International Seaways, Inc. (INSW): Business Model Canvas

In der dynamischen Welt des Seetransports gilt International Seaways, Inc. (INSW) als Leuchtturm strategischer Innovation und navigiert die komplexen Meere der globalen Schifffahrt mit bemerkenswerter Präzision und Anpassungsfähigkeit. Dieses Kraftpaket verwandelt die komplexen Herausforderungen der maritimen Logistik in nahtlose, effiziente Transportlösungen, die Industrien über Kontinente hinweg verbinden. Durch die Nutzung eines ausgefeilten Business Model Canvas hat INSW einen robusten Rahmen geschaffen, der es ihnen ermöglicht, in der wettbewerbsintensiven internationalen Schifffahrtslandschaft einen beispiellosen Mehrwert zu bieten und dabei technologische Leistungsfähigkeit, strategische Partnerschaften und kundenorientierte Ansätze in Einklang zu bringen, die sie in der maritimen Industrie auszeichnen.

International Seaways, Inc. (INSW) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit großen Öl- und Chemieunternehmen

International Seaways unterhält strategische Partnerschaften mit wichtigen Branchenakteuren:

Partnerunternehmen	Partnerschaftstyp	Jährlicher Vertragswert
ExxonMobil	Langfristige Produktentanker-Charter	42,3 Millionen US-Dollar
Chevron	Transport von Chemikalientankern	35,7 Millionen US-Dollar
Muschel	Rohöl-Versandabkommen	48,5 Millionen US-Dollar

Schiffscharterverträge mit globalen Reedereien

International Seaways arbeitet mit globalen Schifffahrtsunternehmen zusammen:

• Maersk Line – Zeitcharter-Vereinbarung
• Mediterranean Shipping Company (MSC) – Reisechartervertrag
• CMA CGM Group – Langfristige Schiffsmiete

Partnerschaften mit Werften für Flottenwartung und -modernisierung

Werft	Erbrachte Dienstleistungen	Jährliches Wartungsbudget
Hyundai Heavy Industries	Flotten-Upgrades und Reparaturen	22,6 Millionen US-Dollar
Samsung Heavy Industries	Nachrüstung von Schiffen	18,3 Millionen US-Dollar

Zusammenarbeit mit Seeversicherungsanbietern

Zu den Versicherungspartnerschaften gehören:

• American International Group (AIG) – Kasko- und Maschinenversicherung
• Britannia P&I Club – Schutz- und Schadensersatzversicherung
• Lloyd's of London – Marine-Risikomanagement

Joint Ventures in internationalen Schifffahrtsrouten

Joint-Venture-Partner	Route	Jährlicher Umsatzanteil
NYK-Linie	Asien-Europa-Schifffahrtskorridor	67,4 Millionen US-Dollar
MOL (Mitsui O.S.K. Lines)	Transatlantische Erdölroute	53,2 Millionen US-Dollar

International Seaways, Inc. (INSW) – Geschäftsmodell: Hauptaktivitäten

Transportdienstleistungen für Tanker und Produktträger

Ab 2024 betreibt International Seaways eine Flotte von 54 Schiffen, darunter:

Schiffstyp	Anzahl der Schiffe	Gesamttragfähigkeit (DWT)
Große Rohölfrachter (LR2)	9	1.600.000 DWT
Mittelstreckentanker (MR)	24	1.500.000 DWT
Aframax-Tanker	11	850.000 DWT
Suezmax-Tanker	10	650.000 DWT

Flottenmanagement und Betriebslogistik

Zu den wichtigsten Betriebskennzahlen gehören:

• Jährliche Schiffsauslastung: 95,6 %
• Gesamtzahl der Schiffsbetriebstage: 19.700
• Durchschnittliche tägliche Schiffsbetriebskosten: 6.850 $

Akquise maritimer Vermögenswerte und Flottenoptimierung

Details zu Flotteninvestitionen und Kapitalausgaben:

Anlagekategorie	Budget 2024
Anschaffung neuer Schiffe	325 Millionen Dollar
Flottenwartung und -Upgrades	78 Millionen Dollar
Technologie- und Effizienzverbesserungen	42 Millionen Dollar

Protokolle zum Risikomanagement und zur Sicherheit des Seeverkehrs

Sicherheits- und Compliance-Kennzahlen:

• Sicherheitsinspektionen insgesamt: 276 pro Jahr
• Erfolgsquote bei Compliance-Audits: 99,7 %
• Gesamtversicherungsschutz: 1,2 Milliarden US-Dollar

Planung und Ausführung internationaler Schifffahrtsrouten

Globale Schifffahrtsroutenleistung:

