International Seaways, Inc. (NYSE:INSW) Q2 2023 Earnings Conference Call August 9, 2023 9:00 AM ET Company Participants James Small - General Counsel Lois Zabrocky - President and CEO Jeff Pribor - CFO Derek Solon - Chief Commercial Officer Conference Call Participants Chris Robertson - Deutsche Bank Omar Nokta - Jefferies Liam Burke - B. Riley Ben Nolan - Stifel Operator Hello, everyone and welcome to International Seaways Second Quarter 2023 Results Call and thank you for standing by. My name is Daisy an ...

INTERNATIONAL SEAWAYS, INC. ☐ 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 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Exact name of registrant as specified in its charter) | Marshall Islands | 98-0467117 | | -- ...

International Seaways, Inc. (NYSE:INSW) Q1 2023 Results Conference Call May 5, 2023 9:00 AM ET Company Participants James Small - General Counsel Lois Zabrocky - President and Chief Executive Officer Jeff Pribor - CFO Conference Call Participants Greg Lewis - BTIG Ben Nolan - Stifel Omar Nokta - Jefferies Chris Robertson - Deutsche Bank Liam Burke - B. Riley Operator Good morning, and thank you all for standing by. I would like to welcome you all to International Seaways First Quarter 2023 Earnings Conferen ...

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 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 | | (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | | 600 Third Ave ...

International Seaways, Inc. (NYSE:INSW) Q4 2022 Earnings Conference Call February 28, 2023 10:00 AM ET Company Participants James Small – General Counsel Lois Zabrocky – President and Chief Executive Officer Jeff Pribor – Chief Financial Officer Bill Nugent – Senior Vice President and Head-Ship Operations Conference Call Participants Chris Robertson – Deutsche Bank Omar Nokta – Jefferies Ben Nolan – Stifel Greg Lewis – BTIG Liam Burke – B. Riley Operator Ladies and gentlemen, welcome to the International Se ...

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. ...