International Seaways, Inc.INSW

International Seaways Inc. is a tanker company in the business of moving crude oil and refined products around the world with a fleet of 64 vessels. Its latest quarterly filing shows revenue of $325.5 million, net income of $286.1 million, and diluted EPS of $5.75 for the three months ending 31 March 2026. The company’s balance sheet carries $2.19 billion in shareholders’ equity, $141.8 million in cash, and $235.0 million in short-term investments, giving it a tidy liquidity cushion even if the Baltic Exchange decides to take a holiday.

The fleet operates under two accounting regimes: ASC 842 for leases and ASC 606 for services, with the company disclosing a breakdown of revenues from each for the quarter. Pool revenues included $105,164 and $46,910 from affiliated companies, a detail that will warm the hearts of analysts who enjoy tracing every last cent of related-party activity. The operating income figure of $288.6 million sits just $2.5 million above net income, a gap narrow enough to suggest the company’s cost base is lean, or at least that its finance team has mastered the art of the immaculate P&L.

International Seaways’ cash generation is the star of the show: net cash provided by operating activities was $141.1 million in the quarter, while capex was a mere $2.9 million, implying most of the fleet is already fully depreciated or leased-in. The company’s inventory balance stands at $5.4 million, which is either a rounding error or the cost of a very small flotilla of tugs. The board has also kept the buyback optics alive, authorising a distribution agreement that allows underwriters to sell up to $200 million of common stock with the company taking no more than 3% of gross proceeds-practically a rounding error in shipping circles.

Insider buying has been visible in the past fortnight, with four separate Form 4 filings showing purchases at prices that make the Baltic Dry Index look tame. The company’s 10-Q filing confirms the fleet’s composition and the split between owned, leased-in, and time-chartered vessels, but offers no surprises beyond the usual shipping metrics. The distribution agreement’s fine print confirms the shares have no par value, a detail that may comfort accountants more than shareholders.

If you want a chart, the company points investors to its investor-relations page where quarterly results are posted alongside anodyne product imagery. The SEC’s company facts data feed confirms the core filing numbers, while the submissions index lists the usual round of 8-Ks, 10-Qs, and Form 4s. For context on the fleet’s scale, the company states it operates 64 vessels primarily in the international flag trade, engaged in the transportation of crude oil and refined petroleum products. That is the business, and that is the evidence.