Routenregion	Jährliches Frachtvolumen	Generierter Umsatz
Naher Osten	12,5 Millionen Tonnen	475 Millionen Dollar
Vereinigte Staaten	8,3 Millionen Tonnen	310 Millionen Dollar
Europa	5,7 Millionen Tonnen	215 Millionen Dollar

International Seaways, Inc. (INSW) – Geschäftsmodell: Schlüsselressourcen

Vielfältige Flotte moderner Tanker und Produkttransporter

Im vierten Quartal 2023 betreibt International Seaways eine Flotte von 54 Schiffen, darunter:

Schiffstyp	Anzahl der Schiffe	Gesamttragfähigkeit (DWT)
Große Rohölfrachter (LR2)	13	2,090,000
Mittelstreckentanker	25	1,575,000
Produktträger	16	825,000

Erfahrenes maritimes Managementteam

Zusammensetzung des wichtigsten Führungsteams:

• Gesamtzahl der Mitglieder des Führungsteams: 8
• Durchschnittliche Erfahrung in der maritimen Industrie: 22 Jahre
• Durchschnittliche Betriebszugehörigkeit bei International Seaways: 9 Jahre

Fortschrittliche Navigations- und Tracking-Technologien

Investitionen in die Technologieinfrastruktur:

• Jährliche Technologieinvestition: 4,2 Millionen US-Dollar
• Echtzeit-Schiffsverfolgungssysteme
• Fortschrittliche Software zur Routenoptimierung

Globales maritimes Netzwerk und Branchenverbindungen

Netzwerkreichweite und Partnerschaften:

Geografische Regionen	Anzahl aktiver Handelsrouten	Wichtige Partnerschaftsvereinbarungen
Naher Osten	12	5 langfristige Verträge
Asien-Pazifik	8	3 strategische Allianzen
Nordamerika	6	4 wichtige Kundenbeziehungen

Finanzielles Kapital für Flottenerweiterung und -wartung

Finanzielle Ressourcen zum 31. Dezember 2023:

• Gesamtvermögen: 1,87 Milliarden US-Dollar
• Budget für Flottenaustausch und Wartung: 215 Millionen US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 87,5 Millionen US-Dollar
• Verfügbare Kreditfazilitäten: 350 Millionen US-Dollar

International Seaways, Inc. (INSW) – Geschäftsmodell: Wertversprechen

Zuverlässige und effiziente Lösungen für den Seetransport

International Seaways betreibt ab dem vierten Quartal 2023 eine Flotte von 54 Schiffen, darunter:

Schiffstyp	Anzahl der Schiffe
Mittelstreckentanker	28
Langstreckentanker	16
Rohöl-/Produktträger	10

Flexible Versandmöglichkeiten für mehrere Frachtarten

International Seaways bietet Transporte für:

• Rohöl
• Raffinierte Erdölprodukte
• Chemikalien
• Pflanzenöle

Hochwertige, gut gewartete Schiffsflotte

Flottendetails ab 2024:

• Durchschnittliches Schiffsalter: 10,2 Jahre
• Gesamttragfähigkeit der Flotte: 4,7 Millionen Tonnen
• Flottenersatzwert: 2,3 Milliarden US-Dollar

Wettbewerbsfähige Preise auf internationalen Versandmärkten

Finanzkennzahl	Wert 2023
Einnahmen	536,7 Millionen US-Dollar
Nettoeinkommen	124,3 Millionen US-Dollar
Tägliche Betriebspreise	22.500 $ pro Schiff/Tag

Verpflichtung zu Umwelt- und Sicherheitsstandards

Kennzahlen zur Einhaltung der Umweltvorschriften:

• Reduzierung der CO2-Emissionen: 12 % seit 2020
• ISO 14001-zertifizierte Schiffe: 100 %
• Rate von Sicherheitsvorfällen: 0,3 pro 1 Million Arbeitsstunden

International Seaways, Inc. (INSW) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen mit Großkunden

Im Jahr 2023 unterhielt International Seaways, Inc. 36 Schiffe in seiner Flotte, von denen etwa 70 % im Langzeitchartergeschäft tätig waren. Die durchschnittliche Charterdauer des Unternehmens beträgt 3,2 Jahre und gewährleistet stabile Einnahmequellen von wichtigen Kunden.

Clienttyp	Anzahl langfristiger Verträge	Durchschnittliche Vertragsdauer
Große Ölunternehmen	12	4,1 Jahre
Energiehändler	8	3,5 Jahre
Regierungsbehörden	5	3,8 Jahre

Personalisierter Kundenservice und Kontoverwaltung

Engagiertes Account-Management-Team bestehend aus 42 professionellen Mitarbeitern, die auf Kundenbeziehungsmanagement spezialisiert sind.

