| In the high-stakes world of global energy transportation, International Seaways (NYSE: INSW) stands out as a quiet giant. With a fleet of 83 tankers moving crude oil and petroleum products across the world's oceans, it plays a crucial role in keeping global energy markets flowing smoothly. Yet despite its strategic importance, the stock has taken a severe beating lately, having tumbled from $65 to about $43 in just the past few months. Given that sharp decline, it's fair to wonder whether Wall Street has been too quick to throw the baby out with the bathwater. The company's enterprise value-to-net asset value (EV/NAV) ratio sits at just 1.47. That means you'd have to pay $1.47 for every dollar of the company's assets, which is a remarkable 76% discount relative to the average company. But cheap assets alone don't make a stock a bargain. What really matters is how efficiently the company converts those assets into cash. On this front, International Seaways shines. The company has generated positive free cash flow in three of the past four quarters, with its free cash flow averaging 5.59% of its net assets during that span. That's about 36% higher than the 4.12% average among similar companies. International Seaways' recent results reinforce its financial strength. The company's tankers continued to generate solid numbers in the third quarter despite lower market rates. Revenue reached $225 million, while adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) hit $130 million. International Seaways' largest supertankers earned $29,700 per day, and its medium-sized tankers brought in $29,000 per day. While those per-day rates were down from the exceptional levels they reached earlier in 2024, they remained well above the company's break-even cost of $13,400 per day. This helped International Seaways generate strong operating cash flow of $129 million for the quarter. Management appears to be confident in the company's performance, as they returned nearly $100 million to shareholders through dividends and share buybacks during the third quarter. The future looks bright too. Global oil demand continues to grow at a faster-than-usual rate, while the aging global tanker fleet means limited new supply. In fact, shipping companies have only ordered enough new tankers to grow the global fleet by 13% over the next four years. That's a tiny number of new ships entering the market. When there aren't many new ships available but oil still needs to move around the world, companies that own existing tankers - like International Seaways - can charge higher prices for their services. Meanwhile, the company boasts a fortress-like balance sheet with nearly $700 million in total liquidity. This gives management plenty of dry powder to weather any storms while pursuing growth opportunities. So... what does all of this tell us about International Seaways' current valuation? | 
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