International Seaways, Inc. (INSW): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique du transport maritime, International Seaways, Inc. (INSW) est un phare de l'innovation stratégique, naviguant dans les mers complexes de l'expédition mondiale avec une précision et une adaptabilité remarquables. Cette centrale transforme les défis complexes de la logistique maritime en solutions de transport sans couture et efficaces qui connectent les industries à travers les continents. En tirant parti d'une toile de modèle commercial sophistiqué, l'INSW a conçu un cadre robuste qui leur permet de fournir une valeur inégalée dans le paysage de l'expédition internationale concurrentiel, d'équilibrer les prouesses technologiques, de partenariats stratégiques et d'approches centrées sur le client qui les distinguent dans l'industrie maritime.

International Seaways, Inc. (INSW) - Modèle commercial: partenariats clés

Alliances stratégiques avec les grandes sociétés pétrolières et chimiques

International Seaways maintient des partenariats stratégiques avec les principaux acteurs de l'industrie:

Entreprise partenaire	Type de partenariat	Valeur du contrat annuel
Exxonmobil	Charte de pétrolier à long terme	42,3 millions de dollars
Chevron	Transport de pétroliers chimiques	35,7 millions de dollars
Coquille	Contrat d'expédition du pétrole brut	48,5 millions de dollars

Accords d'affrètement des navires avec des sociétés d'expédition mondiales

International Seaways collabore avec les entités maritimes mondiales:

• Mersk Line - Contrat de charte à l'heure
• Méditerranée Shipping Company (MSC) - Contrat de charte de voyage
• Groupe CMA CGM - bail des navires à long terme

Partenariats avec les chantiers navals pour l'entretien et les mises à niveau de la flotte

Chantier naval	Services fournis	Budget de maintenance annuel
Hyundai Heavy Industries	Mises à niveau et réparations de la flotte	22,6 millions de dollars
Samsung Heavy Industries	Modification des navires	18,3 millions de dollars

Collaboration avec les assureurs maritimes

Les partenariats d'assurance comprennent:

• American International Group (AIG) - Hull and Machinery Insurance
• Britannia P&I Club - Couverture de protection et d'indemnisation
• Lloyd's of London - Management des risques marins

Coentreprises dans les routes d'expédition internationales

Coentreprise	Itinéraire	Part des revenus annuels
Ligne NYK	Corridor d'expédition en Asie-Europe	67,4 millions de dollars
Mol (lignes Mitsui O.S.K.)	Voie du pétrole transatlantique	53,2 millions de dollars

International Seaways, Inc. (INSW) - Modèle commercial: activités clés

Services de transport de camions-ci et de transport de produits

En 2024, International Seaways exploite une flotte de 54 navires, notamment:

Type de navire	Nombre de navires	Tonnage total de poids mort (DWT)
Grands porteurs bruts (LR2)	9	1 600 000 DWT
Sankers à moyenne portée (MR)	24	1 500 000 DWT
Tankers Aframax	11	850 000 dwt
Custiculateurs de Suezmax	10	650 000 DWT

Gestion de la flotte et logistique opérationnelle

Les mesures opérationnelles clés comprennent:

• Taux d'utilisation annuelle des navires: 95,6%
• Total des jours de fonctionnement des navires: 19 700
• Coût d'exploitation quotidien moyen des navires: 6 850 $

Acquisition d'actifs maritimes et optimisation de la flotte

Détails de l'investissement et des dépenses en capital de la flotte:

Catégorie d'investissement	2024 Budget
Nouvelles acquisitions de navires	325 millions de dollars
Entretien et améliorations de la flotte	78 millions de dollars
Améliorations de la technologie et de l'efficacité	42 millions de dollars

Protocoles de gestion des risques et de sécurité maritime

Métriques de sécurité et de conformité:

• Inspections totales de sécurité: 276 par an
• Taux de réussite de l'audit de la conformité: 99,7%
• Couverture totale d'assurance: 1,2 milliard de dollars

Planification et exécution internationales de l'itinéraire d'expédition

Performances de l'itinéraire d'expédition mondiale:

