International Seaways (INSW) owns and operates a fleet of 70 ocean tankers that transport crude oil and refined petroleum products across international shipping routes. The fleet splits into two segments: crude tankers (VLCCs, Suezmaxes, and Aframaxes) and product carriers (LR2, LR1, and MR tankers), roughly even in revenue contribution. INSW charters its vessels to oil companies, traders, refiners, and government entities. The majority of revenue comes from spot voyages, where vessels are hired at prevailing market rates for a single voyage, with the remainder from fixed-rate time charters. INSW participates in several commercial pools — third-party managed vessel aggregations — that improve utilization and rate negotiation across vessel classes. INSW also runs a small lightering business, using Aframax tankers to facilitate ship-to-ship crude transfers for vessels too large to enter certain ports, primarily in the U.S. Gulf. Profitability is driven largely by spot tanker rates, which fluctuate with oil supply and demand, trade route distances, and geopolitical disruptions. INSW targets a low spot cash breakeven of roughly $13,500-14,500/day fleet-wide. The company's growth strategy centers on active fleet management — selling older vessels, acquiring modern tonnage, and executing a newbuild LR1 program — rather than simply expanding vessel count. INSW also recently acquired full ownership of Tankers International's commercial management arm, expanding its pool platform into Suezmaxes.