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 ...

[Available Information](index=3&type=section&id=Available%20Information) The company provides SEC filings and corporate governance documents free on its website and the SEC's website - The Company makes its SEC filings (10-K, 10-Q, 8-K) and amendments available free of charge on its website (www.intlseas.com) as soon as practicable after electronic filing[10](index=10&type=chunk) - The SEC also maintains a website (https://www.sec.gov) where the public can access the Company's reports[11](index=11&type=chunk) - Corporate governance guidelines, Code of Business Conduct and Ethics, insider trading policy, anti-bribery and corruption policy, and committee charters are available on the Company's website[12](index=12&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements subject to risks and uncertainties, cautioning investors against undue reliance - The report contains forward-looking statements, identified by words like 'may', 'will', 'expects', 'estimates', and 'plans', which represent the Company's reasonable expectations for future events[13](index=13&type=chunk) - These statements are subject to various **risks**, **uncertainties**, and assumptions that could cause actual results to **differ materially** from those indicated[13](index=13&type=chunk) - Key **risk factors** include the **cyclical nature** of the industry, **fluctuations** in vessel market value and charter rates, **increased** vessel supply, adverse weather, insurance adequacy, capital availability constraints, geopolitical conditions, fuel price changes, piracy, and the **impact** of the COVID-19 pandemic[14](index=14&type=chunk)[16](index=16&type=chunk) [Supplementary Financial Information](index=5&type=section&id=Supplementary%20Financial%20Information) The company uses non-GAAP measures (TCE, EBITDA, Adjusted EBITDA) to supplement GAAP, offering additional insights into performance and condition - The Company uses non-GAAP financial measures (TCE revenues, EBITDA, Adjusted EBITDA) to supplement GAAP reporting, believing they offer useful information for management and investors[18](index=18&type=chunk) - TCE revenues represent shipping revenues less voyage expenses, used to compare revenue from voyage charters to time charters[19](index=19&type=chunk) - EBITDA is net income/(loss) before interest, income taxes, depreciation, and amortization; Adjusted EBITDA further adjusts EBITDA for items not indicative of ongoing operating performance[19](index=19&type=chunk) [Glossary](index=5&type=section&id=Glossary) The glossary defines key shipping and financial terms used in the Annual Report, providing a reference for industry-specific terminology - The glossary defines various shipping terms such as Aframax, Bareboat charter, VLCC, Suezmax, Time Charter, Voyage Charter, and Time Charter Equivalent (TCE)[21](index=21&type=chunk)[22](index=22&type=chunk)[44](index=44&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) - It also includes definitions for operational and regulatory terms like Classification Societies, Commercial management, Drydocking, Emission Control Area, IMO, and MARPOL[23](index=23&type=chunk)[24](index=24&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk)[35](index=35&type=chunk)[39](index=39&type=chunk) - Financial and corporate terms such as Consolidated Net Debt to Book Capital, Consolidated Net Debt to Assets Value, Diamond S (referring to Diamond S Shipping Inc. post-merger), and LIBOR are also defined[26](index=26&type=chunk)[29](index=29&type=chunk)[36](index=36&type=chunk) PART I [Item 1. Business](index=9&type=section&id=Item%201.%20Business) International Seaways transports crude oil and petroleum products with an 83-vessel fleet, focusing on stockholder value, fleet management, and ESG initiatives [Our Business](index=9&type=section&id=Our%20Business) International Seaways owns and operates 83 vessels for crude oil and petroleum product transportation, including newbuilds, serving major oil companies - International Seaways, Inc. (INSW) owns and operates **83 International Flag vessels** (**9.3 million dwt**) for crude oil and petroleum product transportation, with two segments: Crude Tankers and Product Carriers[55](index=55&type=chunk) - The fleet includes VLCC, Suezmax, Aframax, Panamax crude tankers, and LR2, LR1, MR, and Handysize product carriers, plus two FSO service vessels through joint ventures[55](index=55&type=chunk) - Three dual-fuel LNG VLCC newbuilds are scheduled for delivery in **Q1 2023**, **increasing** the total fleet to **86 vessels**[55](index=55&type=chunk) - Customers include major independent and state-owned oil companies, oil traders, refinery operators, and international government entities, with vessels chartered