Demand and volumemixed · 3 filings
“OECD demand in 2026 is estimated to decrease by 0.9% to 45.5 million b/d, while non-OECD demand is estimated to decrease by 1.0% to 58.0 million b/d.”10-Q · Aug 10, 2026 ↗
International Seaways, Inc.
INSW
Market read
International Seaways, Inc.'s move is spreading beyond its market group.
The latest filing evidence is available. 5 of 12 group members are active now; 4 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
What changed
- Revenue increased 138.8% versus the comparable filing period.
Company-2.4% todayVolume comparison unavailable
Market group5 of 12 activeOil & Gas Midstream · inactive
Disclosed network0 of 2 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- At least 8 of 12 durable members become active together.
- Capital-flow agreement rises above 55%.
- GNK remains aligned with the group in the next market snapshot.
Invalidation: The live read weakens if participation falls to 4 of 12 members or fewer.
Research brief
The story so far
The latest filing evidence is available. 5 of 12 group members are active now; 4 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 138.8% versus the comparable filing period.
- Operating margin improved 29.0 percentage points.
- Net income increased 378.4% versus the comparable filing period.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- At least 8 of 12 durable members become active together.
- Capital-flow agreement rises above 55%.
- GNK remains aligned with the group in the next market snapshot.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements63
Verified relationships2
Evidence supporting the case
No qualifying supportive evidence was identified.
Evidence challenging the case
- Latest annual revenue changed -11.4% year over year.
- Operating margin changed -6.9 percentage points in the latest annual period.
- Net margin changed -7.1 percentage points in the latest annual period.
Questions before a position
- P/E is 37% above the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 28% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
102.176m+45.1%12m+116.0%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$272.5M-35.4%$-3.48+35.4%
2022-12-31$864.7M+217.3%$7.77+29.8%
2023-12-31$1.1B+24.0%$11.25-0.8%
2024-12-31$951.6M-11.2%$8.38+0.5%
2025-12-31$843.3M-11.4%$6.23-0.2%
What management says matters
Persistent and emerging business drivers
Credit and interest ratespositive · 2 filings
“Those year-over-year decreases were partially offset by $6.3 million of interest expense incurred on the ECA Credit Facility and the 2030 Bonds, which were issued during 2025.”10-K · Feb 26, 2026 ↗
Energy and commodity pricesnegative · 1 filings
“China’s crude oil imports in June were estimated to be 6.4 million b/d, a dramatic decrease from earlier levels due to the impact of the closure of the Strait of Hormuz and subsequent usage of local crude stocks to mitigate the decreased imports.”10-Q · Aug 10, 2026 ↗
Supply chain and availabilitymixed · 1 filings
“The amended interest rate swap agreement did not in its entirety meet the definition of a derivative instrument because of its off market fixed rate at inception and was deemed to be a hybrid instrument with a financing component and an embedded at-the-market…”10-K · Feb 26, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 6.0× · EV/sales 6.5×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
102.17-2.4% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for INSW. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
Fundamentals strengthened in the latest filing
10-Q filed 2026-08-10 against the comparable filing from 2025-08-06.
OperationsconstructiveEvidence score +4
liquidityneutralEvidence score 0
valuationmixed
Capital and cash conversion
Inventory built faster than revenue
Inventory growth exceeded revenue growth and inventory intensity increased.
- Stock compensation / revenue
- +0.6%
- Inventory intensity change
- +5.1 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
- Revenue increased 138.8% versus the comparable filing period.
- Operating margin improved 29.0 percentage points.
- Net income increased 378.4% versus the comparable filing period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“Partially offsetting the TCE revenue increases described above was a $6.8 million days-based decrease in the VLCC sector, which reflects 90 more off-hire days in the current period and a decrease in fleet days relating to the net impact of the sales of one 2010-built VLCC and one 2012-built VLCC during the first quarter of 2026, partially offset by the Company’s acquisition of a 2020-built VLCC in November 2025. Charter hire expenses increased by $10.6 million quarter-over-quarter primarily because charter hire expense for the second quarter of 2026 included hire due to a third party participant of TISL, the Suezmax tankers pool formed in March 2026 (as described in Note 8, “Variable In...”
“Such decrease resulted primarily from the sales in the MR fleet described above, offset to a large extent by increased depreciation in the LR1 fleet resulting from the fleet changes noted above. During the first half of 2026, TCE revenues for the Product Carriers segment increased by $130.2 million, or 71%, to $313.8 million from $183.6 million in the first half of 2025.”
“Such increase resulted principally from significantly higher TCE revenues, partially offset by a $11.3 million decrease in gains from vessel sales, as no vessels were sold during the current quarter. TCE revenues in the second quarter of 2026 increased by $245.4 million, or 130%, to $434.2 million from $188.8 million in the second quarter of 2025.”
Point-in-time filing assessment published from the live pipeline.
Business ecosystem
The relationships behind INSW
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
HEHawaiian Electric Industries, Inc.customerFeb 26, 2026 ▾
“More stringent long-term standards for newly built engines that applied beginning in 2016 and required the use of high efficiency emission control technology such as selective catalytic reduction to achieve NOx reductions 80 percent below the pre-2016 levels.”
NCLHNorwegian Cruise Line Holdings Ltd.competitorFeb 26, 2026 ▾
“More recently, ECAs were adopted for the Mediterranean Sea in 2024 and the Canadian Arctic and Norwegian Sea in 2025.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 3 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
INSW is currently a Leader in the organic co-movement group Oil & Gas Midstream. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.