International Seaways, Inc.

Listed Company

INSWCIK 0001679049NYSELarge AcceleratedWater Transportation1TFY ends Dec 31

Period

FY 2025

Revenue

$843.30M

Net Income

$309.26M

Total Assets

$2.67B

Equity

$2.02B

Shares Out

49.43M

Op. Cash Flow

$380.05M

Business

International Seaways, Inc. owns and operates a fleet of oceangoing vessels engaged in the international transportation of crude oil and refined petroleum products. It provides seaborne transportation via VLCC, Suezmax and Aframax crude tankers and LR2, LR1 and MR product carriers, and offers ship-to-ship lightering services and chartering solutions. The business is organized into two reportable segments: Crude Tankers (including lightering) and Product Carriers. The Company operates in the International Flag trade worldwide, deploying vessels in spot and time charters and participating in commercial pools serving oil companies, traders, refineries and government entities.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Shipping revenues	843	952	1,072	865	273
Voyage expenses	24	19	16	11	17
Vessel expenses	266	276	260	241	183
Charter hire expenses	33	30	39	32	24
Depreciation and amortization	164	149	129	110	87
General and administrative	50	53	47	46	33
Other operating expenses	4	3	—	—	—
Third-party debt modification fees	—	168,000	568,000	1	110,000
(Gain) loss on disposal of vessels and other assets, net of impairments	−43	−33	−36	−20	−10
Total operating expenses	498	496	456	422	385
Income from vessel operations	345	455	615	443	−112
Other income	6	10	11	2	−6
Income before interest expense and income taxes	352	465	626	—	—
Interest expense	−43	−50	−66	−58	—
Income before income taxes	309	416	560	388	−133
Income tax benefit/(provision)	411,000	1	−4	−88,000	−2
Net income	309	417	556	388	−133
Basic	49	49	49	49	38
Diluted	50	50	49	50	38
Basic net income per share	6.27	8.45	11.35	7.85	−3.48
Diluted net income per share	6.23	8.38	11.25	7.77	−3.48

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	117	158	127	244	98
Short-term investments	50	—	60	80	—
Voyage receivables, net of allowance for credit losses of $52 and $86, including unbilled of $169,610 and $181,211	178	186	247	290	107
Other receivables	14	14	14	13	6
Inventories	611,000	2	1	531,000	2
Prepaid expenses and other current assets	7	16	10	9	12
Current portion of derivative asset	406,000	2	5	7	—
Total Current Assets	367	376	465	643	224
Vessels and other property, less accumulated depreciation of $246,413 and $466,356	2,078	2,050	1,914	1,680	1,803
Vessels construction in progress	58	37	12	124	49
Deferred drydock expenditures, net	109	90	71	66	56
Operating lease right-of-use assets	7	21	20	8	23
Pool working capital deposits	33	35	32	36	180
Long-term derivative assets	5,000	801,000	1	5	1
Other assets	16	25	7	10	8
Total Assets	2,669	2,636	2,522	2,615	2,347
Accounts payable, accrued expenses and other current liabilities	70	66	58	51	45
Current portion of operating lease liabilities	3	15	10	2	8
Current installments of long-term debt	26	50	127	163	179
Total Current Liabilities	99	131	196	257	235
Long-term operating lease liabilities	6	9	12	8	13
Long-term debt, net	541	638	595	861	926
Other liabilities	2	2	3	2	2
Total Liabilities	648	780	805	1,128	1,176
Commitments and contingencies	—	—	—	—	—
Capital - 100,000,000 no par value shares authorized; 49,404,078 and 48,194,458 shares issued and outstanding	1,507	1,505	1,491	1,502	1,591
Retained earnings	524	359	227	−21	−409
Stockholders Equity Subtotal	2,031	1,864	1,718	1,481	1,182
Accumulated other comprehensive loss	−11	−8	−1	7	−12
Total Equity	2,020	1,856	1,717	1,488	1,170
Total Liabilities and Equity	2,669	2,636	2,522	2,615	2,347

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loss on write-down of vessels and other assets	—	9	—	2	3
Amortization of debt discount and other deferred financing costs	4	4	6	5	2
Deferred financing costs write-off	2	—	3	1	2
Stock compensation	9	9	9	7	11
Other - net	−189,000	−553,000	−3	−2	3
Gain on disposal of vessels and other assets, net	−43	−41	−36	−21	−13
Loss on extinguishment of debt	315,000	—	1	—	4
Payments for drydocking	−84	−59	−35	−43	−42
Insurance claims proceeds related to vessel operations	3	1	3	5	2
Decrease in receivables	8	62	43	−183	−16
(Decrease)/increase in deferred revenue	−2	2	3	3	−2
Purchase of insurance contract in connection with settlement of pension plan obligations	—	−4	—	—	—
Net change in inventories, prepaid expenses and other current assets and accounts payable, accrued expense, and other current and long-term liabilities	10	−942,000	9	13	−4
Net cash provided by operating activities	380	547	688	288	−76
Expenditures for vessels, vessel improvements and vessels under construction, including deposits for acquisitions	−340	−279	−205	−116	−78
Security deposits returned for vessel exchange transactions	5	−5	—	—	—
Proceeds from disposal of vessels and other assets	246	72	66	99	166
Expenditures for other property	−1	−1	−1	−710,000	−979,000
Pool working capital deposits	−650,000	−2	−4	1	−8
Investments in short term time deposits	−50	−125	−235	−105	—
Proceeds from maturities of short term time deposits	—	185	255	25	—
Net cash used in investing activities	−141	−155	−124	43	133
Borrowings on nonrevolving credit facility debt	331	—	—	641	84
Borrowings on revolving credit facilities	80	120	50	—	40
Repayments on revolving credit facilities	−225	−70	−50	—	−160
Repayments of debt	—	−40	−382	−799	−619
Premium and fees on extinguishment of debt	−315,000	—	−1	—	—
Proceeds from sale and leaseback financing, net of issuance and deferred financing costs	—	—	170	108	447
Payments on sale and leaseback financing and finance lease	−304	−49	−136	−39	−6
Payments of deferred financing costs	−12	−6	−4	−909,000	—
Cash dividends paid	−145	−284	−308	−70	−41
Repurchases of common stock	—	−25	−14	−20	−17
Cash paid to tax authority upon vesting or exercise of stock-based compensation	−6	−7	−6	−6	−1
Net cash used in financing activities	−279	−361	−681	−186	−174
Net (decrease)/increase in cash and cash equivalents	−41	31	−117	145	−117

Filings

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