Here are 1-2 brief analogies for International Seaways (INSW):

• Imagine a **Maersk** that specializes exclusively in shipping crude oil and petroleum products around the world in giant tankers.

• They're like the **Kinder Morgan** of the oceans, using a massive fleet of ships as their 'pipelines' to transport energy products globally.

• Crude Oil Transportation: Providing shipping services for the global movement of unrefined crude oil.
• Petroleum Products Transportation: Offering shipping services for the global movement of refined petroleum products.
• Floating Storage and Offloading (FSO) Services: Supplying offshore storage and transfer solutions for oil and gas production facilities.

International Seaways (INSW) primarily serves other companies and entities. While specific names of major customers are typically not publicly disclosed due to the nature of their business and contractual agreements, the company's customer base falls into the following categories:

• Independent oil companies
• State-owned oil companies
• Oil traders
• Refinery operators
• International government entities

• Hyundai Heavy Industries Co., Ltd. (KRX: 329180)

Lois K. Zabrocky, President and Chief Executive Officer

Lois K. Zabrocky has over 30 years of experience in the shipping industry, with the majority of her career at International Seaways and its predecessor, Overseas Shipholding Group (OSG), which she joined in 1992. Before becoming President and CEO of International Seaways upon its spin-off from OSG in November 2016, she held various senior management positions at OSG, including Senior Vice President for OSG's International Flag strategic business unit, Chief Commercial Officer, and Head of the International Product Carrier and Gas Strategic Business Units. Ms. Zabrocky orchestrated a strategic growth plan that expanded the product carrier fleet from 26 to 50 vessels and also served as Vice President for commercial operations of Aframax International, a pool of 35 Aframax tankers, where she expanded membership, size, and profitability. She began her maritime career sailing as a third mate aboard a U.S. flag chemical tanker and has completed the Harvard Business School Strategic Negotiations and Finance for Senior Executives courses.

Jeffrey D. Pribor, Senior Vice President and Chief Financial Officer

Jeffrey D. Pribor joined International Seaways in November 2016. Prior to this, he was Global Head of Maritime Investment Banking at Jefferies & Company, Inc. Mr. Pribor previously served as Executive Vice President and Chief Financial Officer of General Maritime Corporation, a prominent tanker shipping company, from September 2004 to February 2013. During his tenure at General Maritime, he was involved in a successful hostile takeover defense, a leveraged recapitalization, and a major financial restructuring. His earlier career included roles as Managing Director and President of DnB NOR Markets, Inc. (2002-2004), Managing Director and Group Head of Transportation Banking at ABN AMRO, Inc. (2001-2002), and Managing Director and Sector Head of Transportation and Logistics investment banking for ING Barings (1996-2001). He also spent over 10 years in the mergers and acquisitions group at Merrill Lynch and worked as an attorney.

James D. Small III, Chief Administrative Officer, Senior Vice President, Secretary and General Counsel

James D. Small III has nearly 30 years of experience in transactional, governance, and other legal matters. Before his current role at International Seaways, he was Senior Vice President, Secretary, and General Counsel of Overseas Shipholding Group (OSG), a position he took in March 2015. Prior to joining OSG, Mr. Small was a counsel at Cleary Gottlieb Steen & Hamilton LLP since 1996, where his practice focused on corporate and financing transactions, U.S. securities law, capital markets, mergers and acquisitions, and corporate governance. He worked in the firm's New York, London, and Hong Kong offices. Before his legal career, he worked as an analyst at the Central Intelligence Agency from 1990 to 1993.

William Nugent, Senior Vice President and Chief Technical and Sustainability Officer

William Nugent has served as Senior Vice President and Chief Technical and Sustainability Officer since 2014. Previously, he was responsible for the Technical Services Group, OSG's global engineering team. Mr. Nugent joined OSG in 2006 as Assistant Vice President for New Construction, was promoted to head of department in 2008, and has overseen the construction of more than 50 vessels in China, Korea, and the United States. His earlier career included roles as Director of Basic Design and Project Manager for Alion Science and Technology and John J. McMullen Associates, Inc.

Derek Solon, Senior Vice President and Chief Commercial Officer

Derek Solon was Vice President, Commercial of OSG since 2014 and joined OSG in 2012 as Vice President for Sale & Purchase for the international flag fleet. Prior to his time at OSG, he worked as a Marine Project Broker at Poten & Partners in New York. Before entering the commercial shipping industry, Mr. Solon served as an officer in the United States Navy from 1998-2003.

Key Risks to International Seaways (INSW)

International Seaways, Inc. (INSW) faces several key risks inherent to the global crude oil and petroleum product transportation industry. These risks primarily stem from the volatile nature of the shipping market, geopolitical events, and evolving regulatory landscapes.

