Buy International Seaways
- Feb 7, 2024
- 1 min read
Updated: Aug 16, 2024
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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!
Kashyap
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