VLCC $14,300 $12,300 $16,400 $24,400 $64,600 Aframax $11,500 $13,200 $34,100 $38,300 $62,000 For the three months ended TCE Revenues(1) Disclaimer Included in this presentation are certain non‐GAAP financial measures, including Time Charter Equivalent ("TCE") revenue, EBITDA, Adjusted EBITDA, and total leverage ratios, designed to complement the financial information presented in accordance with generally accepted accounting principles in the United States of America because management believes such measure ...

Financial Performance - Shipping revenues for 2022 reached $864.7 million, with TCE revenues at $853.7 million, marking a significant increase from previous years[56] - Income from vessel operations improved by $554.8 million to $442.7 million in 2022, compared to a loss of $112.1 million in 2021[56] - Adjusted EBITDA for 2022 was $549.1 million, a substantial increase from $40.4 million in 2021[56] - The company raised $748.1 million from debt issuance and sales, with $99.2 million generated from vessel sales and $140.1 million from the sale of a joint venture interest[57] - Capital investments totaled $160.0 million for vessel purchases and improvements, while $69.8 million was returned to shareholders through dividends[57] Fleet and Operations - The fleet consisted of 74 vessels, with 58 owned and 16 chartered in, including 12 under sale and leaseback arrangements[76] - As of December 31, 2022, the total operating and newbuild fleet consists of 77 vessels with a total deadweight tonnage (DWT) of 9,039,301[77] - The crude tankers segment includes 27 vessels with a total DWT of 5,526,300, while the product carriers segment comprises 47 vessels with a total DWT of 2,613,001[77] - The company operates a diverse fleet that allows flexibility in responding to market opportunities, moving between trades and geographical areas[78] - INSW's vessels operate in various parts of the world, including to or from U.S. ports, but does not engage in transportation that gives rise to 100% U.S. source income[177] Market Dynamics - In 2022, voyage charters accounted for 96% of the company's aggregate Time Charter Equivalent (TCE) revenues, up from 81% in 2021, due to higher average daily spot market rates[84] - Time charters represented only 4% of TCE revenues in 2022, a significant decrease from 19% in 2021, indicating a shift towards spot market reliance[87] - The highly cyclical nature of the industry may lead to volatile changes in charter rates and vessel values, adversely affecting the Company's earnings and available cash[183] - The shipping industry remains highly competitive, with the company competing against independent shipowners, integrated oil companies, and state-owned entities[101] Compliance and Regulations - The company is required to maintain operating standards emphasizing safety, quality, and environmental stewardship, which may incur substantial costs due to changing regulations[105] - The International Maritime Organization (IMO) aims to reduce greenhouse gas emissions from international shipping by 50% by 2050 compared to 2008 levels[108] - The IMO has committed to implementing short-term measures by 2023 to reduce carbon dioxide emissions from international shipping by 40% by 2030[109] - The company is subject to the International Convention for the Control and Management of Ships' Ballast Water and Sediments, aimed at protecting marine environments[123] - Compliance with the BWM Convention and other regulations may materially impact INSW's operations and financial results[125] Risk Factors - The company faces risks from piracy, which could increase insurance premiums and operational costs if regions are classified as "war risk" zones[210] - Political instability and international hostilities could adversely affect the tanker industry, impacting INSW's charter rates and operational costs[213] - The COVID-19 pandemic has significantly affected global demand for crude oil and petroleum products, impacting INSW's business operations[216] - Disruptions due to public health threats, such as COVID-19, may lead to operational challenges and increased costs for INSW[215] - The company may encounter difficulties in enforcing contractual obligations in non-U.S. jurisdictions, affecting revenue collection[205] Financial Obligations and Debt - As of December 31, 2022, International Seaways, Inc. (INSW) had approximately $1,065.3 million of outstanding indebtedness, which includes finance lease obligations[222] - The company successfully refinanced approximately $575 million of existing indebtedness in 2022, but future financing may not be available on acceptable terms[203] - INSW's substantial indebtedness may limit its ability to capitalize on business opportunities and react to competitive pressures[226] - A decrease in vessel values or failure to meet collateral maintenance requirements could lead to breaches of covenants in existing credit facilities[229] Environmental and Safety Standards - The company is committed to safety and environmental standards, utilizing robust Safety Management Systems (SMS) certified by the International Safety Management Code[95] - The company’s vessels undergo regular safety inspections and audits by third-party managers and various governmental entities[104] - The company recognizes the importance of seafarers and has implemented health protocols and collaboration efforts to facilitate crew changes during the COVID-19 pandemic[106] - The company carries P&I insurance coverage for pollution of $1.0 billion per occurrence on every vessel in its fleet[167] Strategic Initiatives - The company has agreements with five different third-party managers for technical management, which will be streamlined to two by Q2 2023[93] - INSW's participation in commercial pools is intended to enhance financial performance, with nine of its 10 VLCCs participating in the TI pool as of December 31, 2022[242] - The company intends to finance acquisitions through available cash from operations, debt, or equity issuance, which may increase leverage ratios or dilute existing shareholders[246] - The success of acquisitions depends on effective integration into current operations, which involves risks such as realizing anticipated synergies and retaining personnel[247]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-37836-1 INTERNATIONAL SEAWAYS, INC. (Exact name of registrant as specified in its charter) | Marshall Islands | 98-0467117 | ...

