Recent Updates — INSW
A subsidiary of International Seaways, Inc. entered into a joinder agreement to become a guarantor under the company's existing $500 Million Revolving Credit Facility. As part of this arrangement, the subsidiary pledged one Very Large Crude Carrier (VLCC) tanker as collateral. This vessel serves as a substitution for another collateral vessel that was previously sold in the third quarter of 2026. The agreement binds the subsidiary to the terms of the credit facility and related loan documents administered by Nordea Bank Abp, New York Branch.
International Seaways operates as an independent owner and operator of crude oil tankers.
On October 20 and 21, 2026, International Seaways completed previously announced exchange transactions with shareholders holding Norwegian depositary receipts representing approximately 50.5% of Bruton Limited’s outstanding common shares. Participating shareholders exchanged their interests for an aggregate of 1,624,036 shares of International Seaways common stock. The unregistered securities were issued in reliance on Section 4(a)(2) exemptions based on the nature of the exchanges and shareholder representations. This transaction consolidates a majority stake in Bruton Limited into International Seaways' portfolio. International Seaways operates as an owner and operator of crude oil tankers.
International Seaways has entered into agreements to acquire Bruton Limited in a two-step transaction valued at approximately $370 million. The company will first acquire a 50.5% interest from shareholders via an exchange of 0.0519 shares per Bruton share, expected to settle around October 20, 2026. Subsequently, it will merge with Bruton to acquire the remaining shares for $6.3044 in cash and stock, subject to shareholder approval at a special meeting on or about October 30, 2026. The transaction combines Bruton’s four VLCC vessels with Seaways’ fleet of approximately 70 tankers. Additionally, the company announced preliminary third-quarter 2026 net income of $340-$350 million and shipping revenues of $480-$490 million. International Seaways is a leading global tanker company providing energy transportation services for crude oil and petroleum products.
International Seaways reported record second quarter 2026 net income of $295 million ($5.91 per diluted share), up from $62 million in the prior year period, driven by higher spot earnings and profit-sharing results. The company also announced a quarterly dividend of $5.05 per share, payable on September 24, 2026 to shareholders of record as of September 10, 2026. Additionally, International Seaways contracted four new LR1 vessels for $244 million and took delivery of one vessel under its existing fleet optimization program.
International Seaways, Inc. held its 2026 Annual Meeting of Stockholders on June 8, 2026, where stockholders elected nine directors and ratified the appointment of Ernst & Young LLP as independent auditor. The Board of Directors also approved retroactive annual base salary increases for several key executive officers, including CEO Lois Zabrocky, whose new annual base salary is $850,000. International Seaways, Inc. operates in the maritime shipping industry, providing transportation services for various cargo types.