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Buy International Seaways

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International Seaways (INSW)

I've been covering the Red Sea situation and its impact on shipping stocks since October. I added Hapag-Lloyd and Okeanis Eco Tankers in December. Since then, the trade has taken off and I've been waiting for a pullback to add. I believe the current pullback in INSW is a good add point. INSW isn't a great company, but they have a fleet of 77 vessels, including 13 VLCCs, 13 Suezmaxes, five Aframaxes/LR2s, 11 LR1s (including four new buildings), and 35 MR tankers.

I don't like the management and I consider their use of poison pills to be a sign of poor corporate governance. However, in the current situation they can literally trip and fall into a pile of money so I'm overlooking long-term issues. I also like Hafnia and Teekay Tankers but INSW has more upside from current prices.

Good Trading!


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