

International Seaways (INSW) reported earnings 30 days ago. What's next for the stock?

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Shares of shipping companies have surged to their highest levels in a decade or more, as a prolonged crisis in the Strait of Hormuz squeezes the global supply of vessels. The rally is being driven by disruption, as freight rates and stock prices soar.

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BlackRock Inc. acquired a new stake in International Seaways Inc. (NYSE: INSW) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 6,595,548 shares of the transportation company's stock, valued at approximately $505,153,000. BlackRock Inc. owned about 13.32% of International

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INSW's Q2 earnings and revenues beat estimates as stronger tanker rates drive record net income, EBITDA and free cash flow.