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INSW vs NAT
Which Stock Would AI Choose? International Seaways (INSW) vs. Nordic American Tankers (NAT) Stock Comparison
Key Takeaways
- Scale and diversification diverge sharply: INSW operates a fleet of approximately 67 vessels across crude and product tanker segments, while NAT is a pure-play Suezmax operator with 20 vessels, creating fundamentally different risk and return profiles.
- Profitability gap is pronounced: International Seaways generated full-year 2025 net income of $309 million with a net margin of roughly 55%, compared to Nordic American Tankers' $12.27 million and a net margin near 24%.
- Both companies benefit from the same favorable industry backdrop: Rising geopolitical disruptions, constrained vessel supply, and increased sanctions enforcement against the shadow fleet are supporting tanker rates across both operators.
- Valuation multiples reflect the earnings disparity: INSW trades at a significantly lower trailing P/E ratio, while NAT commands a higher multiple partly due to its smaller earnings base and pure-play premium.
- Dividend approaches differ in magnitude: INSW has distributed over $1 billion to shareholders since 2020 with payout ratios of 75–87% of adjusted net income, while NAT maintains its 114-quarter streak of consecutive dividends at more modest per-share levels.
- Analyst sentiment leans toward INSW: Consensus ratings place INSW at Moderate Buy with upside to price targets, while NAT carries Hold-to-Reduce ratings with targets implying potential downside from recent levels.
Introduction
The global tanker shipping industry sits at the intersection of energy demand, geopolitical turbulence, and constrained vessel supply — making it one of the more dynamic sectors for investors to monitor. Two publicly traded names that frequently appear in sector comparisons are International Seaways, Inc. (INSW) and Nordic American Tankers Limited (NAT). Though both generate revenue by transporting crude oil and petroleum products across international waters, they differ substantially in fleet composition, scale, financial strength, and market positioning. This comparison is designed for traders and investors evaluating which stock better aligns with their portfolio objectives — whether they prioritize diversified exposure, earnings momentum, dividend consistency, or pure-play thematic positioning within the tanker market.
INSW Overview and Recent Performance
International Seaways, Inc. (INSW) is one of the largest publicly traded tanker companies globally, providing seaborne transportation of crude oil and refined petroleum products through a fleet of approximately 67 vessels. The company operates across two segments — Crude Tankers and Product Carriers — with vessel classes spanning VLCCs (Very Large Crude Carriers), Suezmaxes, Aframaxes, LR1s (Long Range 1), and MRs (Medium Range). This diversification allows INSW to capture opportunities across multiple tanker markets simultaneously.
In recent months, International Seaways has delivered some of the strongest financial results in its history. Full-year 2025 net income reached $309 million, or $6.23 per diluted share, with adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $475 million. The fourth quarter of 2025 was particularly robust, producing $128 million in net income as tanker rates strengthened across both crude and product segments. Momentum carried into early 2026, with first-quarter adjusted earnings of $3.90 per share handily exceeding consensus estimates.
Several strategic developments have shaped sentiment around INSW. The company consolidated full ownership of Tankers International, a leading VLCC commercial pool, and expanded into Suezmax pool management — moves that enhance commercial scale and rate capture. Its fleet optimization program has been active: INSW sold 10 older vessels during 2025 and agreed to sell seven more in early 2026, while simultaneously taking delivery of two newbuild LR1s and a modern scrubber-fitted VLCC. The balance sheet remains a source of strength, with net loan-to-value declining below 7% by early 2026 and total liquidity exceeding $900 million. Shareholder returns have been substantial, including a record $4.55-per-share dividend declared in mid-2026 and cumulative distributions surpassing $1 billion since 2020.
NAT Overview and Recent Performance
Nordic American Tankers Limited (NAT) occupies a distinctive niche as the only publicly listed company exclusively focused on Suezmax tankers — vessels capable of transporting approximately one million barrels of crude oil each. As of early 2026, NAT's fleet consists of 20 Suezmax tankers, with 14 trading in the spot market and six deployed under time charter agreements. The company's concentrated fleet strategy creates high operating leverage to Suezmax rate movements, for better and for worse.
Nordic American Tankers encountered a challenging earnings environment through much of 2025. Full-year net income came in at $12.27 million on revenue of approximately $180 million, with the company recording net losses during the second and third quarters before rebounding in the seasonally stronger fourth quarter. Fourth-quarter 2025 marked a turning point: average TCE (time charter equivalent) rates rose to $35,000 per day per ship — a 25% sequential improvement — and net income reached $11.7 million. The momentum extended into the first quarter of 2026, with management reporting that nearly two-thirds of spot days had been booked at approximately $55,000 per day.
