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International Seaways Balance Sheet 2025-2011 | INSW
Brief overview of International Seaways's balance sheet structure
The balance sheet is assessed across five available annual reports spanning 2021 to 2025.
The asset base progressed from $2.3 billion to $2.7 billion, equal to +13.7% overall and about 3.3% per year.
Liabilities grew more slowly than assets: -44.9% versus +13.7%. Expansion relied more on equity, improving funding quality.
Equity funds 75.7% of assets versus 49.9% initially. This creates a conservative balance sheet structure.
Each unit of equity supports about 0.21x of net debt. Dependence on debt remains comfortable.
Cash accounts for 4.4% of assets versus 4.2% initially. The change indicates the degree of financial flexibility.
Retained earnings stand at $523.8 million; the five-period change was +228%. This reflects accumulated business performance.
Balance sheet takeaway
International Seaways's balance sheet looks resilient: assets are supported by substantial equity, while debt does not overwhelm financial flexibility.
Annual Balance Sheet International Seaways
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
428 M | 495 M | 479 M | 618 M | 836 M | 268 M | 571 M | 752 M | 493 M | 348 M | 286 M | 423 M | - | - | - |
Long Term Debt |
541 M | 638 M | 595 M | 861 M | 926 M | 474 M | 591 M | 759 M | 529 M | 433 M | 589 M | 595 M | - | - | - |
Long Term Debt Current |
3.18 M | 14.6 M | 10.2 M | 1.6 M | 8.39 M | 8.87 M | 13 M | 51.6 M | 24.1 M | 6.18 M | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 617 M | 763 M | 532 M | 438 M | 598 M | 607 M | - | - | - |
Total Current Liabilities |
98.9 M | 131 M | 196 M | 257 M | 235 M | 109 M | 114 M | 75.3 M | 47.2 M | 45.1 M | - | - | - | - | - |
Total Liabilities |
648 M | 780 M | 805 M | 1.13 B | 1.18 B | 614 M | 731 M | 839 M | 579 M | 483 M | 646 M | 644 M | - | - | - |
Deferred Revenue |
5.98 M | 7.83 M | 6.24 M | 2.96 M | 353 K | 3.06 M | 272 K | 450 K | 918 K | 6.72 M | 1.23 M | 3.14 M | - | - | - |
Retained Earnings |
524 M | 359 M | 227 M | -21.4 M | -409 M | -276 M | -270 M | -269 M | -181 M | -74.5 M | 92.6 M | 888 K | - | - | - |
Total Assets |
2.67 B | 2.64 B | 2.52 B | 2.62 B | 2.35 B | 1.59 B | 1.75 B | 1.85 B | 1.66 B | 1.66 B | 2.03 B | 2.04 B | - | - | - |
Cash and Cash Equivalents |
117 M | 158 M | 127 M | 244 M | 98.9 M | 216 M | 89.7 M | 58.3 M | 60 M | 92 M | 309 M | 178 M | - | - | - |
Book Value |
2.02 B | 1.86 B | 1.72 B | 1.49 B | 1.17 B | 972 M | 1.02 B | 1.01 B | 1.09 B | 1.18 B | 1.38 B | 1.39 B | - | - | - |
Total Shareholders Equity |
2.02 B | 1.86 B | 1.72 B | 1.49 B | 1.17 B | 972 M | 1.02 B | 1.01 B | 1.09 B | 1.18 B | 1.38 B | 1.39 B | - | - | - |
All numbers in USD currency
Quarterly Balance Sheet International Seaways
| 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
