |
| Partner | Tankers International | "As of December 31, 2025, we participated in six commercial pools as our principal means of participation in the spot market— Tankers International ("TI"), Maersk Tankers Suezmax Pool ("MAERSK"), Panamax International ("P…" |
| Partner | Chevron (CVX) | "In addition, the "oil majors" such as BP, Chevron Corporation, Phillips 66, ExxonMobil Corp., Royal Dutch Shell and Total S.A. have developed a strict due diligence process for selecting their shipping partners out of co…" |
| Partner | ExxonMobil (XOM) | "In addition, the "oil majors" such as BP, Chevron Corporation, Phillips 66, ExxonMobil Corp., Royal Dutch Shell and Total S.A. have developed a strict due diligence process for selecting their shipping partners out of co…" |

Other companies that name INSW in their own reports (relationship from INSW's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Borr Drilling Ltd (BORR) | 20-F 2026-03-26 | "She has held board and committee roles across numerous publicly listed companies, including serving as Director and Audit Committee Chairperson of Diamond S Shipping Inc (until its merger with Interna…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| International Crude Tankers | $285.1M | 61.0% | +174.6% |
| International Product Carriers | $182.2M | 39.0% | +98.4% |
| Total revenue | $467.3M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Pool Revenue Leases | $255.5M | 54.7% | +71.8% |
| Voyage Charter Leases | $123.1M | 26.4% | +1114.3% |
| Time & Bareboat Charter Leases | $88.6M | 19.0% | +141.3% |
| Total revenue | $467.3M | 100% | — |

## Company outlook (8-K filed 2026-08-10)

- "Contracted four additional LR1 newbuildings for an aggregate price of $244 million, with deliveries expected in 2028. ·"
- "Remaining two LR1 newbuildings from the original six-vessel program expected to deliver in the third quarter of 2026. ·"
- "Upon delivery, all ten newbuild vessels are expected to trade into our jointly owned, Panamax International Pool, which has historically outperformed the LR1 market."
- "The vessels are expected to be delivered in the second half of 2028 at a contract price of $244 million in aggregate."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $6.46 | $2.27 | +184.0% | $364.7M | 2 |
| Next quarter (ends 2026-12-31) | $3.86 | $2.51 | +53.7% | $407.8M | 1 |
| Current fiscal year (ends 2026-12-31) | $21.32 | $15.99 | +33.3% | $1.55B | 1 |
| Next fiscal year (ends 2027-12-31) | $7.80 | $6.22 | +25.4% | $1.10B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±14.0%; last 8 reports averaged ±5.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 61.6% | ±14.0% |
| 2026-12-18 | 56 | 59.6% | ±20.1% |
| 2027-03-19 | 147 | 54.9% | ±29.0% |
| 2027-06-17 | 237 | 52.5% | ±34.0% |