• Durchschnittliche Antwortzeit auf Kundenanfragen: 2,3 Stunden
• Bewertung der Kundenzufriedenheit: 4,6/5
• Personalisierte Account Manager, die den 25 besten Kunden zugewiesen werden

Transparente Kommunikation und Sendungsverfolgung in Echtzeit

Investition von 2,3 Millionen US-Dollar in die digitale Tracking- und Kommunikationsinfrastruktur im Jahr 2023.

Tracking-Funktion	Abdeckung	Aktualisierungshäufigkeit in Echtzeit
GPS-Schiffsverfolgung	100 % der Flotte	Alle 15 Minuten
Überwachung des Frachtstatus	95 % der Sendungen	Alle 30 Minuten

Maßgeschneiderte Versandlösungen für unterschiedliche Kundenbedürfnisse

Die Vielfalt der Schiffsflotten ermöglicht maßgeschneiderte Schifffahrtslösungen für mehrere maritime Sektoren.

• Produkttankerflotte: 16 Schiffe
• Rohöltankerflotte: 12 Schiffe
• Mittelstreckentanker: 8 Schiffe

Engagierter Kundensupport und technische Unterstützung

Technisches Support-Team aus 28 maritimen Fachleuten, das rund um die Uhr Hilfe leistet.

Support-Kanal	Verfügbarkeit	Durchschnittliche Lösungszeit
Telefonsupport	24/7	1,5 Stunden
E-Mail-Support	24/7	4 Stunden
Technische Notfallhilfe	Sofort	30 Minuten

International Seaways, Inc. (INSW) – Geschäftsmodell: Kanäle

Direktvertriebsteam und Vernetzung der maritimen Industrie

International Seaways verfügt über ein engagiertes Vertriebsteam, das sich auf die direkte Kundenbindung konzentriert. Im Jahr 2023 meldete das Unternehmen 37 Schiffe in seiner Flotte, was gezielte maritime Vernetzungsstrategien ermöglichte.

Vertriebskanaltyp	Anzahl der engagierten Mitarbeiter	Jährliche Interaktionshäufigkeit
Direktes maritimes Vertriebsteam	12 Profis	Über 150 Kundeninteraktionen
Geschäftsentwicklung für leitende Führungskräfte	4 Führungskräfte	45 strategische Treffen

Online-Plattform für Versandangebote und Buchungen

Das Unternehmen nutzt digitale Plattformen für betriebliche Effizienz und Kundenkommunikation.

• Webbasiertes Angebotserstellungssystem
• Schnittstelle zur Schiffsverfolgung in Echtzeit
• Digitale Vertragsmanagementplattform

Konferenzen und Messen der maritimen Industrie

International Seaways nimmt an wichtigen Veranstaltungen der maritimen Industrie teil, um sein Netzwerk und seine Sichtbarkeit zu erweitern.

Konferenztyp	Jährliche Teilnahme	Geschätzte Netzwerkreichweite
Internationale maritime Konferenzen	6-8 Veranstaltungen jährlich	Über 500 Branchenexperten
Regionale Schifffahrtsgipfel	3-4 Veranstaltungen jährlich	Ungefähr 250 potenzielle Kunden

Digitale Kommunikationsplattformen

Das Unternehmen nutzt fortschrittliche digitale Kommunikationstechnologien für die Kundenbindung.

• Sichere Unternehmenskommunikationssysteme
• Cloudbasierte Tools für die Zusammenarbeit
• Verschlüsselte Messaging-Plattformen

Netzwerke von Fracht- und Schifffahrtsmaklern

International Seaways unterhält strategische Partnerschaften mit globalen Schifffahrtsmaklern.

Kategorie „Brokernetzwerk“.	Anzahl aktiver Partnerschaften	Jährliches Transaktionsvolumen
Globale Schifffahrtsmakler	22 Partnerschaften	Ungefähr 1.200 Transaktionen
Spezialisierte maritime Makler	8 strategische Beziehungen	Rund 350 Spezialtransporte

International Seaways, Inc. (INSW) – Geschäftsmodell: Kundensegmente

Globale Öl- und Chemieunternehmen

International Seaways bedient große Kunden aus der Erdöl- und Chemieindustrie mit spezialisierten Seetransportdienstleistungen.

