Mission Statement, Vision, & Core Values (2024) of International Seaways, Inc. (INSW)

An Overview of International Seaways, Inc. (INSW)

General Summary of International Seaways, Inc. (INSW)

International Seaways, Inc. (INSW) is a leading provider of crude oil and petroleum product transportation services. Founded in 2016, the company was formed through the merger of two prominent players in the shipping industry. As of 2024, INSW operates a fleet of 41 vessels, including Very Large Crude Carriers (VLCCs), Suezmax, Aframax, and Medium Range (MR) product carriers. The company focuses primarily on spot market voyage charters, with approximately 84% of its total time charter equivalent (TCE) revenues derived from the spot market in the third quarter of 2024.

In 2024, International Seaways reported total sales of approximately $757 million, a decrease from $821 million in 2023. This decline was attributed to lower average daily rates and reduced revenue days across various segments of its fleet.

Company's Financial Performance in the Latest Financial Reports

For the nine months ended September 30, 2024, International Seaways reported total TCE revenues of $742.5 million, down from $807.6 million in the same period of 2023, reflecting an 8% decrease. The breakdown of TCE revenues is as follows:

The company reported an adjusted income from vessel operations of $409.2 million for the first nine months of 2024, compared to $493.1 million in the same period of 2023. The decrease in income largely resulted from increased vessel expenses and depreciation, as well as lower TCE revenues across both segments.

For the third quarter of 2024, INSW's shipping revenues amounted to $225.2 million, down from $241.7 million in the prior year. Additionally, the net income for the third quarter was reported at $91.7 million, compared to $97.9 million in 2023. The earnings before interest, taxes, depreciation, and amortization (EBITDA) for the nine-month period was $528.7 million, down from $571.8 million in 2023.

Introduction to International Seaways, Inc. as an Industry Leader

International Seaways, Inc. stands out in the shipping industry as a leader in crude tanker and product carrier operations. The company’s strategic focus on fleet optimization and strong market positioning has allowed it to maintain a competitive edge. As of September 30, 2024, the company’s total assets were valued at approximately $2.59 billion, reflecting a solid balance sheet and robust liquidity position of $693.8 million, comprised of $153.3 million in cash and $540.5 million in undrawn revolver capacity.

INSW’s commitment to operational excellence is evident in its continuous investment in fleet renewal and expansion, including the acquisition of six MR product carriers in 2024. The company has also engaged in strategic sales of older vessels, generating approximately $72 million in net proceeds. These initiatives have positioned International Seaways as a formidable player in the maritime transportation sector, and stakeholders are encouraged to explore further insights into the company’s successful operations.

Mission Statement of International Seaways, Inc. (INSW)

Mission Statement Overview

The mission statement of International Seaways, Inc. (INSW) serves as a guiding framework for the company’s strategic direction and operational goals. It reflects the core purpose of the organization and its commitment to delivering high-quality services in the maritime transportation sector. The mission emphasizes the importance of safety, environmental stewardship, and operational excellence.

Core Component 1: Commitment to Safety

International Seaways prioritizes safety in all operations, aiming to ensure the well-being of its crew, the vessels, and the environment. The company implements rigorous safety protocols and training programs to maintain high safety standards.

As of the third quarter of 2024, the company reported an increase in safety training completion rates by 15% year-over-year, reflecting its commitment to enhancing crew safety measures. Additionally, the company has maintained a low incident rate of 0.2 per 1,000 operating hours, showcasing its effective safety management systems.

Core Component 2: Environmental Stewardship

Environmental stewardship is a fundamental aspect of INSW's mission. The company is dedicated to minimizing its environmental footprint through sustainable practices and compliance with international regulations. This includes investments in eco-friendly technologies and operational efficiency improvements.

For instance, in 2024, INSW announced its strategy to reduce greenhouse gas emissions by 20% by 2026, aligning with the International Maritime Organization's (IMO) targets. The fleet's average carbon intensity improved by 10% in 2023, and the company plans to further enhance this through the adoption of dual-fuel ready vessels.

Core Component 3: Operational Excellence

INSW is committed to operational excellence, focusing on maximizing asset utilization and delivering superior service to its customers. This involves strategic fleet management, optimizing chartering strategies, and leveraging market opportunities.

In the first nine months of 2024, the company recorded a time charter equivalent (TCE) revenue of $742.5 million, a decrease from $807.6 million in the same period of 2023. Despite this decline, operational efficiencies were achieved, with a 5% reduction in operating costs per vessel.