at spot rates (via pools) or fixed daily rates (time/bareboat charters)[56](index=56&type=chunk) [2021 in Review](index=9&type=section&id=2021%20in%20Review) In 2021, income from vessel operations decreased significantly due to lower rates and merger costs, despite a transformative merger and strategic fleet actions 2021 Financial Performance Highlights | Metric | 2021 (Millions USD) | 2020 (Millions USD) | Change (Millions USD) | | :----------------------- | :------------------ | :------------------ | :-------------------- | | Shipping Revenues | 272.5 | 421.6 | (149.1) | | TCE Revenues | 255.8 | 402.0 | (146.2) | | Income from Vessel Ops | (112.1) | 39.9 | (152.0) | | Adjusted EBITDA | 40.4 | 220.1 | (179.7) | - Completed a transformative stock-for-stock merger with Diamond S Shipping Inc. on July 16, 2021, adding **64 vessels** and creating one of the largest U.S.-listed diversified tanker companies. **Expected** to generate over **$25 million** in cost synergies by 2022[60](index=60&type=chunk)[61](index=61&type=chunk) - Returned capital to shareholders by paying **$40.9 million** in dividends (including a **$1.12/share special dividend**) and repurchasing **1,077,070 common shares** for **$16.7 million**[58](index=58&type=chunk)[63](index=63&type=chunk) - Entered agreements to construct three dual-fuel LNG VLCCs for **Q1 2023 delivery**, chartered for seven years with Shell, offering **significant efficiency improvements** and **22% lower CO2 emissions**[63](index=63&type=chunk) - Executed a post-Merger asset optimization program, selling **16 older tankers** for **$165.2 million** in net proceeds, used partly to repay **$73.5 million** in debt[63](index=63&type=chunk) - Diversified financing through new term loan facilities (Macquarie, ING) and lease financing arrangements (Ocean Yield, BoComm, Toshin, COSCO Shipping), generating **$195.3 million** in net proceeds after debt prepayments[63](index=63&type=chunk) [Our Strategy](index=11&type=section&id=Our%20Strategy) The strategy focuses on maximizing stockholder value and cash returns through market exposure, active fleet management, flexible financing, and ESG commitment - Primary objectives include maximizing stockholder value, generating **strong cash flows** through a blend of spot and period market exposure, **growing** the Crude Tankers Lightering business, maintaining cash flows from joint ventures, actively managing fleet size and composition, entering value-creating transactions, and **reducing environmental footprint**[64](index=64&type=chunk) - The Company deploys most of its fleet on a spot rate basis through commercial pools (TI, DAKOTA, PENFIELD, PI, CPTA, NPP) to benefit from market volatility, complemented by selective time charters for consistent cash flows[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) - Fleet management involves opportunistic accretive acquisitions (e.g., newbuild LNG VLCCs) and dispositions of older vessels to maintain a diverse, high-quality, and modern fleet with **enhanced return on invested capital**[68](index=68&type=chunk) - Committed to ESG practices, including establishing a Performance and Sustainability team, implementing data analytics for fuel consumption and emissions reduction, and incorporating sustainability-linked pricing mechanisms in credit facilities aligned with IMO's GHG reduction targets[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) Liquidity and Debt Ratios (as of December 31, 2021) | Metric | Amount (Millions USD) | | :-------------------------------- | :-------------------- | | Total Liquidity | 238.9 | | Cash (including restricted cash) | 98.9 | | Undrawn Revolver Capacity | 140.0 | | Consolidated Net Debt to Assets Value | 44.5% | | Consolidated Net Debt to Book Capital | 46.2% | [Fleet Operations](index=13&type=section&id=Fleet%20Operations) The company operates an 83-vessel fleet across crude and product segments, utilizing commercial pools and third-party technical management, with FSO joint ventures [Fleet Summary](index=13&type=section&id=Fleet%20Summary) The fleet comprises 83 operating vessels and 3 newbuilds, diversified across crude and product carriers, with some chartered-in vessels International Seaways Fleet Summary (as of December 31, 2021) | Vessel Fleet and Type | Number (Owned) | Number (Chartered-in) | Total Number | Total Dwt (Millions) | | :-------------------- | :------------- | :-------------------- | :----------- | :------------------- | | **Operating Fleet** | | | | | | Crude Tankers | 20 | 9 | 29 | 5.67 | | Product Carriers | 49 | 3 | 52 | 2.77 | | JV Vessels (FSO) | 2 | — | 2 | 0.86 |

International Seaways, Inc. Fourth Quarter 2021 Earnings Presentation March 2, 2022 NSW DEISED 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,'' ''c ...