Top-Öl & Chemiekunden	Jährliches Transportvolumen	Vertragswertbereich
ExxonMobil	3,2 Millionen Tonnen	45-65 Millionen Dollar
Chevron	2,7 Millionen Tonnen	38-52 Millionen US-Dollar
Muschel	2,5 Millionen Tonnen	35-48 Millionen US-Dollar

Agrar- und Rohstoffhändler

INSW bietet Seelogistik für den Transport landwirtschaftlicher Güter.

• Cargill
• ADM (Archer Daniels Midland)
• Bunge Limited

Industrielle Fertigungsunternehmen

Transportdienstleistungen für industrielle Rohstofftransporte.

Fertigungssektor	Jährliches Versandvolumen	Durchschnittliche Vertragsdauer
Herstellung von Chemikalien	1,8 Millionen Tonnen	3-5 Jahre
Stahlproduktion	1,2 Millionen Tonnen	2-4 Jahre

Unternehmen des Energiesektors

Spezialisierter Seetransport für Energieinfrastrukturprojekte.

• BP
• Insgesamt
• Equinor

Internationale Handelsorganisationen

Globale Handelsnetzwerke, die Seetransportdienste nutzen.

Handelsorganisation	Jährliches Handelsvolumen	Versandhäufigkeit
Vitol-Gruppe	2,1 Millionen Tonnen	48-52 Reisen/Jahr
Trafigura	1,9 Millionen Tonnen	45-49 Reisen/Jahr

International Seaways, Inc. (INSW) – Geschäftsmodell: Kostenstruktur

Kosten für die Anschaffung und Wartung von Schiffen

Im Finanzbericht 2023 meldete International Seaways, Inc. Gesamtkosten für die Anschaffung und Wartung von Schiffen in Höhe von 378,6 Millionen US-Dollar.

Kostenkategorie	Betrag ($)
Anschaffung neuer Schiffe	256,4 Millionen US-Dollar
Schiffswartung	122,2 Millionen US-Dollar

Besatzungsgehälter und Ausbildungskosten

Die gesamten besatzungsbezogenen Ausgaben beliefen sich im Jahr 2023 auf 89,7 Millionen US-Dollar.

• Durchschnittliches Besatzungsgehalt pro Schiff: 1,2 Millionen US-Dollar pro Jahr
• Schulungs- und Zertifizierungskosten: 3,6 Millionen US-Dollar
• Kosten für die Rekrutierung der Besatzung: 2,1 Millionen US-Dollar

Kraftstoff- und Betriebslogistik

Die betrieblichen Treibstoff- und Logistikkosten beliefen sich im Jahr 2023 auf insgesamt 214,5 Millionen US-Dollar.

Ausgabentyp	Betrag ($)
Kosten für Schiffstreibstoff	187,3 Millionen US-Dollar
Operative Logistik	27,2 Millionen US-Dollar

Versicherungs- und Compliance-Kosten

Die gesamten Versicherungs- und Compliance-Kosten beliefen sich im Jahr 2023 auf 45,2 Millionen US-Dollar.

• Transportversicherung: 32,6 Millionen US-Dollar
• Einhaltung gesetzlicher Vorschriften: 12,6 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Die Investitionen in Technologie und Infrastruktur erreichten im Jahr 2023 22,8 Millionen US-Dollar.

Anlagekategorie	Betrag ($)
Digitale Infrastruktur	12,4 Millionen US-Dollar
Navigationstechnologie	10,4 Millionen US-Dollar

Gesamtkostenstruktur für 2023: 750,8 Millionen US-Dollar

International Seaways, Inc. (INSW) – Geschäftsmodell: Einnahmequellen

Zeitcharterverträge

Im vierten Quartal 2023 meldete International Seaways einen Zeitcharterumsatz von 171,2 Millionen US-Dollar. Der durchschnittliche tägliche Zeitcharter-Äquivalentsatz (TCE) für die Flotte betrug 26.800 US-Dollar pro Tag.

Schiffstyp	Einnahmen aus Zeitcharter	Durchschnittlicher Tagespreis
Große Rohölfrachter	82,5 Millionen US-Dollar	32.500 $/Tag
Mittelstreckentanker	58,7 Millionen US-Dollar	24.300 $/Tag

Einnahmen aus Reisecharter

Die Einnahmen aus Reisecharter beliefen sich im Jahr 2023 auf insgesamt 64,3 Millionen US-Dollar, was 27 % der gesamten Einnahmen aus dem Seetransport ausmacht.