Through its mission statement, International Seaways, Inc. clearly articulates its dedication to safety, environmental responsibility, and operational excellence, which are critical to its long-term success in the maritime industry. The company continues to evolve its strategies to meet market demands while upholding its core values.

Vision Statement of International Seaways, Inc. (INSW)

Vision Statement Overview

The vision statement of International Seaways, Inc. (INSW) emphasizes their commitment to becoming a leading provider of energy transportation services while ensuring operational excellence and sustainability in the shipping industry.

Commitment to Sustainability

INSW's vision underscores a strong commitment to sustainability. As of 2024, the company has made significant investments in environmentally friendly technologies, including dual-fuel LNG vessels, which are designed to reduce greenhouse gas emissions. They have six dual-fuel ready LR1 Product Carriers under construction, with an aggregate cost of approximately $359 million, and expected delivery from 2025 through 2026.

Operational Excellence

INSW aims to achieve operational excellence through strategic fleet optimization and maintaining high safety standards. The average daily Time Charter Equivalent (TCE) rate for their vessels as of September 30, 2024, was $36,587, compared to $41,470 in the previous year. The company operates an average of 21 owned vessels, ensuring they meet market demand effectively.

Market Leadership

INSW's vision includes a focus on market leadership in the energy transportation sector. As of September 30, 2024, the company generated TCE revenues of $219.7 million in the third quarter, demonstrating their strong position in the market despite a 7% decrease compared to the previous year. The company derived approximately 84% of their total TCE revenues from the spot market, showing their adaptability to market conditions.

Financial Performance

In 2024, INSW reported a net income of $91.7 million for the third quarter, reflecting their robust financial health. The company’s total shipping revenues for the nine months ended September 30, 2024, amounted to $757 million. This financial performance is indicative of their strategic planning and operational efficiency.

Table: Financial Data Overview (2024)

Innovation and Technology

INSW's vision includes a focus on innovation and the adoption of advanced technologies. The company has invested in ballast water treatment systems and performance efficiency devices for their fleet, which are crucial for compliance with international regulations.

Strategic Partnerships

The vision statement reflects a commitment to strategic partnerships within the industry. By participating in commercial pools, INSW enhances its operational efficiency and market reach. They derive significant revenues from these collaborations, with pool revenues amounting to $603.97 million for the nine months ended September 30, 2024.

Core Values of International Seaways, Inc. (INSW)

Integrity

The core value of integrity emphasizes honesty, transparency, and ethical conduct in all business dealings. International Seaways, Inc. (INSW) exemplifies integrity through its commitment to compliance with international regulations and environmental standards.

For instance, INSW's adherence to the International Maritime Organization (IMO) regulations ensures that its operations are not only compliant but also environmentally responsible. The company has invested significantly in upgrading its fleet to meet these standards, which includes the implementation of ballast water treatment systems across its vessels.

Safety

Safety is a paramount value at INSW, reflecting its dedication to protecting its crew, vessels, and the environment. The company has established a rigorous safety management system that includes regular training and drills for its personnel.

In 2024, INSW reported zero significant safety incidents across its fleet, highlighting the effectiveness of its safety protocols. The company also invests in advanced technology to enhance safety measures, such as the installation of state-of-the-art navigation and monitoring systems on its vessels.

Innovation

Innovation drives INSW's operational efficiency and competitive advantage in the shipping industry. The company continuously seeks to adopt new technologies and practices that enhance performance and sustainability.

For example, INSW has committed to building six dual-fuel LNG-ready LR1 Product Carriers at an estimated cost of $359 million. This strategic investment aims to reduce greenhouse gas emissions and optimize fuel efficiency, aligning with global sustainability goals.

Customer Focus

INSW places a strong emphasis on customer focus, striving to meet and exceed client expectations through tailored services and solutions. The company’s commercial strategy involves utilizing market-leading commercial pools to optimize vessel utilization and provide competitive pricing.

As of September 30, 2024, INSW derived approximately 84% of its total TCE revenues from spot market operations, demonstrating its responsiveness to market demands and customer needs.

Teamwork

Teamwork is fundamental to INSW’s culture, fostering collaboration among its employees and stakeholders. The company promotes a collaborative environment that encourages sharing knowledge and resources to achieve common goals.

INSW’s success in managing a fleet of 30 vessels, including VLCCs, Suezmaxes, Aframaxes, and Product Carriers, is attributed to effective teamwork across various departments, from operations to finance.

Updated on 16 Nov 2024

Resources:

1. International Seaways, Inc. (INSW) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of International Seaways, Inc. (INSW)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View International Seaways, Inc. (INSW)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.