Région d'itinéraire	Volume de fret annuel	Revenus générés
Moyen-Orient	12,5 millions de tonnes métriques	475 millions de dollars
États-Unis	8,3 millions de tonnes métriques	310 millions de dollars
Europe	5,7 millions de tonnes métriques	215 millions de dollars

International Seaways, Inc. (INSW) - Modèle d'entreprise: Ressources clés

Flotte diversifiée de pétroliers et transporteurs de produits modernes

Au quatrième trimestre 2023, International Seaways exploite une flotte de 54 navires, notamment:

Type de navire	Nombre de navires	Tonnage total de poids mort (DWT)
Grands porteurs bruts (LR2)	13	2,090,000
Sankers à moyenne portée	25	1,575,000
Transporteurs de produits	16	825,000

Équipe de gestion maritime expérimentée

Composition clé de l'équipe de leadership:

• Membres totaux de l'équipe de direction: 8
• Expérience moyenne de l'industrie maritime: 22 ans
• Tenure moyenne avec les voies maritimes internationales: 9 ans

Technologies avancées de navigation et de suivi

Investissements infrastructures technologiques:

• Investissement technologique annuel: 4,2 millions de dollars
• Systèmes de suivi des navires en temps réel
• Logiciel avancé d'optimisation des routes

Réseau maritime mondial et connexions de l'industrie

Réalisation du réseau et partenariats:

Régions géographiques	Nombre de routes commerciales actives	Accords de partenariat clés
Moyen-Orient	12	5 contrats à long terme
Asie-Pacifique	8	3 Alliances stratégiques
Amérique du Nord	6	4 relations avec les clients majeurs

Capital financier pour l'expansion et la maintenance de la flotte

Ressources financières au 31 décembre 2023:

• Actif total: 1,87 milliard de dollars
• Budget de remplacement et de maintenance de la flotte: 215 millions de dollars
• Equivalents en espèces et en espèces: 87,5 millions de dollars
• Facilités de crédit disponibles: 350 millions de dollars

International Seaways, Inc. (INSW) - Modèle d'entreprise: propositions de valeur

Solutions de transport maritime fiables et efficaces

International Seaways exploite une flotte de 54 navires au quatrième trimestre 2023, notamment:

Type de navire	Nombre de navires
Sankers à moyenne portée	28
Sankers à longue portée	16
Transporteurs bruts / produits	10

Capacités d'expédition flexibles sur plusieurs types de fret

International Seaways fournit le transport pour:

• Huile brute
• Produits de pétrole raffiné
• Produits chimiques
• Huiles végétales

Flotte de navires de haute qualité et bien entretenue

Détails de la flotte à partir de 2024:

• Âge moyen des navires: 10,2 ans
• Tonnage total de pondérations mortes de flotte: 4,7 millions de tonnes métriques
• Valeur de remplacement de la flotte: 2,3 milliards de dollars

Prix ​​compétitifs sur les marchés de navigation internationaux

Métrique financière	Valeur 2023
Revenu	536,7 millions de dollars
Revenu net	124,3 millions de dollars
Taux d'exploitation quotidiens	22 500 $ par navire / jour

Engagement envers les normes environnementales et de sécurité

Métriques de la conformité environnementale:

• Réduction des émissions de CO2: 12% depuis 2020
• Navires certifiés ISO 14001: 100%
• Taux d'incident de sécurité: 0,3 pour 1 million d'heures de travail

International Seaways, Inc. (INSW) - Modèle d'entreprise: relations avec les clients

Accords contractuels à long terme avec des clients majeurs

En 2023, International Seaways, Inc. a maintenu 36 navires dans sa flotte, avec environ 70% de chartes à long terme. La durée de charte moyenne de l'entreprise est de 3,2 ans, garantissant des sources de revenus stables des clients clés.

Type de client	Nombre de contrats à long terme	Durée du contrat moyen
Grandes compagnies pétrolières	12	4,1 ans
Commerçants d'énergie	8	3,5 ans
Agences gouvernementales	5	3,8 ans

Service client personnalisé et gestion des comptes

Équipe de gestion des comptes dédiée Composé de 42 membres du personnel professionnel spécialisés dans la gestion des relations avec les clients.