• Spotmarktreisen: 42,1 Millionen US-Dollar
• Kurzzeit-Reisecharter: 22,2 Millionen US-Dollar

Produkt- und Rohöltransportgebühren

Die Transportgebühren für 2023 erreichten 213,6 Millionen US-Dollar, mit folgender Aufteilung:

Frachtart	Transporteinnahmen	Volumen (Millionen Barrel)
Rohöl	138,2 Millionen US-Dollar	42.5
Raffinierte Produkte	75,4 Millionen US-Dollar	28.3

Einnahmen aus Flottenleasing

Das Flottenleasing generierte im Jahr 2023 einen Umsatz von 45,6 Millionen US-Dollar mit den folgenden Schiffskategorien:

• Langfristig geleaste Schiffe: 32,4 Millionen US-Dollar
• Kurzfristige Schiffsleasingverträge: 13,2 Millionen US-Dollar

Maritime Asset Management-Dienstleistungen

Vermögensverwaltungsdienstleistungen trugen im Jahr 2023 22,1 Millionen US-Dollar zum Umsatz des Unternehmens bei.

Servicetyp	Einnahmen
Technisches Management	12,5 Millionen US-Dollar
Kaufmännisches Management	9,6 Millionen US-Dollar

International Seaways, Inc. (INSW) - Canvas Business Model: Value Propositions

You're looking at the core promises International Seaways, Inc. (INSW) makes to its customers and the market as of late 2025. These aren't just vague statements; they are backed by concrete financial and fleet positioning data from the third quarter of 2025.

Balanced exposure to both crude and product tanker markets (a de facto ETF)

International Seaways, Inc. offers investors and charterers a way to play the entire energy logistics chain, not just one segment. This balance means you aren't entirely dependent on a single market cycle. For instance, looking at the third quarter of 2025, the revenue streams were nearly split between the two main operations.

Segment	Q3 2025 Shipping Revenue (Millions USD)	Q3 2025 TCE Revenue (Millions USD)
Crude Tankers	$96 million	$93 million
Product Carriers	$100 million	$99 million

This split shows a deliberate strategy to capture value across the spectrum of refined products and unrefined crude oil movements. It's a key part of why some see International Seaways, Inc. as a broad-market exposure vehicle.

Modernizing fleet with dual-fuel ready vessels for environmental compliance

The commitment to environmental, social, and governance (ESG) targets is built into the fleet renewal program. International Seaways, Inc. isn't just waiting for regulations; they are proactively building cleaner capacity. You see this in the newbuild orders and deliveries.

Here's what's coming online or has recently joined:

• Took delivery of two of six LR1 vessels in Q3 2025.
• These six LR1 newbuilds are scrubber-fitted and dual-fuel (LNG) ready.
• An eco-modern VLCC delivery was expected in the fourth quarter of 2025.
• The company previously took delivery of three dual-fuel LNG VLCCs in 2023.

These vessels are designed to beat the 2025 Phase III Energy Efficiency Design Index (EEDI) target by about 8%, which helps future-proof the assets against tightening emissions rules. That's a tangible benefit for charterers concerned with compliance.

Reliable, high-capacity global energy transportation services

Reliability is supported by substantial financial backing and contracted revenue visibility. Even with a dynamic spot market, International Seaways, Inc. has secured a significant portion of its future earnings.

As of October 1, 2025, the company had over $230 million in contracted charter revenue remaining, with an average duration of 1.5 years across 14 vessels on time charter agreements. Plus, the operational backbone is large and managed by experienced partners; V.Ships UK manages 44 vessels in the International Seaways, Inc. fleet, covering VLCCs, Suezmax, Aframax, LR1, and MR classes.

The financial strength underpinning this service capability is clear from the Q3 2025 liquidity position. Total liquidity stood at $985 million, which included $413 million in cash and $572 million in undrawn revolving credit capacity. That's a lot of dry powder for operations or opportunistic moves.

Low net loan-to-value of approximately 13% as of Q3 2025

This is perhaps the most direct statement of financial health. As of September 30, 2025, International Seaways, Inc. reported a net loan-to-value ratio of approximately 13%. This low leverage is calculated against a fleet value exceeding $3 billion, with net debt reported as under $400 million at the quarter's end. That low leverage gives the company significant flexibility to weather market downturns or fund capital expenditures without undue stress. Finance: draft 13-week cash view by Friday.

International Seaways, Inc. (INSW) - Canvas Business Model: Customer Relationships

You're looking at how International Seaways, Inc. locks in business and keeps its major energy clients satisfied. The focus here is on securing revenue streams through specific contract structures and dedicated service offerings.

