Third Quarter Presentation Nov 2025 Forward Looking Statements MATTERS DISCUSSED IN THIS DOCUMENT MAY CONSTITUTE FORWARD-LOOKING STATEMENTS. THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES SAFE HARBOR PROTECTIONS FOR FORWARD-LOOKING STATEMENTS IN ORDER TO ENCOURAGE COMPANIES TO PROVIDE PROSPECTIVE INFORMATION ABOUT THEIR BUSINESS. FORWARD-LOOKING STATEMENTS INCLUDE STATEMENTS CONCERNING PLANS, OBJECTIVES, GOALS, STRATEGIES, FUTURE EVENTS OR PERFORMANCE, AND UNDERLYING ASSUMPTIONS AND OTHER STA ...

Financial Data and Key Metrics Changes - For the nine months of 2025, the company generated $577 million in gross revenues and an operating income of $171 million, which included $12.5 million of capital gains from the sale of four older vessels [23][28] - The net income for the first nine months of 2025 was $103 million, translating to $2.75 in earnings per share [28] - The adjusted EBITDA for the nine months was approximately $290 million, with cash at hand at the end of September 2025 standing at $264 million [28] Business Line Data and Key Metrics Changes - The fleet utilization increased from 92.2% to 96.2% during the nine months of 2025 [24] - The fleet time charter equivalent rate for the first nine months of 2025 settled at $30,703 [24] - In the third quarter of 2025, the fleet generated $186 million of gross revenues and $60.5 million in operating income, including $9 million of capital gains from the sale of three older vessels [29] Market Data and Key Metrics Changes - The company reported a significant increase in demand for vessels, with a 20% increase in profit-sharing arrangements compared to previous periods [37] - The tanker market has remained healthy, with energy majors approaching the company for time charter business [12] Company Strategy and Development Direction - The company is focusing on a record 20 vessel new building program with deliveries starting in Q1 2026 until Q4 2028, which includes three VLCCs [6][7] - The strategy includes selling older tonnage to maintain a young and modern fleet, having sold 17 vessels with an average age of 17.3 years [19] - The company aims to transition its fleet to greener and dual-fuel vessels, being one of the largest owners of dual-fuel LNG powered Aframax tankers [20] Management's Comments on Operating Environment and Future Outlook - Management noted that the market has improved significantly, with spot market rates being over 50% higher than in September [9] - The geopolitical environment has created nervousness in the market, which the company is positioned to take advantage of through its chartering strategy [35] - The company anticipates continued strong performance in the upcoming quarters due to high demand for its vessels [10] Other Important Information - The company declared an additional $1 per share dividend, to be paid in two tranches, reflecting a total dividend of $1.60 per share for the year, representing an attractive yield of over 4% [7] - The fair market value of the operating fleet is approximately $4 billion against $1.9 billion in debt, with a net debt to capital ratio around 47% [19] Q&A Session Summary Question: Clarification on the employment terms for the 12 VLCCs - Management indicated a significant increase in profit-sharing arrangements and a strong appetite for vessels in the market [37][38] Question: Plans for the Maria Energy vessel - The vessel is fixed back to a long-term contract with no downtime expected between contracts [39] Question: Expectations for MR new builds delivering in early 2026 - Management is contemplating long-term contracts for the new builds, with significant interest from major oil companies [40][41] Question: Asset sales and fleet renewal strategy - The company is negotiating the sale of five first-generation vessels, expecting to release close to $250 million of net cash for the new building program [47]

International Seaways Inc. Third Quarter 2025 Earnings Presentation November 6, 2025 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,'' ''continue,'' "gui ...

Financial Performance - Reported revenues for Q2 2025 were $480.1 million[8] - Net profit for Q2 2025 was $77.5 million, or $0.35 per basic and diluted share[10] - Adjusted profit for Q2 2025 was $80.4 million, or $0.36 per basic and diluted share[10] - Declared a cash dividend of $0.36 per share for Q2 2025[8] - Strong liquidity of $844 million in cash and cash equivalents as of June 30, 2025[16] Fleet and Operations - VLCC TCE was $43,100 with 82% contracted[8] - Suezmax TCE was $38,900 with 76% contracted[8] - LR2 / Aframax TCE was $29,300 with 73% contracted[8] - Fleet average cash breakeven rate is $25,900 for the next 12 months[19] - Q2 2025 fleet average opex excluding drydock was $8,100[19] Market Dynamics - Compliant tanker fleet utilization is improving due to compliant oil export growth[30]

