International Seaways, Inc. · NYSE:INSW
International Seaways — Q3 2026 Earnings Presentation
21 slides from International Seaways's earnings presentation, Nov 5, 2026
Slide 1: International Seaways Inc. Third Quarter 2026 Earnings Presentation
International Seaways Inc. Third Quarter 2026 Earnings Presentation November 5, 2026
Slide 2: Disclaimer
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 sta
Slide 3: Business Review
Business Review Lois K. Zabrocky President & CEO
Slide 4: Third Quarter 2026 Highlights and Recent Developments
4 Third Quarter 2026 Highlights and Recent Developments Record Quarterly Earnings & Q4 2026 Fixtures Record Returns to Shareholders Quarterly Results Quarterly Spot Fixtures(2) Declared dividend of $5.05/sh Net Income: 344m, $6.90/sh Adj. Net Income(1): 291m, $5.84/sh Q4-26 Blended: 53% Fixed at app
Slide 5: Market Update: Tanker Demand Drivers
5 Market Update: Tanker Demand Drivers ˄ Geopolitical environment uncertainty currently creating disruptions in traditional trade routes and supporting tanker rates ˅ Strait of Hormuz closure over long period may impact oil demand, the global economy and tanker demand ˄ Non-OPEC production increase
Slide 6: Market Update: Tanker Supply Drivers
6 Market Update: Tanker Supply Drivers ‒ Orderbook relative to size of the fleet: 20% ˄ Orderbook not enough to replace over 48% of the fleet that will be over 20 years old by end of delivery schedule ˄ Average age of tanker fleet 14.2 yrs (vs. an average age of 10.1 yrs in November 2016) increasing
Slide 7: Financial Review
Financial Review Jeffrey D. Pribor SVP & CFO
Slide 8: Q3 2026: Record Quarterly Results
8 Q3 2026: Record Quarterly Results For the three months ended September 30, 2026 Net Income & Adjusted Net Income(1) Adjusted EBITDA(1) $ million $ million Net Income Adjusted Net Income (1) 344.2 345.2 344.5 286.1 294.9 295.0 291.4 243.6 194.1 174.8 127.5 122.0 107.7 70.5 56.9 Q3 2025 Q4 2025 Q1 2
Slide 9: Rollforward of Cash & Liquidity
9 Rollforward of Cash & Liquidity $964m $935m ($17m) ($30m) $510m $526m ($64m) $74m ($4m) $345m ($250m) ($9m) ($16m) Free Cash Flow $234m(1) $454m $454m $409m 6/30/26 Adjusted EBITDA (1) Debt Service Drydock & CAPEX Working Capital Vessel Sales LR1 NB Installments Dividends Other RCF Capacity 9/30/2
Slide 10: Strong Financial Position
10 Strong Financial Position Seaways maintains a healthy balance sheet to support free cash flow generation and opportunistic growth opportunities. Balance Sheet $m Key Balance Sheet Figures $m Dec 31, Sep 30, Ample Cash & Total Liquidity ASSETS 2025 2026 $964m Cash and Cash Equivalents (+ ST Invest
Slide 11: Looking Forward
11 Looking Forward Refer to Forward Looking Statements disclaimer on slide 2 The Company is Positioned to Generate Free Cash Flow(1) as our Spot Fixtures are Well Above our Estimated Costs Q4 2026 Booked to-Date as of October 28, 2026 N12M Estimated Spot Break Even (2) $ per day Spot Time Charter Ov
Slide 12: Celebrating 10 Years
12 Celebrating 10 Years Active Fleet Renewal & Growth Clarksons Tanker Secondhand Price Index Seaways vessel sales Seaways’ heatmap of purchases Acquired using all or portion of INSW shares 4x VLCCs 300% BRUT acquis. 260% 100 70 + 2JVs 6x Eco MRs Vessels Purchased for $4.2bn Vessels Sold for $1.5bn
Slide 13: Investment Highlights
13 Investment Highlights Disciplined Capital Allocator • Transformed company from approximately $0.4bn market cap at time of spin-off in 2016 through today into one of the top 3 US publicly traded tanker companies by DWT with $5.6bn in market cap(1) • Over $1.5bn in returns to shareholders since the
Slide 14: Q&A
Q&A
Slide 15: Appendix
Appendix
Slide 16: Estimated Drydock and CAPEX costs and Out-of-Service Days
16 Estimated Drydock and CAPEX costs and Out-of-Service Days ($ millions, except days) 2026 Offhire Days 2027 Offhire Days Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 FY 2027 VLCC 28 114 86 - 227 VLCC - - - - - Suezmax 13 111 13 35 172 Suezmax 108 113 102 - 323 Aframax /
Slide 17: LR1 Newbuilding Schedule
17 LR1 Newbuilding Schedule Amount Due Per Amount Due Per Hull 1816 Hull 1817 Hull 1818 Hull 1819 Ship ($M) Ship ($M) Signing MAY-26 MAY-26 JUL-26 JUL-26 First Payment Due NOV-26 NOV-26 6.080 DEC-26 DEC-26 6.120 Payment after steel cutting AUG-27 OCT-27 6.080 OCT-27 NOV-27 6.120 Payment after keel l
Slide 18: TCE Revenue and Free Cash Flow Reconciliation
18 TCE Revenue and Free Cash Flow Reconciliation TCE Revenue $000s Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Shipping revenues 196,388 267,879 325,476 467,287 483,202 Less: Voyage expenses (3,920) (7,897) (8,231) (33,100) (40,645) Time charter equivalent revenues 192,468 259,982 317,245 434,187 442,55
Slide 19: Adjusted EBITDA and Adjusted Net Income Reconciliation
19 Adjusted EBITDA and Adjusted Net Income Reconciliation Adjusted EBITDA $000s Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net income 70,546 127,504 286,143 294,925 344,238 Income tax (benefit)/provision - (411) - (1) 446 Interest expense 9,623 11,868 8,959 10,561 11,396 Depreciation and amortization 4
Slide 20: Chartered In/Out Fleet
20 Chartered In/Out Fleet Please refer to Forward Looking Statements disclaimer on slide 2 Time Charter-Out ($m): Vessel Rate Charter Expiry 2026 2027 2028 2029 2030 Total 2012-Built Suezmax $40,000 DEC-26 3.6 3.6 2009-Built MR $23,500 JAN-27 2.1 0.6 2.7 2009-Built MR $23,500 FEB-27 2.1 0.9 3.1 2014
Slide 21: INSW Fleet Overview as of November 3, 2026
21 INSW Fleet Overview as of November 3, 2026 Name Class Owned Built DWT Shipyard Name Class Owned Built DWT Shipyard (1) MOUNT VISION VLCC BB-In 2026 300,000 New Times HULL S- 1816 LR1 TBD 2028 74,400 K Shipbuilding MOUNT HORIZON(1) VLCC BB-In 2026 300,000 New Times HULL S- 1817 LR1 TBD 2028 74,400
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