Short answer
International Seaways, Inc. (INSW) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $843M (−11.4% year over year) and net income of $309M.
- Top risk flagged: Cybersecurity risk oversight by Governance Committee with quarterly updates on threats and incidents from CISO's risk register
FY2025 key financial metrics · XBRL
- Revenue
- $843M
- −11.4% YoY
- Net income
- $309M
- −25.8% YoY
- Operating margin
- 41.0%
- −6.9 pp YoY
- EPS (diluted)
- $6.23
- −25.7% YoY
- ROE
- 15.3%
- −7.1 pp YoY
- Operating cash flow
- $380M
- −30.5% YoY
Source: XBRL data from the International Seaways, Inc. (INSW) FY2025 10-K on SEC EDGAR. USD.
International Seaways, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: ownership and operation of 70 oceangoing crude oil and petroleum product vessels under International Flag
- New emphasis on 4 dual-fuel ready LR1 newbuilds contracted for 2026 delivery, increasing fleet to 74 vessels
- Strategic focus on balanced revenue from Crude Tankers (52%) and Product Carriers (48%) segments
- Shipping revenues $843.3M with TCE Revenues $819.6M in 2025, income from vessel operations decreased $109.8M YoY due to lower Product Carrier rates
Management Discussion & Analysis
- Total revenue (TCE) $819.6M in 2025, down 12% from $933.1M in 2024, driven by $112.4M rate decline in Product Carriers and fleet changes in VLCCs
- Operating margin (adjusted income from vessel operations / TCE revenue): Crude Tankers 50.4% in 2025 vs 48.4% in 2024; Product Carriers 36.2% in 2025 vs 53.7% in 2024
- Best segment: Crude Tankers with adjusted income $213.2M (down slightly from $211.7M in 2024); Worst segment: Product Carriers with adjusted income $143.4M, down 46% from $266.5M in 2024
- Operating cash flow impacted by financial costs: interest expense $42.7M decreased from $49.7M; Capex includes six VLCC purchases; fleet expanded to 74 vessels with 4 LR1 newbuilds in 2026; no specific buyback or dividend numbers disclosed
- Management warns of risks from geopolitical instability (Russia-Ukraine, Middle East conflicts), volatile oil demand, and sanctions; expects continued strong VLCC rates into 2026 but overall market rates showed mixed quarterly performance in 2025
Risk Factors
- Cybersecurity risk oversight by Governance Committee with quarterly updates on threats and incidents from CISO's risk register
- CISO with 30+ years maritime IT and cybersecurity experience managing cybersecurity risk program
- CEO and Chief Administrative Officer regularly review cybersecurity risks and emerging technology threats
- IT security team engaged in maritime and broader cybersecurity forums for threat intelligence sharing
- Board receives quarterly cybersecurity reports including third-party service provider risk assessments
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