1. Market Cyclicality and Volatility: The shipping industry is highly cyclical, leading to significant fluctuations in charter rates and vessel values. As a substantial portion of International Seaways' revenue is derived from the spot market, its earnings and cash flow are highly susceptible to these volatile changes. Periods of oversupply in vessel capacity or decreased demand for seaborne oil transport can severely depress rates and asset values, negatively impacting the company's financial performance.
2. Geopolitical Instability and Operational Risks: International Seaways operates in a global environment susceptible to geopolitical tensions, conflicts, and trade disputes. Disruptions in key maritime passages, such as the Strait of Hormuz, due to political instability can lead to rerouting, increased voyage durations, higher fuel costs, and elevated war-risk insurance premiums. Furthermore, the inherent dangers of shipping, including marine disasters, piracy, and mechanical failures, pose operational risks that may result in damages, losses, or liabilities not fully covered by insurance.
3. Regulatory and Environmental Compliance: The global shipping industry is subject to complex and increasingly stringent environmental regulations, particularly those aimed at reducing greenhouse gas emissions. Compliance with these evolving laws can necessitate significant capital expenditures for fleet modernization, including investments in new dual-fuel vessels or exhaust gas cleaning systems, and can increase operating costs. Changes in regulations can also affect the resale value of older, less compliant vessels and potentially impact the company's ability to operate in certain trades, thereby influencing its competitive position and profitability.

International Seaways (INSW) operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products. The addressable markets for their main services are for crude oil tanker shipping and petroleum product tanker shipping.

• Global Crude Oil Tanker Shipping Market: The global Crude Oil Carriers Market was valued at USD 257.37 billion in 2024. This market is projected to grow at a compound annual growth rate (CAGR) of 4.2% from 2025 to 2032, reaching nearly USD 357.68 billion.
• Global Petroleum Product Tanker Shipping Market: Information on the standalone global market size for petroleum product tanker shipping (product carriers) is not distinctly available in the provided search results. While some reports mention "tanker shipping" including refined products, they often combine it with crude oil and other liquid cargoes, or provide future projections rather than current market valuations for just product tankers. Therefore, a specific, current market size for this segment cannot be identified.

International Seaways (INSW) is expected to drive revenue growth over the next two to three years through several key factors:

• Sustained Strong Tanker Market Conditions: The company anticipates continued strength in tanker markets, influenced by ongoing geopolitical tensions and supply-demand imbalances. This environment has supported high spot earnings across various vessel classes, with strong rates observed for VLCCs, LR1, Suezmax, and Aframax tankers, directly contributing to increased revenue per voyage.
• Fleet Modernization and Expansion with Newbuild Deliveries: International Seaways is actively modernizing its fleet. The delivery of the remaining four LR1 newbuilds, scheduled for 2026, is a significant driver, as these vessels already carry approximately $210 million in contracted revenue over an average 1.4-year time charter period. The company also acquired the VLCC Seaways Gibbs Hill, adding modern crude tonnage to its fleet.
• Consolidation of Tankers International (TI) Ownership: The company's full ownership of Tankers International (TI) enhances its competitive standing within the VLCC pool market. This strategic consolidation is poised to strengthen its position and potentially increase revenue generation from its VLCC operations.
• High Fleet Utilization and Contracted Revenue: International Seaways has demonstrated high fleet utilization by securing attractive rates for a significant portion of its capacity. For instance, as of February 20, 2026, 71% of its blended fleet capacity was fixed at approximately $50,900 per day for the first quarter of 2026, including 90% of VLCC bookings at $71,800 per day, ensuring a robust and predictable revenue stream.

Share Repurchases

• International Seaways announced a $50 million share repurchase program, with approximately $25 million remaining as of September 2024.
• The $50 million share repurchase program was extended through the end of 2026.

Share Issuance

• In July 2021, International Seaways completed a merger with Diamond S Shipping Inc. in a stock-for-stock transaction, resulting in pre-merger INSW shareholders owning approximately 55.75% and former Diamond S Shipping stockholders owning approximately 44.25% of the combined company.

Outbound Investments

• International Seaways completed a merger with Diamond S Shipping Inc. in July 2021, which significantly expanded its fleet by adding 64 modern vessels.
• In February 2026, the company consolidated ownership of Tankers International by acquiring the remaining 50% interest, expanding into a new Suezmax pool.
• In August 2025, International Seaways agreed to purchase a 2020-built, scrubber-fitted VLCC for $119 million.

Capital Expenditures

• During 2025, International Seaways invested $426.1 million in vessels, upgrades, construction, and drydocking.
• The company has an ongoing LR1 newbuild program, with six scrubber-fitted, dual-fuel ready LR1 vessels under construction in Korea at an aggregate contract price of approximately $359 million.
• As of December 31, 2025, approximately $188 million in remaining construction costs for the newbuilds were expected, with deliveries ranging from the second half of 2025 through the third quarter of 2026.