International Seaways, Inc. (INSW) SEC Filings & Earnings Calls

No new risk introduced; routine collateral substitution under existing facility.

Dilution risk from unregistered share issuance

“Issued 1,624,036 unregistered shares, representing dilution of existing shareholders.”

Integration risk from acquiring Bruton Limited and its 4 VLCC vessels; stock dilution from issuing ~3.12M shares (96% of consideration).

“Seaways expects to issue approximately 3.12 million INSW shares in the Transactions, representing approximately 96% of the aggregate consideration payable in the Transactions.” · word for word

Market volatility in tanker rates could impact future earnings; Q4 spot earnings of $180k/day may not be sustainable.

“Blended spot earnings of approximately $68,000 per day in Q3 2026 vs $79,000 in Q2 2026 and $29,000 in Q3 2025; Q4 to date $180k/day on 37% of expected days.”

Fleet expansion capex of $244M for four LR1 newbuildings adds execution and market risk if tanker rates decline

“Contracted four additional LR1 newbuildings for an aggregate price of $244 million, with deliveries expected in 2028.” · word for word

Share repurchase program has only $50M remaining and expires end of 2026, limiting future buyback capacity

“The Company currently has $50 million authorized under its share repurchase program, which expires at the end of 2026.” · word for word

Geopolitical risk from Middle East conflict

“The outbreak of war in the Middle East between Iran and the U.S. and Israel in late February 2026, and the seizures and attacks on vessels travelling through the Red Sea, the Gulf of Aden and the Arabian Gulf, and the effective closure of the Strait of Hormuz, have caused supply disruptions in the oil and gas markets and significant volatility in energy pric”

Charter rate sustainability risk

“it is unlikely that the charter rates will remain at these historically high levels.” · word for word

Potential share dilution from ATM offerings; may pressure stock price.

“Up to $200M in common stock sales under ATM program.”

Geopolitical conflict escalation

“The extent of any future impact will depend on how the situation develops, including the duration of any continued disruption in the Strait of Hormuz and its effect on global energy markets.” · word for word

Charter rate normalization

“it is unlikely that the charter rates will remain at these historically high levels.” · word for word

Increased operating costs

“We also expect the voyage expenses...to be high in the near-term due to high bunker costs and being subject to additional war risks insurance premiums.”

Geopolitical risk from Strait of Hormuz situation could disrupt operations or lead to market volatility.

“The situation in the Strait of Hormuz, however, is more significant, as the world cannot substitute more than 20 million barrels per day of oil and refined product.” · word for word

Dependence on geopolitical events for market strength; any resolution could reduce tanker demand.

“Geopolitics are a constant in our business and typically create inefficiencies as markets adjust to new trading patterns.” · word for word

Concentrated ownership by major shareholder

“Famatown owns approximately 15.8% of the Company’s outstanding Common Stock.” · word for word

Cyclical earnings decline

“Income from vessel operations decreased by $109.8 million to $345.4 million in 2025, from $455.2 million in 2024, primarily driven by lower average daily rates across most of INSW’s Product Carrier sectors.” · word for word

Tanker Rate Volatility

“Income from vessel operations decreased by $109.8 million to $345.4 million in 2025, from $455.2 million in 2024, primarily driven by lower average daily rates across INSW’s Product Carrier sectors.” · word for word

IMO GHG Regulatory Uncertainty

“During the October meeting, convened to consider formal adoption of draft amendments to the framework, there was a lack of consensus around the technical and economic measures. Several nations, including the United States, strenuously objected to the proposals under consideration. MEPC elected to defer debate for one year to allow more time for debate and de” · word for word

Environmental Compliance Cost

“Future passage of climate control legislation or other regulatory initiatives by the IMO, EU, United States or other countries where INSW operates that restrict emissions of GHGs could require significant additional capital and/or operating expenditures and could have operational impacts on INSW’s business.” · word for word

Oil Spill Liability

“Under OPA 90, vessel owners, operators and bareboat or demise charterers are 'responsible parties' who are liable, without regard to fault, for all containment and clean-up costs and other damages, including property and natural resource damages and economic loss without physical damage to property, arising from oil spills and pollution from their vessels.” · word for word

Vessel sales reduce fleet size and revenue-generating capacity; proceeds may be used for debt reduction or reinvestment

“Sale of five vessels; fleet currently 73 vessels; proceeds net of commissions and fees.”

Integration and operational risks from pool management; market risk from tanker rate volatility.

“Acquisition of pool management; exposure to spot tanker rates.”

Trade protectionism / port fees

“The United States issued regulations that became effective on October 14, 2025 that certain vessels that were constructed in China or are owned or operated by a Chinese entity are charged a fee based on their net tonnage upon entering a U.S. port, which fee increases over time.” · word for word

Tanker rate volatility

“TCE revenues in the third quarter of 2025 decreased by $27.2 million, or 12%, to $192.5 million from $219.7 million in the third quarter of 2024.” · word for word