• Temps de réponse moyen aux demandes des clients: 2,3 heures
• Évaluation de satisfaction du client: 4.6 / 5
• Les gestionnaires de compte personnalisés affectés aux 25 meilleurs clients

Communication transparente et suivi des expéditions en temps réel

Investissement de 2,3 millions de dollars dans les infrastructures de suivi et de communication numériques en 2023.

Fonction de suivi	Couverture	Fréquence de mise à jour en temps réel
Suivi des navires GPS	100% de la flotte	Toutes les 15 minutes
Surveillance de l'état du fret	95% des expéditions	Toutes les 30 minutes

Solutions d'expédition personnalisées pour divers besoins des clients

La diversité de la flotte de navires permet des solutions d'expédition sur mesure dans plusieurs secteurs maritimes.

• Flotte de pétrolier de produit: 16 navires
• Flotte de pétrolier brut: 12 navires
• Sankers à moyenne portée: 8 navires

Support client dédié et assistance technique

Équipe de soutien technique de 28 professionnels maritimes fournissant une assistance 24/7.

Canal de support	Disponibilité	Temps de résolution moyen
Support téléphonique	24/7	1,5 heures
Assistance par e-mail	24/7	4 heures
Assistance technique d'urgence	Immédiat	30 minutes

International Seaways, Inc. (INSW) - Modèle d'entreprise: canaux

Équipe de vente directe et réseautage de l'industrie maritime

International Seaways maintient une équipe de vente dédiée axée sur l'engagement direct des clients. En 2023, la société a signalé 37 navires dans sa flotte, permettant des stratégies de réseautage maritime ciblées.

Type de canal de vente	Nombre de membres du personnel dédié	Fréquence d'engagement annuelle
Équipe de vente maritime direct	12 professionnels	Plus de 150 interactions client
Développement commercial de cadres supérieurs	4 cadres	45 réunions stratégiques

Plateforme en ligne pour les devis d'expédition et la réservation

L'entreprise tire parti des plateformes numériques pour l'efficacité opérationnelle et la communication des clients.

• Système de génération de devis basé sur le Web
• Interface de suivi des navires en temps réel
• Plateforme de gestion des contrats numériques

Conférences et salons commerciaux de l'industrie maritime

International Seaways participe à des événements clés de l'industrie maritime pour étendre le réseau et la visibilité.

Type de conférence	Participation annuelle	Réalisation estimée
Conférences maritimes internationales	6-8 événements par an	Plus de 500 professionnels de l'industrie
Sommets d'expédition régionaux	3-4 événements par an	Environ 250 clients potentiels

Plateformes de communication numérique

L'entreprise utilise des technologies de communication numérique avancées pour l'engagement des clients.

• Systèmes de communication d'entreprise sécurisés
• Outils de collaboration basés sur le cloud
• Plates-formes de messagerie cryptées

Réseaux de courtiers de fret et d'expédition

International Seaways maintient des partenariats stratégiques avec les courtiers de l'expédition mondiale.

Catégorie de réseau de courtiers	Nombre de partenariats actifs	Volume de transaction annuel
Courtiers d'expédition mondiaux	22 partenariats	Environ 1 200 transactions
Courtiers maritimes spécialisés	8 relations stratégiques	Environ 350 expéditions spécialisées

International Seaways, Inc. (INSW) - Modèle d'entreprise: segments de clientèle

Companies mondiales de pétrole et de produits chimiques

International Seaways sert de grands clients de l'industrie du pétrole et des produits chimiques avec des services de transport marin spécialisés.

Huile de haut niveau & Clients chimiques	Volume de transport annuel	Plage de valeurs de contrat
Exxonmobil	3,2 millions de tonnes métriques	45 à 65 millions de dollars
Chevron	2,7 millions de tonnes métriques	38 à 52 millions de dollars
Coquille	2,5 millions de tonnes métriques	35 à 48 millions de dollars

Traders agricoles et de matières premières

L'INSW fournit la logistique marine pour le transport agricole des produits de base.

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

Entreprises de fabrication industrielle

Services de transport pour les expéditions de matières premières industrielles.

