International Seaways, Inc. (NYSE: INSW)

International Seaways, Inc. (INSW), a Marshall Islands corporation, operates in the international flag trade, primarily engaged in the transportation of crude oil and petroleum products. The company's main business activities involve the ownership and operation of a fleet of oceangoing vessels, which are organized into two segments: Crude Tankers and Product Carriers. The Crude Tankers segment includes Very Large Crude Carriers (VLCCs), Suezmaxes, and Aframaxes, while the Product Carriers segment consists of Medium Range (MR), Long Range 1 (LR1), and an LR2 product carrier. These vessels are used for the worldwide transportation of crude oil and refined petroleum products, respectively.

International Seaways, Inc. generates revenue through chartering its vessels to customers, either for specific voyages at spot rates or for specific periods of time at fixed daily rates through time charters or bareboat charters. In 2023, the company achieved its best financial results since becoming an independent public company in 2016, with shipping revenues and TCE revenues of $1.1 billion each. The company's income from vessel operations increased by $172.7 million to $615.4 million in 2023, primarily driven by higher average daily rates across most of its fleet sectors.

The global tanker market is highly competitive, with key competitors for International Seaways, Inc. including Frontline, Tsakos Energy Navigation, and Nordic American Tankers. The company differentiates itself from its competitors through its focus on safety, reliability, and customer service, as well as its ability to adapt to changing market conditions and optimize its fleet's earning potential.

International Seaways, Inc. operates a diverse fleet of vessels, managed by a team of experienced professionals and equipped with advanced technology to ensure safe and efficient operations. The company's commitment to safety, quality, and health is reflected in its certification by the International Safety Management Code (ISM Code) and the International Standards Organization (ISO).

In terms of environmental regulations, International Seaways, Inc. is subject to various international and national regulations, including the International Convention on Civil Liability for Oil Pollution Damage of 1969 and the 1992 Protocol, the International Convention on Civil Liability for Bunker Oil Pollution Damage, 2001, and the International Maritime Organization's (IMO) regulations on greenhouse gas emissions. The company's vessels are equipped with ballast water treatment systems to comply with the Ballast Water Management Convention and have implemented a fleetwide action plan to comply with IMO, EPA, USCG, and possibly more stringent U.S. state mandates. INSW's vessels also comply with MARPOL Annex VI and the Clean Air Act of 1970, as amended by the Clean Air Act Amendments of 1977 and 1990, and have implemented a fleetwide action plan to comply with IMO, EPA, and USCG regulations.

In terms of security regulations, International Seaways, Inc. is subject to the U.S. Maritime Transportation Security Act of 2002 (MTSA) and the International Ship and Port Facility Security (ISPS) Code. The company has implemented various security measures to comply with these regulations, including the use of security cameras, access controls, and personnel screening.

International Seaways, Inc. has a strong commitment to diversity, equity, and inclusion and has implemented various initiatives to promote a culture of transparency, accountability, and compliance. The company's diverse workforce is a testament to its commitment to these values.