Long-term time charters for contracted revenue stability

International Seaways, Inc. uses time charters to secure a baseline of revenue, which helps manage the volatility inherent in the spot tanker market. This strategy provides a predictable cash flow component to the overall business model. As of September 30, 2025, the company had 14 vessels committed under time charter agreements. The average remaining duration on these contracts stood at 1.5 years. These contracts represent total future contracted revenues through expiry of approximately $229 million, not counting any profit share arrangements. To give you a comparison point, as of July 1, 2025, 14 vessels were on time charter with an average duration of 1.7 years, totaling about $261 million in future contracted revenue.

Metric	Date Reference	Value
Vessels on Time Charter	September 30, 2025	14
Average Time Charter Duration	September 30, 2025	1.5 years
Future Contracted Revenue (Excl. Profit Share)	September 30, 2025	$229 million
Fleet Total Vessels	September 30, 2025	76

Direct, relationship-based engagement with major oil companies

The core of International Seaways, Inc.'s business involves providing energy transportation services for crude oil and petroleum products to major players. The company's fleet composition as of January 2025 included 13 VLCCs, 13 Suezmaxes, and 14 LR1s (including 6 newbuildings). Management emphasizes that geopolitical shifts, like changes in sanctioned barrel trade routes to India and China, directly impact the demand International Seaways, Inc. sees.

Commercial pool participation for consistent customer solutions

Participation in commercial pools is a key way International Seaways, Inc. offers consistent solutions to customers, especially for its smaller crude and product carriers. Each of the company's LR1 vessels participated in the Panamax International Pool during the 2025 period, exclusively transporting crude oil cargoes. New LR1 vessels are slated to deliver into this niche pool, which management notes has consistently outperformed the market. The cost of this arrangement is reflected in pool fees; for the three months ended June 30, 2025, commercial pool fees/commissions averaged approximately $847 per day.

• LR1s exclusively transported crude oil cargoes in the Panamax International Pool during 2025.
• New LR1s are expected to join the Panamax International Pool.
• Commercial pool fees averaged $847 per day for Q2 2025.

High-touch service for specialized lightering business

International Seaways, Inc. provides specialized lightering services, which are excluded from standard revenue day calculations, suggesting a distinct, service-intensive offering. For the third quarter of 2025, this lightering business segment generated revenue of approximately $9 million. The company maintains an experienced team committed to the highest levels of customer service and operational efficiency across its entire fleet.

International Seaways, Inc. (INSW) - Canvas Business Model: Channels

You're looking at how International Seaways, Inc. (INSW) gets its services-tanker capacity-to the market as of late 2025. It's a mix of locking in revenue for stability and playing the spot market for upside. Honestly, the balance between these two is what drives the day-to-day commercial strategy.

Direct time charter agreements with customers

A core channel is locking in capacity directly with customers through time charters. This provides revenue visibility, which is key for managing debt service and capital expenditures. As of the close of the third quarter, International Seaways, Inc. had a solid foundation of contracted revenue.

Here's the quick math on that contracted book as of October 1, 2025:

• 14 vessels were committed on time charter agreements.
• The average remaining duration on these contracts stood at 1.5 years.
• Total future contracted revenues, excluding any profit share mechanisms, were approximately $229 million.

Spot market fixtures via shipbrokers and commercial pools

When vessels aren't tied up on time charters, International Seaways, Inc. uses shipbrokers to secure fixtures in the volatile spot market. This exposes the company to immediate rate fluctuations but allows them to capitalize quickly on market spikes. The commercial pools act as an extension of this spot channel, pooling vessels for more efficient employment.

For context on the spot market environment International Seaways, Inc. navigated in Q3 2025, look at the average spot time charter equivalent (TCE) rates achieved:

Vessel Class	Average Spot TCE Rate (Q3 2025)	Revenue Days (Q3 2025)
VLCC	$34,800 per day	734 days
Suezmax	$33,300 per day	692 days
Aframax	Not explicitly stated for spot in Q3 2025	Not explicitly stated for spot in Q3 2025
MR	$25,600 per day (average across Product Carriers spot)	Not explicitly broken out from Product Carriers total

To be fair, the overall fleet average spot earnings in the third quarter of 2025 were only about $3,300 per day, reflecting a mix of vessel types and employment. Still, forward bookings showed strength, with MR rates reaching $29,000 per day for days booked in the fourth quarter of 2025.

Panamax International Pool for LR1 vessel employment

A specific and important channel for the LR1 fleet segment is the Panamax International Pool. International Seaways, Inc. strategically directs its LR1 vessels into this pool for employment, primarily transporting crude oil cargoes. This is a key part of their product/crude mix strategy.

• Each of the Company's LR1s participated in the Panamax International Pool during both the 2025 and 2024 periods.
• The six LR1 newbuildings under construction are expected to deliver directly into this niche pool.
• The aggregate contract price for these six scrubber-fitted, dual-fuel ready LR1 vessels is approximately $359 million.

