INSWInternational Seaways, Inc.

Water Transportation

Revenue: $843M; 11% YoY
Operating margin: 41.0%; 14% YoY
EBITDA: $509M; 16% YoY
Market cap: $5.5B
Employees: 2,763; $305K revenue each
Net debt / EBITDA: 1.0×; $486M net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$4M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
123% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
45% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$305K per employee
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 26th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$178M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$273M	$865M	$1.1B	$952M	$843M	11%
Operating income	−$112M	$443M	$615M	$455M	$345M	24%
Net income	−$135M	$388M	$556M	$417M	$309M	26%
Operating cash flow	−$76M	$288M	$688M	$547M	$380M	31%
Stock-based comp	$11M	$7M	$9M	$9M	$9M	3.3%
Buybacks	$17M	$20M	$14M	$25M	—
Dividends	$41M	$70M	$308M	$284M	$145M	49%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 8, 2026	Famatown Finance Ltd	SCHEDULE 13D/A	13.5%	Passive
May 11, 2026	Famatown Finance Ltd	SCHEDULE 13D/A	14.7%	Passive
Mar 12, 2026	Famatown Finance Ltd	SCHEDULE 13D/A	15.8%	Passive
Apr 22, 2024	Famatown Finance Ltd	SC 13D/A	16.9%	Active
Dec 8, 2022	Navig8 Risk Management Pte. Ltd.	SC 13D/A	4.7%	Passive
Oct 13, 2022	Navig8 Risk Management Pte. Ltd.	SC 13D	5.1%	Passive
Sep 2, 2022	Famatown Finance Ltd	SC 13D/A	16.6%	Active
May 12, 2022	Famatown Finance Ltd	SC 13D/A	16.6%	Active
Apr 27, 2022	Famatown Finance Ltd	SC 13D	16.2%	Passive
Apr 25, 2022	CYRUS CAPITAL PARTNERS, L.P.	SC 13D/A	4.0%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $178M · 54
Net: −$178M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$5M	$7M	471	196
FY2024	$4M	$3M	325	200
FY2023	$4M	$6M	364	197
FY2022	$5M	$11M	255	147
FY2021	$3M	$2M	97	128