Ian Blackley
About Ian T. Blackley
Independent Chairman of the Board at International Seaways (INSW); Chairman since November 22, 2024; director since July 2013; age 70. Former President & CEO of OSG (INSW’s former parent) and prior CFO/COO; master mariner with a diploma in Nautical Science (Glasgow College of Nautical Studies) and a Class I Master Mariner license, with a seagoing career beginning in 1971 and captaincy from 1987–1991 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Overseas Shipholding Group (OSG) | President & CEO | Jan 2015 – Dec 2016 | Led former parent; deep industry/operator experience |
| International Seaways (INSW) | SVP & CFO | Sep 2014 – Nov 2016 | Finance leadership at INSW pre/post spin context |
| OSG | EVP & COO | Dec 2014 – Jan 2015 | Operations leadership |
| OSG | SVP | May 2009 – Dec 2014 | Senior leadership |
| OSG | Head, International Shipping | Jan 2009 – Apr 2013 | International fleet leadership |
| Various (seagoing) | Captain (Master) | 1987 – 1991 | Master Mariner credential; operational credibility |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Gard P. & I. (Bermuda) Ltd. | Director (past) | Prior service | Marine insurance governance experience |
| OSG (incl. INSW as subsidiary pre-spin) | Director (past) | Prior service | Former parent oversight |
| Other current public boards | — | — | None disclosed |
Board Governance
- Role and independence: Non-executive Chairman; the Board separates CEO/Chair roles. Blackley is independent under NYSE/SEC rules; non-management directors meet in executive session at each regular meeting chaired by the non-executive Chair .
- Committees and chair roles (2024-2025): Chair, Sustainability & Safety Committee (established December 9, 2024); previously served on Audit and Governance until becoming Chair on November 22, 2024. The Board designated him (while a member) as an Audit Committee financial expert .
- Attendance: Board held 9 meetings in 2024; each director attended ≥75% of Board and committee meetings of which they were a member. All current directors attended the 2024 annual meeting .
- Board composition/independence context: 7 of 9 nominees are independent; diversity disclosed (3 women; one underrepresented minority). Kristian Johansen’s nomination included a conditional resignation letter tied to Seatankers’ status—relevant for conflict controls but not linked to Blackley .
Fixed Compensation (Director)
| Component | 2024 Amount/Terms | Notes |
|---|---|---|
| Cash fees earned (Blackley) | $111,002 | Includes pro-rated Chair retainer for 2024 and any committee/membership retainers |
| Pro-rated Chair retainer | $9,752 for 2024 service as Chair (paid Q1’25) | Became Chair Nov 22, 2024 |
| Standard annual retainers | Chair: $172,000; Non-employee director: $80,000; Committee Chairs: Audit $25,000; Comp/Gov $20,000; Committee members: $10,000 | |
| Sustainability & Safety (new Dec 18, 2024) | Chair pro-rated $1,250; members pro-rated $625 (paid Q1’25) |
Performance Compensation (Director)
| Equity Grants (2024) | Shares/Value | Vesting | Notes |
|---|---|---|---|
| Annual director grant (non-Chair) | 2,011 shares; $115,000 FMV at grant to each non-employee director on Jun 13, 2024 | Vest on earlier of Jun 13, 2025 or 2025 AGM; service condition | Applies to “each other non-employee director”; Blackley also received |
| Additional Chair grant (Blackley) | 1,620 shares added on Dec 18, 2024; total FMV for 2024 equity = $169,045 | Same vesting as above; service condition | Granted upon appointment as Chair |
| Equity mix & form | Restricted stock (time-based); no performance-conditioned director awards disclosed | — | — |
Other Directorships & Interlocks
| Company | Current Role | Committee Roles | Interlock/Conflict Note |
|---|---|---|---|
| None disclosed | — | — | No current public company directorships |
Expertise & Qualifications
- Designated “audit committee financial expert” while on Audit Committee; deep finance/operations experience across CFO/COO/CEO roles in shipping .
- Master Mariner (Class I) with Nautical Science diploma; extensive operational grounding enhances safety and sustainability oversight as S&S Committee Chair .
Equity Ownership
| Metric | Value |
|---|---|
| Total beneficial ownership | 18,356 shares; <0.1% of outstanding |
| Unvested restricted shares included | 3,631 shares vesting June 10, 2025 |
| Shares outstanding reference | 49,338,204 (Apr 16, 2025) |
| Ownership guidelines | Directors must hold ≥3× annual cash retainer within 5 years; all non-employee directors in compliance at 12/31/2024 |
| Hedging/pledging | Prohibited by policy (anti-hedging and anti-pledging) |
Governance Assessment
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Strengths
- Independent non-executive Chair with audit financial expert designation and deep shipping operating/finance background; now chairs the Board’s Sustainability & Safety Committee, aligning oversight with industry safety/decarbonization imperatives .
- Clear director pay structure with meaningful equity; Blackley’s 2024 mix skewed to equity ($169,045 equity vs. $111,002 cash), aligning interests with shareholders; ownership guidelines met at Board level; anti-hedging/pledging policy in place .
- No related-party transactions in 2024 through the proxy date; Board runs executive sessions each regular meeting led by the Chair, supporting independent oversight and candid deliberations .
-
Watch items / context
- Board composition includes one director nominated via discussions with Seatankers (Famatown affiliate) with a conditional resignation mechanism—a constructive safeguard, but concentration of a large shareholder (16.8%) underscores the importance of rigorous independence practices from the Chair and committees .
- Former OSG leadership history is relevant but no current related-party exposure disclosed; maintain vigilance on any legacy relationships .
-
Shareholder sentiment signal
- Say-on-pay support in 2024 exceeded 95.8%, suggesting overall investor confidence in compensation governance under the Board’s oversight .
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RED FLAGS
- None disclosed for Blackley: no attendance shortfalls (≥75% standard met across directors), no pledging/hedging, no related-party transactions, and no Section 16 reporting issues attributed to him .