Core Insights - Frontline plc reported a profit of $77.5 million, or $0.35 per share, for Q2 2025, with an adjusted profit of $80.4 million, or $0.36 per share [4] - The company declared a cash dividend of $0.36 per share for the second quarter of 2025 [4] - Revenues for Q2 2025 reached $480.1 million [4] Industry Overview - The second quarter of 2025 experienced volatility due to unrest in the Middle East impacting tanker trade and freight [2] - OPEC's strategy of reducing voluntary production cuts has led to only modest increases in exports [2] - Anticipated high domestic demand for oil as summer approaches is expected to increase market volume [2] - Sanctions from the US, G7, and EU, particularly against Russia, have caused inefficiencies in oil trade [2] Financial Performance - Average daily spot time charter equivalent (TCE) earnings for VLCCs, Suezmax tankers, and LR2/Aframax tankers in Q2 2025 were $43,100, $38,900, and $29,300 respectively [4] - Estimated average daily cash breakeven rates for VLCCs, Suezmax, and LR2/Aframax are $28,700, $22,900, and $22,900 respectively [3] - The company expects spot TCEs for Q3 2025 to be lower than currently contracted due to ballast days [3] Strategic Developments - Frontline entered into a senior secured term loan facility of up to $1,286.5 million in April 2025 to refinance outstanding debt on 24 VLCCs [4] - The company agreed to sell its oldest Suezmax tanker built in 2011 for a net sales price of $36.4 million, expected to generate net cash proceeds of approximately $23.7 million in Q3 2025 [4]

Financial Performance - International Seaways Inc reported a net income of $62 million, or $1.25 per share, and an adjusted net income of $50 million, or $1.02 per share for Q2 2025[10] - The company's Q2 2025 Adjusted EBITDA was $1015 million[30] - The company's Q2 2025 TCE revenues were $188822 million[62] Fleet Optimization and Capital Allocation - The company agreed to purchase a 2020-built scrubber-fitted VLCC for $119 million[12] - The company sold 6 older vessels with an average age of 175 years[12, 16] - The company has a share repurchase program of $50 million[12] - The company declared a dividend of $077 per share, representing a 75% payout ratio of Q2 2025 adjusted net income[17] Balance Sheet and Liquidity - The company has a total liquidity of $709 million[13] - The company's gross debt is $553 million, with the earliest maturity in 2030[13] - The company's net loan to value is 14% as of June 30, 2025[13]

Financial Data and Key Metrics Changes - Teekay Tankers reported GAAP net income of $62.6 million or $1.81 per share and adjusted net income of $48.7 million or $1.41 per share in Q2 2025 [4] - The company generated approximately $62.8 million in free cash flow from operations and ended the quarter with a cash and short-term investment position of $712 million and no debt [5] - The company declared a regular quarterly fixed dividend of $0.25 per share [7] Business Line Data and Key Metrics Changes - Teekay Tankers experienced counter-seasonally strong spot rates in Q2, outperforming the last two quarters and exceeding long-term averages [5][8] - The company sold or agreed to sell 11 vessels for total gross proceeds of $340 million and estimated book gains of approximately $100 million [6] Market Data and Key Metrics Changes - Global oil production is expected to sharply increase due to the unwinding of OPEC plus supply cuts and higher production from South America, with a full unwind of 2.2 million barrels per day expected by September 2025 [10] - The average age of the global tanker fleet is at a 25-year high of 14 years, with the order book stabilizing at approximately 15% of the global tanker fleet [12][13] Company Strategy and Development Direction - Teekay Tankers is focused on renewing its fleet by reducing exposure to older vessels and opportunistically selling older Suezmaxes while acquiring modern vessels [5][6] - The company aims to gradually change the pace of acquisitions, focusing on core segments of Aframaxes and Suezmaxes while considering larger newbuildings in the medium term [21][24] Management's Comments on Operating Environment and Future Outlook - Management believes there are potential tailwinds for the tanker markets towards the end of the year, despite uncertainties due to geopolitical factors [6][11] - The company expects to continue generating strong cash flows and taking incremental steps on fleet renewal while returning capital to shareholders [17][16] Other Important Information - The company noted that periods of oil inventory builds have historically been positive for tanker rates, which could provide support as they move into the seasonally stronger winter months [11] Q&A Session Summary Question: Can you expand on the comments regarding the purchasing of the latest ship and the sales? - Management indicated that selling older ships has been active, with 11 ships sold, and they plan to recycle capital from these sales to gradually add newer ships to the fleet [20][21] Question: How are you thinking about further capital deployment as you renew the fleet? - The priority is to find good purchase candidates within core segments of Aframaxes and Suezmaxes, with potential for larger newbuildings in the medium term [22][24] Question: Do you see the increase in oil production lifting rates mainly in Q4? - Management expects more oil volumes coming to market later in the year, with stronger rates anticipated in the latter part of the year due to increased export volumes and geopolitical complexities [26][28] Question: Other revenue stepped up materially; how should we think about the run rate going forward? - The increase in other revenues was attributed to a one-time restructuring charge funded by a customer, which is not expected to recur [29][30]