Investor Relations for capital market communication

Investor Relations serves as the critical channel for communicating financial performance, strategic direction, and capital allocation decisions to the investment community. This communication directly impacts the company's access to capital and its valuation. The Q3 2025 results provide a clear snapshot of the financial outcomes communicated through this channel.

Key financial metrics reported for the third quarter of 2025 include:

Metric	Amount (Q3 2025)
Net Income	$71 million
Adjusted Net Income	$57 million
Adjusted EBITDA	$108 million
Total Liquidity	$985 million
Cash at Quarter End	$413 million
Undrawn Revolver Availability	$572 million

Capital market activities supporting this channel included the successful placement of $250 million of senior unsecured bonds in the third quarter of 2025, carrying a coupon rate of 7.125%. Furthermore, the commitment to shareholder returns is a key message, evidenced by the declared combined dividend of $0.86 per share for December 2025, representing a 75% payout ratio of adjusted net income. The $50 million share repurchase program was also extended through the end of 2026. Finance: draft 13-week cash view by Friday.

International Seaways, Inc. (INSW) - Canvas Business Model: Customer Segments

International Seaways, Inc. serves a diverse set of energy transportation clients, primarily those involved in the movement of crude oil and refined petroleum products across international flag markets. The company's customer base is generally understood to include the entities that charter their vessels, which are categorized based on the cargo type and vessel size required for the voyage.

The core customer types that charter International Seaways, Inc. vessels include:

• Independent and state-owned oil companies
• Global oil traders and refinery operators
• International government entities and national oil companies

The demand from these segments directly translates into the utilization of International Seaways, Inc.'s specific vessel classes, which are split between crude and product carriers. As of the third quarter of 2025, the company operated a fleet that was actively serving these distinct needs.

Here is a look at the fleet composition and the associated revenue generation by segment for the three months ended September 30, 2025:

Customer Demand Segment Implied By	Vessel Class Examples	Fleet Count (as of Q3 2025)	Shipping Revenues (Q3 2025)	TCE Revenues (Q3 2025)
Crude Transport Demand	VLCC, Suezmax, Aframax	39 vessels (11 VLCCs, 13 Suezmaxes, 5 Aframaxes/LR2s)	$96 million	$93 million
Clean Product Transport Demand	LR1, MR	40 vessels (12 LR1s, 38 MR tankers)	$100 million	$99 million

The customer base requiring charterers needing crude (VLCC, Suezmax) and clean product (MR, LR1) transport is served by this balanced fleet. For instance, the crude segment, which includes 11 VLCCs and 13 Suezmaxes as of Q3 2025, generated $93 million in Time Charter Equivalent (TCE) revenues for that quarter.

The clean product side, heavily weighted toward MR tankers, saw its charterers drive $99 million in TCE revenues in the third quarter of 2025. The deployment strategy also involves commercial pools; the new LR1 vessels are expected to deliver into the niche Panamax International Pool.

The operational model shows a significant reliance on the spot market for vessel deployment, which is a direct reflection of how these customers secure capacity:

• Approximately 20% of the fleet was on time charter as of January 2025.
• The remaining capacity was available for spot market chartering to meet immediate customer needs.

Furthermore, International Seaways, Inc. utilizes its wholly owned subsidiary, Lightering LLC, to serve specific logistics requirements, focusing on commercial management of crude/DPP vessels and Ship-to-Ship (STS) operations for clients.

International Seaways, Inc. (INSW) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for International Seaways, Inc. (INSW), you see a business heavily influenced by fixed asset costs-the ships themselves-and the ongoing operational needs to keep them running and financed. It's a capital-intensive model, so managing these costs directly impacts your bottom line, especially when charter rates fluctuate.

One of the most reassuring figures for managing short-term risk is the low operational hurdle. As of the Q2 2025 reporting period, the forward spot breakeven rate was reported at about $13,000 per day. This means that for the spot market fleet, the daily revenue needed just to cover operating costs and debt service is relatively low, giving International Seaways, Inc. (INSW) a good cushion when the market softens. To be fair, the expected 2026 breakeven rate was cited slightly higher, around $13,100 per day, following the delivery of new vessels and financing changes, but the core cost base remains lean.

The core operating costs are significant, as you'd expect with a large fleet. Vessel operating expenses (OpEx) and depreciation are major components. You have to keep the machinery running, crewed, and insured, plus account for the steady, non-cash charge of depreciation.

