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]

International Seaways, Inc. (NYSE:INSW) Q1 2022 Earnings Conference Call May 4, 2022 8:30 AM ET Company Participants James Small - General Counsel Lois Zabrocky - President and Chief Executive Officer Jeff Pribor - Chief Financial Officer Conference Call Participants Magnus Fyhr - H.C. Wainwright Ben Nolan - Stifel Chris Robertson - Jefferies Liam Burke - B. Riley Greg Lewis - BTIG Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps wit ...