INSW — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-07

• ●the compliance by shipyards that are constructing the Company’s newbuild vessels with their obligations under the shipbuilding contracts;

• As of March 31, 2026, the Company’s operating fleet consisted of 64 wholly-owned or lease financed and time chartered-in vessels aggregating 7.6 million deadweight tons (“dwt”). In addition to our operating fleet of 64 vessels, three LR1 newbuilds are scheduled for delivery to the Company between th…

• The Company’s revenues are highly sensitive to (i) patterns of supply and demand for vessels of the size and design configurations owned and operated by the Company and the trades in which those vessels operate and (ii) the Company’s vessel employment strategy.

• Rates for the transportation of crude oil and refined petroleum products from which the Company earns a substantial majority of its revenues are determined by market forces such as the supply and demand for oil, the distance that cargoes must be transported, and the number of vessels expected to be …

• The outbreak of war in the Middle East between Iran and the U.S. and Israel in late February 2026, and the seizures and attacks on vessels travelling through the Red Sea, the Gulf of Aden and the Arabian Gulf, and the effective closure of the Strait of Hormuz, have caused supply disruptions in the o…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• ●the war between Russia and Ukraine could adversely affect INSW’s business;

• As of September 30, 2025, the Company’s operating fleet consisted of 71 wholly-owned or lease financed and time chartered-in vessels aggregating 8.2 million deadweight tons (“dwt”). In addition to our operating fleet of 71 vessels, five LR1 newbuilds are scheduled for delivery to the Company between…

• The Company’s revenues are highly sensitive to patterns of supply and demand for vessels of the size and design configurations owned and operated by the Company and the trades in which those vessels operate. Rates for the transportation of crude oil and refined petroleum products from which the Comp…

• Our revenues are derived primarily from spot market voyage charters and our vessels are predominantly employed in the spot market via market-leading commercial pools. We derived approximately 81% of our total TCE revenues in the spot market for the three and nine months ended September 30, 2025, com…

• Global oil production in the third quarter of 2025 was 106.6 million b/d, an increase of 3.9 million b/d from the third quarter of 2024. OPEC crude oil production averaged 27.9 million b/d in the third quarter of 2025, up 0.8 million b/d from the second quarter of 2025, and an increase of 1.4 millio…

Text added vs the prior filing · source: 10-Q · 2026-05-07

• International hostilities between Iran and the United States and Israel could adversely affect the tanker industry, which could adversely affect INSW’s business.

• On February 28, 2026, the United States, Israel and Iran began to engage in active hostilities and military action in and around the Arabian Gulf (the “AG”). These operations have continued, damaging the energy infrastructure of the AG region. As of late April 2026, more than 30 merchant vessels had…

• premiums) and market volatility, and have resulted in increases in the Company’s costs. To date, the hostilities have not had a material adverse effect on INSW’s operations, financial condition, results of operations or cash flow. The extent of any future impact will depend on how the situation deve…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• An increase in trade protectionism and regulations issued by the United States to impose significant fees on vessels entering a U.S. port where that vessel was constructed in China or is owned or operated by a Chinese entity, and orders issued by China to impose comparable fees on vessels entering a…

• Protectionist trade developments, such as increased tariffs on imports, or the perception that they may occur, may have an adverse effect on global economic conditions, and may significantly affect and/or reduce global trade. Governments may increasingly turn to trade barriers to protect their domes…

• institution in a financing leasing arrangement. We are currently evaluating the effect that these regulations and orders will have on us, including our results of operations and cash flows, and on our industry generally. China issued orders that became effective on the same date as U.S. regulations …