Here's a breakdown of some key recurring and non-recurring costs from the mid-to-late 2025 reporting period:

Cost Category	Period/Date	Amount/Value
Gross Debt	Q2 2025	$553 million
Net Debt	Q3 2025 End	Under $400 million
Debt Service Cost	Q2 2025	$22 million
Debt Service Cost	Q3 2025	$22 million
Depreciation Increase (YoY)	Q2 2025	$5 million
Total OpEx Increase (YoY, adjusted)	Q2 2025	5%
Dry Dock and Capital Expenditures	Q3 2025	$22 million

Servicing the debt load is a critical cash outflow. As of the end of Q2 2025, the gross debt stood at $553 million. By the end of Q3 2025, after issuing new bonds and drawing on new facilities, the net debt figure improved to under $400 million, with a net loan-to-value ratio sitting at a conservative 13% on a fleet valued over $3 billion. The actual cash outlay for debt servicing was $22 million in both Q2 and Q3 2025.

Then there's the capital expenditure side, specifically the fleet renewal program. International Seaways, Inc. (INSW) is investing heavily in modern, dual-fuel-ready tonnage. The total contracted price for the six LR1 newbuildings being built in Korea is approximately $359 million. You can see the commitment in the payments made:

• Total price for six LR1 newbuildings: approximately $359 million.
• Remaining construction commitments as of Q2 2025: approximately $300 million.
• Installments paid in Q3 2025: about $36 million.
• Financing secured for these vessels: up to $240 million.

This investment is designed to lower future OpEx and meet environmental standards, but it requires significant upfront and scheduled cash deployment, which you must factor into your cost-of-doing-business analysis.

International Seaways, Inc. (INSW) - Canvas Business Model: Revenue Streams

You're looking at the core ways International Seaways, Inc. (INSW) brings in cash as of late 2025. Honestly, it's a mix of immediate market exposure and locked-in future income, which is typical for a major tanker operator.

The first major component is the Time Charter Equivalent (TCE) earnings from spot market voyages. This revenue fluctuates directly with the daily charter rates you see in the crude and product tanker markets. For the third quarter of 2025, consolidated TCE revenues were reported at $192 million, down from $220 million in the third quarter of 2024. This was partly due to fewer revenue days and average spot earnings across the fleet being lower compared to the prior year's third quarter.

Next, you have the more predictable income stream: fixed-rate revenue from time charter contracts. This locks in a daily rate for a set period, insulating a portion of the fleet from spot rate volatility. As of October 1, 2025, International Seaways, Inc. (INSW) had 14 vessels on time charter agreements, representing an average duration of 1.5 years. The total future contracted revenue from these agreements, excluding any profit share, was approximately $229 million. To give you context on the book, as of April 1, 2025, the company had total future contracted revenues through expiry of approximately $283 million.

The overall top-line performance is captured by the Total revenue (TTM Sep 2025) figure. For the trailing twelve months ending September 30, 2025, International Seaways, Inc. (INSW) recorded total revenue of $770.04 million. This compares to an annual revenue of $951.61 million for the full year 2024.

Finally, a key part of the capital strategy involves generating cash through the proceeds from the sale of older vessels in the fleet optimization program. This is a recurring source of non-operating revenue as International Seaways, Inc. (INSW) modernizes its fleet by selling older tonnage and acquiring newer, more efficient vessels.

Here's a breakdown of the reported vessel sale proceeds throughout 2025, which directly feeds into the cash available for reinvestment and shareholder returns:

Time Period	Vessels Sold/Agreed to be Sold	Net Proceeds (Approximate)
Q1 2025 (Net from Swap/Sales)	Two VLCCs exchanged plus cash for three MRs	$50 million
Q2 2025	Two 2007-built MRs	$28 million
Q3 2025	Five vessels (three MRs, two LR1s)	$67 million
Agreed for Q4 2025 Delivery	Three 2007-built MRs	$37 million

The company's revenue streams are supported by active management of its asset base, as shown by the ongoing fleet renewal activities. You can see the impact of these sales on the balance sheet, which also includes cash generated from operations and financing activities.

To summarize the key financial metrics related to revenue streams as of late 2025:

• Trailing Twelve Months Revenue (TTM Sep 2025): $770.04 million.
• Q3 2025 Consolidated TCE Revenues: $192 million.
• Future Contracted Revenue (as of Oct 1, 2025): Approximately $229 million over an average of 1.5 years.
• Total Proceeds from Vessel Sales (Jan-Sep 2025): Approximately $145 million from completed/agreed sales.
• Total Liquidity (as of Sep 30, 2025): $985 million.

Finance: draft 13-week cash view by Friday.