Financial Data and Key Metrics Changes - In Q4 2021, the company reported a net loss of $29 million or $0.57 per share, excluding merger-related costs and gains on vessel sales, while the full-year net loss was $86 million or $2.24 per share [13][20] - Adjusted EBITDA for Q4 was $12 million, and for the full year, it was $40 million, reflecting a challenging rate environment [13][20] Business Line Data and Key Metrics Changes - The decrease in revenue and EBITDA for Q4 and the last 12 months was primarily due to lower average blended rates in both crude oil and product sectors [22] - The company booked 64% of available spot days for VLCCs at an average of approximately $12,400 per day, and 73% of available Panamax spot days at an average of approximately $22,800 per day for Q1 2022 [23][24] Market Data and Key Metrics Changes - Oil demand is projected to increase by over 3 million barrels per day to nearly 101 million barrels per day by the end of 2022, with oil production expected to reach all-time highs [15][16] - The global fleet has grown by 3.8% since the start of the pandemic, while the average age of the tanker fleet has increased to nearly 12 years [17][18] Company Strategy and Development Direction - The merger with Diamond S in 2021 nearly doubled the company's net asset value and tripled its fleet size, positioning it as the largest U.S. listed diversified tanker company [11][36] - The company aims to realize over $35 million in synergies in 2022 from the merger, focusing on optimizing its fleet and enhancing its capital structure [11][27] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about an improved tanker rate environment due to recovering oil demand and inventory levels at their lowest since 2014 [7][8] - The ongoing geopolitical situation, particularly the conflict in Ukraine, is creating volatility in energy markets, but the company is closely monitoring the situation and adapting its strategies accordingly [14][46] Other Important Information - The company returned $58 million to shareholders in 2021, including share repurchases and dividends, while maintaining a strong balance sheet [10][37] - The company has a total liquidity of approximately $340 million, positioning it well for long-term success [13][41] Q&A Session Summary Question: Current rates and cargoes in Russia/Ukraine - The company has not booked any fresh cargoes loading in Russian ports since the invasion, focusing on safety and legal compliance [46] Question: Implications of the Russia/Ukraine conflict on tanker trade - Management noted that demand for Western-based barrels is spiking, and trading patterns are changing, which could strain oil supply but also incentivize increased production from non-OPEC sources [53] Question: Incremental liquidity plans - Returning capital to shareholders remains a priority, with ongoing discussions about fleet optimization and potential vessel sales [54] Question: Performance of various asset classes - The Panamax sector has seen increased earnings due to strong performance in the Caribbean, differentiating it from larger vessels under pressure [61] Question: Liquidity and debt refinancing - The company has fully funded its newbuilding payments and is satisfied with its current liquidity position, while remaining open to optimizing its balance sheet [64] Question: Recycling practices and environmental standards - The company emphasizes compliance with environmental standards in vessel recycling, which incurs a cost differential but is deemed worthwhile for safety and regulatory adherence [78]

International Seaways, Inc. (NYSE:INSW) Q3 2021 Earnings Conference Call November 9, 2021 9:00 AM ET Company Participants James Small - General Counsel Lois Zabrocky - President & Chief Executive Officer. Jeff Pribor - Chief Financial Officer Conference Call Participants Randy Giveans - Jefferies Omar Nokta - Clarksons Securities Magnus Fyhr - H.C. Wainwright Liam Burke - B. Riley Financial Operator Welcome everyone to the International Seaways Third Quarter 2021 Earnings Conference Call. My name is Victor ...

International Seaways, Inc. Third Quarter 2021 Earnings Presentation November 9, 2021 INSTED 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 ...

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, 2021 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 Is ...

International Seaways, Inc. (NYSE:INSW) Q2 2021 Earnings Conference Call August 9, 2021 9:00 AM ET Company Participants James Small - General Counsel Lois Zabrocky - President and CEO Jeff Pribor - Chief Financial Officer Conference Call Participants Omar Nokta - Clarksons Randy Giveans - Jefferies Ben Nolan - Stifel Magnus Fyhr - H.C. Wainwright Greg Lewis - BTIG Operator Good morning. And welcome to the International Seaways Second Quarter 2021 Earnings Conference Call. Participants will be in a listen-on ...