574 M | 510 M | 260 M | 545 M | 638 M | 601 M | 663 M | 564 M | 595 M | 707 M | 778 M | 777 M | 861 M | 901 M | 913 M | 943 M | 926 M | 888 M | 445 M | 459 M | 474 M | 474 M | 474 M | 474 M | 591 M | 591 M | 591 M | 591 M | 759 M | 759 M | 759 M | 759 M | 529 M | 529 M | 529 M | 529 M | 433 M | 433 M | 433 M | 433 M | 589 M | 589 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
677 M | 856 M | 623 M | 674 M | 780 M | 713 M | 787 M | 757 M | 805 M | 911 M | 1.04 B | 1.01 B | 1.13 B | 1.13 B | 1.13 B | 1.2 B | 1.18 B | 1.2 B | 571 M | 584 M | 614 M | 614 M | 614 M | 614 M | 731 M | 731 M | 731 M | 731 M | 839 M | 839 M | 839 M | 839 M | 579 M | 579 M | 579 M | 579 M | 483 M | 483 M | 483 M | 483 M | 646 M | 646 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 353 K | - | - | - | 3.06 M | - | - | - | 272 K | - | - | - | 450 K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
704 M | 439 M | 406 M | 374 M | 359 M | 382 M | 364 M | 307 M | 227 M | 156 M | 127 M | 52.9 M | -21.4 M | -240 M | -353 M | -422 M | -409 M | -375 M | -308 M | -289 M | -276 M | -276 M | -276 M | -276 M | -270 M | -270 M | -270 M | -270 M | -269 M | -269 M | -269 M | -269 M | -181 M | -181 M | -181 M | -181 M | -74.5 M | -74.5 M | -74.5 M | -74.5 M | 92.6 M | 92.6 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
2.87 B | 2.79 B | 2.52 B | 2.54 B | 2.64 B | 2.59 B | 2.67 B | 2.55 B | 2.52 B | 2.56 B | 2.66 B | 2.57 B | 2.62 B | 2.46 B | 2.36 B | 2.37 B | 2.35 B | 2.44 B | 1.52 B | 1.55 B | 1.59 B | 1.59 B | 1.59 B | 1.59 B | 1.75 B | 1.75 B | 1.75 B | 1.75 B | 1.85 B | 1.85 B | 1.85 B | 1.85 B | 1.66 B | 1.66 B | 1.66 B | 1.66 B | 1.66 B | 1.66 B | 1.66 B | 1.66 B | 2.03 B | 2.03 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
142 M | 413 M | 149 M | 133 M | 158 M | 103 M | 176 M | 140 M | 127 M | 139 M | 116 M | 156 M | 244 M | 174 M | 231 M | 74.6 M | 97.9 M | 109 M | 117 M | 156 M | 216 M | 199 M | 199 M | 199 M | 89.7 M | 89.7 M | 89.7 M | 89.7 M | 58.3 M | 58.3 M | 58.3 M | 58.3 M | 60 M | 60 M | 60 M | 60 M | 92 M | 92 M | 92 M | 92 M | 309 M | 309 M | - | - | 178 M | - | - | - | 174 M | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
2.19 B | 1.93 B | 1.9 B | 1.87 B | 1.86 B | 1.87 B | 1.89 B | 1.79 B | 1.72 B | 1.65 B | 1.62 B | 1.56 B | 1.49 B | 1.33 B | 1.23 B | 1.17 B | 1.17 B | 1.24 B | 947 M | 968 M | 972 M | 972 M | 972 M | 972 M | 1.02 B | 1.02 B | 1.02 B | 1.02 B | 1.01 B | 1.01 B | 1.01 B | 1.01 B | 1.09 B | 1.09 B | 1.09 B | 1.09 B | 1.18 B | 1.18 B | 1.18 B | 1.18 B | 1.38 B | 1.38 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
2.19 B | 1.93 B | 1.9 B | 1.87 B | 1.86 B | 1.87 B | 1.89 B | 1.79 B | 1.72 B | 1.65 B | 1.62 B | 1.56 B | 1.49 B | 1.33 B | 1.23 B | 1.17 B | 1.17 B | 1.24 B | 947 M | 968 M | 972 M | 972 M | 972 M | 972 M | 1.02 B | 1.02 B | 1.02 B | 1.02 B | 1.01 B | 1.01 B | 1.01 B | 1.01 B | 1.09 B | 1.09 B | 1.09 B | 1.09 B | 1.18 B | 1.18 B | 1.18 B | 1.18 B | 1.38 B | 1.38 B | - | - | 1.39 B | - | 1.35 B | - | 969 M | - | - | - | - | - | - | - | - | - | - | - |
All numbers in USD currency
Balance Sheet is a fundamental financial report of International Seaways, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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