International Seaways, Inc. Third Quarter 2022 Earnings Presentation November 8, 2022 LISTED NYSE Disclaimer Forward-Looking Statements During the course of this presentation, the Company (International Seaways, Inc. (INSW)) may make forward-looking statements or provide forward-looking information. All statements other than statements of historical facts should be considered forward-looking statements. Some of these statements include words such as ''outlook,'' ''believe,'' ''expect,'' ''potential,'' ''con ...

International Seaways, Inc. (NYSE:INSW) Q3 2022 Earnings Conference Call November 8, 2022 9:00 AM ET Company Participants James Small - Senior Vice President, Chief Administrative Officer, Secretary and General Counsel Lois Zabrocky - President and Chief Executive Officer Jeffrey Pribor - Senior Vice President and Chief Financial Officer Conference Call Participants Chris Robertson - Deutsche Bank Omar Nokta - Jefferies Gregory Lewis - BTIG Liam Burke - B. Riley Operator Ladies and gentlemen, good morning. ...

International Seaways, Inc. Second Quarter 2022 Earnings Presentation August 9, 2022 LISTED NYSE Disclaimer Forward-Looking Statements During the course of this presentation, the Company (International Seaways, Inc. (INSW)) may make forward-looking statements or provide forward-looking information. All statements other than statements of historical facts should be considered forward-looking statements. Some of these statements include words such as ''outlook,'' ''believe,'' ''expect,'' ''potential,'' ''cont ...

International Seaways, Inc. (NYSE:INSW) Q2 2022 Earnings Conference Call August 9, 2022 9:00 AM ET Company Participants James Small - Senior Vice President, Chief Administrative Officer, Secretary and General Counsel Lois Zabrocky - President and Chief Executive Officer Jeffrey Pribor - Senior Vice President and Chief Financial Officer William Nugent - Senior Vice President and Head Of Ship Operations Conference Call Participants Omar Nokta - Jefferies Ben Nolan - Stifel Liam Burke - B. Riley Gregory Lewis ...

