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International Seaways, Inc. (NYSE:INSW), a prominent player in the water transportation industry with a market capitalization of $1.69 billion and strong financial health according to InvestingPro metrics, has announced adjustments to the compensation of several top executives, as per a recent SEC Form 8-K filing. The company has demonstrated robust profitability with an impressive return on equity of 23% over the last twelve months. The changes, effective retroactively from January 1, 2025, were approved by the Human Resources and Compensation Committee of the company’s Board of Directors on March 12, 2025.
Jeffrey Pribor, the Senior Vice President and Chief Financial Officer, will receive an increased annual base salary of $625,000 alongside an elevated target annual bonus percentage of 110%. James D. Small, the Senior Vice President, Chief Administrative Officer, Secretary and General Counsel, will see his base salary rise to $565,000. Additionally, Adewale Oshodi, the Vice President and Controller, will have his annual base salary set at $321,740.
The company also disclosed revisions to the annual equity target opportunities for several officers. Lois Zabrocky, the President and CEO, will have her annual equity target opportunity increased to 375% of her base salary. The equity target for Mr. Small is set at 130% of his salary, while Derek Solon and William Nugent, both Senior Vice Presidents, will have their targets adjusted to 150% of their respective salaries. Mr. Oshodi’s equity target opportunity is now at 75% of his base salary. Future equity grants, if any, will be determined by the Committee or the Board in accordance with the company’s equity plans.
The filing indicates that other than these adjustments, the material terms of employment for the mentioned executives remain unchanged. The full details of the amendments to the employment agreements for Mr. Pribor, Mr. Small, and Mr. Oshodi are included as exhibits in the SEC filing. According to InvestingPro analysis, the company maintains strong liquidity with a current ratio of 2.87, while offering shareholders a substantial dividend yield of 14.9%.
These compensation changes come as International Seaways continues to navigate the water transportation sector, with its headquarters situated at 600 Third Avenue, 39th Floor, New York, New York. Trading at a P/E ratio of 4.07, InvestingPro analysis suggests the stock is currently undervalued, with additional insights available in the comprehensive Pro Research Report, which provides deep-dive analysis of this and 1,400+ other US equities. The company’s stock is listed on the New York Stock Exchange under the ticker INSW. The information provided is based on a press release statement.
In other recent news, International Seaways has made headlines with several significant developments. The company reported satisfactory quarterly results, although they did not match the higher performance levels of previous years. Stifel analysts have adjusted their price target for International Seaways to $38 from $42, maintaining a Hold rating due to their outlook on the tanker market. Despite the company’s strategic advancements in fleet optimization, analysts believe the stock may not see significant price movement without clear market improvements.
Additionally, International Seaways announced the termination of its Retiree Health and Welfare Plan. This decision, made by the Board of Directors, aims to distribute all deferred amounts to participants and is expected to comply with relevant Treasury regulations. The termination reflects ongoing adjustments to the company’s compensatory arrangements for certain officers.
In a broader industry context, US-based shipping companies, including International Seaways, experienced a surge in stock prices following the US government’s decision to blacklist China’s Cosco Shipping Holdings Co. This move is part of a broader strategy to address concerns over China’s influence in the maritime sector. The blacklist has increased scrutiny on marine transport and shipbuilding sectors, leading to a positive market reaction for American shipping firms.
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