Q3 2019 Highlights - VLCC average spot rate in TI pool was $25,036, compared to $17,773 in Q3 2018[8] - VLCC average time charter rate was $32,790, compared to $31,374 in Q3 2018[8] - Suezmax average spot rate was $17,121, compared to $14,919 in Q3 2018[8] - Suezmax average time charter rate was $29,884, compared to $29,624 in Q3 2018[8] - Very strong start to Q4 with VLCC rates booked at $60,900 per day so far[11] - For Q4, Euronav has 90% of trading fleet exposed to spot market[11] - Outlook for Q4 shows VLCC 60% fixed at around $60,900 per day and Suezmax 48% fixed at around $27,300 per day[11] Financial Performance - Revenue for the third quarter of 2019 was $175,287 thousand[12] - Net loss for the period was $22,903 thousand[12] - Loss per share was $0.11[13] - Cash position was $183.7 million as of September 2019[14] - Leverage is at 44% marked to market[15] Market Outlook and Strategy - The company will pay quarterly dividends starting in 2020[11] - Active commercial consolidation with over 70 VLCCs on one platform from 2020[17] - IMO induced storage provides catalyst for freight rates[18] - Euronav is actively preparing for IMO 2020 by purchasing LSFO[26, 27]

Financial Performance Highlights - The company's revenue for Q1 2020 was $416.7 million, a significant increase compared to $232.6 million in Q1 2019[12] - Net income for Q1 2020 reached $225 million, substantially higher than the $19.5 million reported in Q1 2019[15, 12] - Fuel procurement project resulted in $17.5 million savings in Q1 2020, impacting VLCC rates by $5,000 per day[14] - Dividends totaling $1.08 per share will be paid in June[11] Fleet and Market Dynamics - Average spot rates for VLCCs in Q1 2020 were $72,750 per day, compared to $35,195 in Q1 2019[8] - Average spot rates for Suezmax vessels in Q1 2020 were $59,250 per day, versus $27,380 in Q1 2019[8] - For Q2, 71% of VLCC days were fixed at approximately $95,000 per day, and 57% of Suezmax days were fixed at around $65,400 per day[11] - 125 VLCCs are currently used for storage, including 65 taken for market storage in April and 38 Iranian VLCCs[31] Balance Sheet and Capital Allocation - The company's cash position increased to $312.2 million in March 2020 from $297 million in December 2019[17] - Mandatory debt repayment for Q1 2020 was $28 million, with a $69 million reduction in the Revolving Credit Facility (RCF)[19] - $100 million was allocated towards the purchase of 4 VLCC resales[19] Future Market Outlook - The company anticipates a potential storage draw in the mid-term, with two scenarios: a quick draw if contango persists, or a slow draw if backwardation occurs[32] - The company notes that 26% of the VLCC fleet is over 15 years old, suggesting a potential for fleet resizing[35]

Financial Performance in Q4 2020 - VLCC average spot rate in TI pool decreased to $20,500 per day, a significant drop compared to $61,700 in Q4 2019[8] - VLCC average time charter rate increased to $44,700 per day from $35,700 in Q4 2019[8] - Suezmax average spot rate decreased to $12,500 per day from $41,500 in Q4 2019[8] - Suezmax average time charter rate remained relatively stable at $29,500 per day compared to $29,300 in Q4 2019[8] - Revenues were $138 million[13] - EBITDA was $36 million[13] - Net income was -$58.7 million[13] - VLCC cash breakeven was $18,000 per day[13] - Suezmax cash breakeven was $16,000 per day[13] Strategic Initiatives and Capital Allocation - The company extended FSO contracts for another 10 years, until 2032[11] - A fixed cash dividend of USD 0.03 per share was declared, in line with the distribution policy[11] - An additional $50 million share repurchase program was initiated[11] - $119.5 million was returned via share buybacks in FY2020[12] - Since 2018, Euronav has returned $146 million via buybacks, plus an additional $50 million[17] Market Outlook and Factors - Q1 2021 outlook: approximately 46% of VLCC days were fixed at around $16,400 per day, and 54% of Suezmax days were fixed at around $9,200 per day[11] - The company noted sustained pressure on freight rates due to reduced demand, OPEC cuts, and an oversupply of vessels[11] - The company highlighted that 62 VLCCs will require special surveys during 2021, potentially creating conducive conditions for recycling older tonnage[21] - Recycle value for VLCC is greater than $18 million[21] - The IEA global oil demand forecast indicates that recovery to 2019 peak levels of consumption is deferred to Q3 2022[22] - Leverage is at 37.3% of book value[16, 26]