International Seaways Inc. shares surged to a record $98.43 on Tuesday, extending gains driven by robust demand for oil tankers amid tightening vessel supply and heightened shipping activity in the Middle East.
The New York-listed company, which operates one of the largest U.S. fleets of crude and product tankers, benefited from elevated freight rates as geopolitical tensions in the region disrupted traditional shipping routes. Analysts cited increased U.S. oil exports to Europe and Asia as a key driver of the company’s recent performance.
The stock’s ascent follows a broader rally in the maritime transport sector, where tanker rates have climbed due to limited new vessel deliveries and strong demand for seaborne crude transport. International Seaways, a spin-off from Overseas Shipholding Group, has capitalized on the tight supply conditions, with its fleet operating at near-full capacity in recent months.
The company’s shares have more than doubled over the past year, outperforming broader energy and shipping benchmarks. Investors have also pointed to International Seaways’ strong balance sheet and disciplined capital allocation as factors supporting its valuation.
The record high comes as the global tanker market faces structural constraints, including slower fleet growth and stricter environmental regulations that have accelerated scrapping of older vessels. Industry reports indicate that the supply of available tankers remains constrained, further supporting freight rates and operator profitability.
International Seaways did not immediately respond to requests for comment on the stock’s recent performance.