NAT has been actively modernizing its fleet. During 2025, the company acquired two 2016-built Suezmax tankers for a combined $132 million and sold four older vessels built between 2003 and 2005, capitalizing on elevated asset prices. An agreement with a South Korean shipyard for two newbuild Suezmax tankers — priced at $86 million each with delivery expected in 2028 — signals a commitment to long-term fleet renewal. The company's cash position exceeded $100 million entering 2026, and NAT maintained its extraordinary streak of 114 consecutive quarterly cash dividends, with the fourth-quarter 2025 payout set at $0.17 per share. However, the company's relatively modest earnings base and narrow fleet focus have drawn criticism from some analysts who argue NAT has underperformed relative to the broader tanker market cycle.
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Head-to-Head Comparison
When placed side by side, INSW and NAT reveal stark contrasts beneath their shared industry classification. International Seaways' fleet of roughly 67 vessels spans five vessel classes, giving it exposure to both crude and product tanker markets — a diversification that smooths earnings volatility when individual segments weaken. NAT's concentrated 20-vessel Suezmax fleet offers no such cushion; when Suezmax rates surge, NAT benefits disproportionately, but the reverse is equally true during rate softness.
The financial comparison underscores the scale gap. INSW generated full-year 2025 revenue of approximately $843 million and net income of $309 million, compared to NAT's $180 million and $12.27 million, respectively. INSW's net margin of roughly 55% and return on equity of 21% far exceed NAT's 24% and 9%. On valuation, INSW traded at a trailing P/E multiple in the 7–12x range — well below NAT's 21–22x, reflecting INSW's stronger earnings base. Market capitalization follows the same pattern: INSW at roughly $4 billion versus NAT at approximately $1.2 billion.
Institutional ownership tells another revealing story. Approximately 67% of INSW shares are held by institutions, compared to about 44% for NAT — a gap that may reflect differing perceptions of governance quality, liquidity, and scalability. Analyst consensus further tilts the picture: INSW garners Moderate Buy ratings with price targets suggesting modest upside, while NAT carries Hold or Reduce ratings with targets implying potential downside. Risk factors differ as well: INSW's larger, more leveraged balance sheet (with approximately $804 million in total debt) demands disciplined capital management, while NAT's narrower fleet focus amplifies single-segment exposure risk.
Tickeron AI Verdict
Based on observable trend consistency, relative earnings momentum, balance sheet quality, and diversification profile, Tickeron's AI-driven analysis would likely favor INSW over NAT in the current market environment. International Seaways combines robust earnings generation with a multi-segment fleet capable of capturing value across crude and product tanker cycles, while its ongoing fleet renewal program, low net loan-to-value ratio, and substantial liquidity provide a margin of safety that NAT's concentrated model does not replicate. The AI framework would also note that INSW's stronger institutional sponsorship and superior profitability metrics — net margin, ROE, and earnings per share — indicate a higher-probability path for sustained relative performance. This assessment does not dismiss NAT's potential; the Suezmax specialist offers significant upside leverage if that specific segment outperforms. However, from a probabilistic, multi-factor perspective, INSW's broader strengths present a more consistent alignment with favorable trend signals and risk-adjusted positioning at this juncture.
Disclaimer
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.
To compare these two companies we present long-term analysis, their fundamental ratings and make comparative short-term technical analysis which are presented below. The conclusion is INSW is a Buy and NAT is a Buy.
Long-Term Analysis
It is best to consider a long-term outlook for a ticker by using Fundamental Analysis (FA) ratings. The rating of 1 to 100, where 1 is best and 100 is worst, is divided into thirds. The first third (a green rating of 1-33) indicates that the ticker is undervalued; the second third (a grey number between 34 and 66) means that the ticker is valued fairly; and the last third (red number of 67 to 100) reflects that the ticker is undervalued. We use an FA Score to show how many ratings show the ticker to be undervalued (green) or overvalued (red).
INSW’s FA Score shows that 3 FA rating(s) are green whileNAT’s FA Score has 3 green FA rating(s).
- INSW’s FA Score: 3 green, 2 red.
- NAT’s FA Score: 3 green, 2 red.
Short-Term Analysis
It is best to consider a short-term outlook for a ticker by using Technical Analysis (TA) indicators. We use Odds of Success as the percentage of outcomes which confirm successful trade signals in the past.
If the Odds of Success (the likelihood of the continuation of a trend) for each indicator are greater than 50%, then the generated signal is confirmed. A green percentage from 90% to 51% indicates that the ticker is in a bullish trend. A red percentage from 90% - 51% indicates that the ticker is in a bearish trend. All grey percentages are below 50% and are considered not to confirm the trend signal.
INSW’s TA Score shows that 5 TA indicator(s) are bullish while NAT’s TA Score has 4 bullish TA indicator(s).
- INSW’s TA Score: 5 bullish, 3 bearish.
- NAT’s TA Score: 4 bullish, 2 bearish.