Fleet and Operations - As of June 30, 2022, the company's operating fleet consisted of 75 vessels aggregating 8.2 million deadweight tons (dwt) with three dual-fuel LNG-powered VLCC newbuilds scheduled for delivery in Q1 2023, bringing the total to 78 vessels[129]. - The tanker fleet over 10,000 dwt increased by 4.8 million dwt in Q2 2022, with VLCCs growing by 3.4 million dwt[139]. - The total tanker orderbook decreased by 20.0 million dwt year-over-year, with all sectors seeing declines[140]. - The company is focused on optimizing its vessel employment strategy to achieve the best mix of spot and long-term charters to enhance revenue generation[130]. Revenue and Financial Performance - For the three and six months ended June 30, 2022, the company derived 32% and 34% of TCE revenues from the Crude Tankers segment, compared to 70% and 75% for the same periods in 2021[128]. - Approximately 96% and 95% of total TCE revenues were derived from the spot market for the three and six months ended June 30, 2022, compared to 75% and 72% for the same periods in 2021[130]. - TCE revenues in Q2 2022 rose by $140.8 million, or 315%, to $185.5 million from $44.7 million in Q2 2021, driven by higher average daily rates across the fleet[147]. - For the first half of 2022, TCE revenues for the Crude Tankers segment increased by $28.9 million, or 43%, to $95.9 million from $67.0 million in the first half of 2021[162]. - TCE revenues for the Product Carriers segment in Q2 2022 were $126.1 million, up from $13.6 million in Q2 2021[165]. - Adjusted income from vessel operations for the Product Carriers segment in Q2 2022 was $75.5 million, compared to $975,000 in Q2 2021[165]. - EBITDA for Q2 2022 was $108.9 million, compared to $5.3 million in Q2 2021, reflecting significant operational improvements[184]. - Adjusted EBITDA for the first half of 2022 was $137.7 million, up from $20.5 million in the same period of 2021[184]. Expenses and Costs - Vessel expenses in Q2 2022 rose by $3.5 million to $24.6 million from $21.1 million in Q2 2021, driven by the vessels acquired in the Merger[158]. - Vessel expenses for the first half of 2022 increased by $6.9 million to $47.8 million from $40.9 million in the first half of 2021[163]. - Vessel expenses rose by $28.2 million to $35.0 million in Q2 2022 from $6.8 million in Q2 2021, primarily due to fleet additions from the Merger[172]. - General and administrative expenses increased by $4.0 million to $10.8 million in Q2 2022 from $6.8 million in Q2 2021, driven by increased staffing and legal costs[175]. Market and Economic Conditions - Global oil consumption for Q2 2022 was estimated at 97.8 million barrels per day (b/d), up 1.7% from Q2 2021, with a forecast of 99.2 million b/d for 2022[134]. - OPEC crude oil production averaged 28.6 million b/d in Q2 2022, an increase of 3.1 million b/d from Q2 2021[135]. - U.S. crude oil production in Q2 2022 increased by 2.3% to 11.6 million b/d compared to Q1 2022 and by 3.5% from Q2 2021[135]. - The company anticipates that the ongoing pandemic and geopolitical tensions, particularly the war in Ukraine, will continue to impact its business operations and financial results[144]. Debt and Liquidity - Total debt outstanding as of June 30, 2022, was $1,073.7 million, with a net debt to total capitalization ratio of 40.7%, down from 46.2% at December 31, 2021[192]. - Total liquidity on a consolidated basis was $451.7 million, consisting of $231.7 million in cash and $220.0 million of undrawn revolver capacity[191]. - The Company executed liquidity-enhancing initiatives that diversified financing sources and spread debt maturities between 2025 and 2031, positioning it to navigate weaker rate periods[210]. - The Company has commitments for the purchase and installation of ballast water treatment systems on 14 vessels, along with the construction of three dual-fuel LNG-powered VLCCs[218]. Shareholder Returns - The company declared a regular quarterly cash dividend of $0.12 per share on June 7, 2022, totaling $6.0 million, following a previous dividend of $0.06 per share[195]. - The company authorized an increase in the share repurchase program to $60.0 million from $33.3 million in August 2022[205]. Interest Rate Management - The Company utilizes interest rate swaps to manage interest rate risk exposure associated with changes in SOFR interest rate payments on its credit facilities[215]. - The effective three-month LIBOR rate as of June 30, 2022, was 2.25% for the Macquarie Credit Facility and 1.40% for the ING Credit Facility[218].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-37836-1 INTERNATIONAL SEAWAYS, INC. (Exact name of registrant as specified in its charter) | Marshall Islands | 98-0467117 | | - ...

Financial Performance - International Seaways Inc reported a net loss of $13 million, or $026 per share in Q1 2022[9] - Adjusted EBITDA was $26 million for Q1 2022[9] - The company returned nearly $100 million to shareholders in share repurchases and dividends in the last 2 years[30] Liquidity and Balance Sheet - Available liquidity was approximately $166 million as of March 2022, including $90 million available in revolver capacity[6] - Net loan to value was 45% as of March 2022[6] - 38% of debt is fixed or hedged[24] Fleet Optimization - The company recycled two Panamax vessels in April 2022, generating net proceeds of $16 million[7] - Agreed to sell all four remaining Handysize product carriers built in 2006, expecting net proceeds of approximately $24 million in aggregate[8] - Agreed to sell one 2008-built MR, generating net proceeds of approximately $10 million[8] Market Outlook - Oil demand for 2022 is estimated to grow by around 3 million barrels per day to about 100 million barrels per day[10] - Tanker fleet size has grown 34% since the start of the pandemic[12] - Orderbook is at its lowest ever relative to the size of the fleet at 7%[12]