Secteur manufacturier	Volume d'expédition annuel	Durée du contrat moyen
Fabrication chimique	1,8 million de tonnes métriques	3-5 ans
Production d'acier	1,2 million de tonnes métriques	2-4 ans

Corporations du secteur de l'énergie

Transport marin spécialisé pour les projets d'infrastructures énergétiques.

• Bp
• Total
• Équineur

Organisations commerciales internationales

Réseaux de trading mondiaux utilisant des services de transport marin.

Organisation commerciale	Volume commercial annuel	Fréquence d'expédition
Groupe de vitol	2,1 millions de tonnes métriques	48-52 Voyages / Année
Trafigura	1,9 million de tonnes métriques	45-49 voyages / an

International Seaways, Inc. (INSW) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de maintenance des navires

Depuis 2023, International Seaways, Inc. a déclaré des coûts totaux d'acquisition et d'entretien des navires de 378,6 millions de dollars.

Catégorie de coûts	Montant ($)
Nouvelles acquisitions de navires	256,4 millions de dollars
Entretien des navires	122,2 millions de dollars

Salaires de l'équipage et frais de formation

Les dépenses totales liées à l'équipage pour 2023 étaient de 89,7 millions de dollars.

• Salaire moyen de l'équipage par navire: 1,2 million de dollars par an
• Coûts de formation et de certification: 3,6 millions de dollars
• Frais de recrutement d'équipage: 2,1 millions de dollars

Carburant et logistique opérationnelle

Les dépenses de carburant et logistique opérationnelles ont totalisé 214,5 millions de dollars en 2023.

Type de dépenses	Montant ($)
Coûts de carburant marin	187,3 millions de dollars
Logistique opérationnelle	27,2 millions de dollars

Frais d'assurance et de conformité

Les coûts totaux d'assurance et de conformité pour 2023 étaient de 45,2 millions de dollars.

• Assurance maritime: 32,6 millions de dollars
• Conformité réglementaire: 12,6 millions de dollars

Investissements technologiques et infrastructures

Les investissements technologiques et infrastructures ont atteint 22,8 millions de dollars en 2023.

Catégorie d'investissement	Montant ($)
Infrastructure numérique	12,4 millions de dollars
Technologie de navigation	10,4 millions de dollars

Structure totale des coûts pour 2023: 750,8 millions de dollars

International Seaways, Inc. (INSW) - Modèle d'entreprise: Strots de revenus

Contrats de la charte à l'heure

Au quatrième trimestre 2023, International Seaways a rapporté des revenus de charte à temps de 171,2 millions de dollars. Le taux d'équivalent quotidien en temps quotidien (TCE) pour la flotte était de 26 800 $ par jour.

Type de navire	Revenus de charte à l'heure	Taux quotidien moyen
Grands porteurs bruts	82,5 millions de dollars	32 500 $ / jour
Sankers à moyenne portée	58,7 millions de dollars	24 300 $ / jour

Revenus charter de voyage

Les revenus de la charte de voyage pour 2023 ont totalisé 64,3 millions de dollars, ce qui représente 27% du total des revenus de transport maritime.

• Voyages sur le marché au comptant: 42,1 millions de dollars
• Chartes de voyage à court terme: 22,2 millions de dollars

Frais de transport de produits et de pétrole brut

Les frais de transport pour 2023 ont atteint 213,6 millions de dollars, avec la ventilation suivante:

Type de cargaison	Revenus de transport	Volume (millions de barils)
Huile brute	138,2 millions de dollars	42.5
Produits raffinés	75,4 millions de dollars	28.3

Revenu de location de flotte

La location de flotte a généré 45,6 millions de dollars de revenus pour 2023, avec les catégories de navires suivantes:

• Navires loués à long terme: 32,4 millions de dollars
• Baux de navires à court terme: 13,2 millions de dollars

Services de gestion des actifs maritimes

Les services de gestion des actifs ont contribué 22,1 millions de dollars aux revenus de la société en 2023.

Type de service	Revenu
Gestion technique	12,5 millions de dollars
Gestion commerciale	9,6 millions de dollars

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.