Price Growth
INSW (@Oil & Gas Pipelines) experienced а +4.23% price change this week, while NAT (@Oil & Gas Pipelines) price change was +1.24% for the same time period.
The average weekly price growth across all stocks in the @Oil & Gas Pipelines industry was -0.80%. For the same industry, the average monthly price growth was +6.86%, and the average quarterly price growth was +19.49%.
Reported Earning Dates
INSW is expected to report earnings on Aug 12, 2026.
NAT is expected to report earnings on Aug 31, 2026.
Industries' Descriptions
@Oil & Gas Pipelines (-0.80% weekly)Oil & Gas Pipelines industry includes companies that transport natural gas and crude oil through pipelines. These companies also collect and market the fuels. The pipeline segment could be considered as a midstream operation – functioning as a link between the upstream and downstream operations in the oil and gas industry. Some of the largest U.S. pipeline players include Enterprise Products Partners L.P, TC Energy Corporation and Energy Transfer, L.P.
| INSW | NAT | INSW / NAT | |
| Capitalization | 4.76B | 1.38B | 344% |
| EBITDA | 750M | 90.6M | 828% |
| Gain YTD | 116.156 | 104.179 | 111% |
| P/E Ratio | 8.76 | 25.25 | 35% |
| Revenue | 985M | 331M | 298% |
| Total Cash | N/A | N/A | - |
| Total Debt | 610M | 424M | 144% |
INSW | NAT | ||
|---|---|---|---|
OUTLOOK RATING 1..100 | 46 | 44 | |
VALUATION overvalued / fair valued / undervalued 1..100 | 17 Undervalued | 5 Undervalued | |
PROFIT vs RISK RATING 1..100 | 8 | 12 | |
SMR RATING 1..100 | 37 | 67 | |
PRICE GROWTH RATING 1..100 | 35 | 35 | |
P/E GROWTH RATING 1..100 | 20 | 16 | |
SEASONALITY SCORE 1..100 | 50 | 75 |
Tickeron ratings are formulated such that a rating of 1 designates the most successful stocks in a given industry, while a rating of 100 points to the least successful stocks for that industry.
NAT's Valuation (5) in the Marine Shipping industry is in the same range as INSW (17). This means that NAT’s stock grew similarly to INSW’s over the last 12 months.
INSW's Profit vs Risk Rating (8) in the Marine Shipping industry is in the same range as NAT (12). This means that INSW’s stock grew similarly to NAT’s over the last 12 months.
INSW's SMR Rating (37) in the Marine Shipping industry is in the same range as NAT (67). This means that INSW’s stock grew similarly to NAT’s over the last 12 months.
INSW's Price Growth Rating (35) in the Marine Shipping industry is in the same range as NAT (35). This means that INSW’s stock grew similarly to NAT’s over the last 12 months.
NAT's P/E Growth Rating (16) in the Marine Shipping industry is in the same range as INSW (20). This means that NAT’s stock grew similarly to INSW’s over the last 12 months.
| INSW | NAT | |
|---|---|---|
| RSI ODDS (%) | 7 days ago 59% | 5 days ago 78% |
| Stochastic ODDS (%) | 3 days ago 58% | 3 days ago 73% |
| Momentum ODDS (%) | 3 days ago 84% | 3 days ago 79% |
| MACD ODDS (%) | 3 days ago 73% | 3 days ago 80% |
| TrendWeek ODDS (%) | 3 days ago 79% | 3 days ago 75% |
| TrendMonth ODDS (%) | 3 days ago 80% | 3 days ago 76% |
| Advances ODDS (%) | 3 days ago 77% | 4 days ago 77% |
| Declines ODDS (%) | 17 days ago 69% | N/A |
| BollingerBands ODDS (%) | N/A | N/A |
| Aroon ODDS (%) | 3 days ago 72% | 3 days ago 70% |
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INSW and
Correlation & Price change
A.I.dvisor indicates that over the last year, INSW has been closely correlated with TNK. These tickers have moved in lockstep 88% of the time. This A.I.-generated data suggests there is a high statistical probability that if INSW jumps, then TNK could also see price increases.
| Ticker / NAME | Correlation To INSW | 1D Price Change % | ||
|---|---|---|---|---|
| INSW | 100% | +1.02% | ||
| TNK - INSW | 88% Closely correlated | +2.60% | ||
| TK - INSW | 83% Closely correlated | +3.10% | ||
| DHT - INSW | 81% Closely correlated | +0.11% | ||
| FRO - INSW | 81% Closely correlated | +0.69% | ||
| TEN - INSW | 81% Closely correlated | +1.08% | ||
More | ||||
NAT and
Correlation & Price change
A.I.dvisor indicates that over the last year, NAT has been closely correlated with FRO. These tickers have moved in lockstep 75% of the time. This A.I.-generated data suggests there is a high statistical probability that if NAT jumps, then FRO could also see price increases.