International Seaways, Inc. · NYSE:INSW
International Seaways — Q1 2026 Earnings Presentation
20 slides from International Seaways's earnings presentation, May 7, 2026
Slide 1: International Seaways Inc. First Quarter 2026 Earnings Presentation
International Seaways Inc. First Quarter 2026 Earnings Presentation May 7, 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: First Quarter 2026 Highlights and Recent Developments
4 First Quarter 2026 Highlights and Recent Developments Quarterly Earnings & Q2 2026 Fixtures Significant Returns to Shareholders Quarterly Results Quarterly Spot Fixtures(2) Declared dividend of $4.55/sh Net Income: 286m, $5.75/sh Adj. Net Income(1): 194m, $3.90/sh Q2-26 Blended: 45% Fixed at appro
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 ˄ Russian crude oil on the wate
Slide 6: Market Update: Tanker Supply Drivers
6 Market Update: Tanker Supply Drivers ‒ Orderbook relative to size of the fleet: 16%, delivering largely over next 3 years ˄ Orderbook not enough to replace 49% of the fleet that will be over 20 years old by end of delivery schedule (22% of tanker fleet is over 20 yrs old & another 27% of the fleet
Slide 7: Financial Review
Financial Review Jeffrey D. Pribor SVP & CFO
Slide 8: Q1 2026: Record Quarterly Results
8 Q1 2026: Record Quarterly Results For the three months ended Net Income & Adjusted Net Income(1) Adjusted EBITDA(1) $ million $ million Net Income Adjusted Net Income (1) 286.1 243.6 174.8 194.1 127.5 122.0 101.5 107.7 90.7 61.6 70.5 56.9 49.6 39.5 50.4 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2
Slide 9: Rollforward of Cash & Liquidity
9 Rollforward of Cash & Liquidity $918m $724m $541m Free Cash Flow $133m(1) ($28m) $557m $223m ($5m) ($106m) ($14m) ($15m) ($81m) ($8m) $244m $377m $167m (1) 12/31/25 Adjusted EBITDA Debt Service Drydock & CAPEX Working Capital Vessel Sales LR1 NB Installments TI Impact Dividends Other 3/31/26 Total
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, Mar 31, Ample Cash & Total Liquidity ASSETS 2025 2026 $918m 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 Q2 2026 Booked to-Date as of April 30, 2026 N12M Estimated Spot Break Even (2) $ per day Spot Time Charter Over
Slide 12: Investment Highlights
12 Investment Highlights Disciplined Capital Allocator • Transformed company 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 $4.0bn in market cap(1) • Over $1 billion in returns to shareholders since the
Slide 13: Q&A
Q&A
Slide 14: Appendix
Appendix
Slide 15: Estimated Drydock and CAPEX costs and Out-of-Service Days
15 Estimated Drydock and CAPEX costs and Out-of-Service Days ($ millions, except days) 2026 Offhire Days Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2026 VLCC 28 110 73 55 226 Suezmax 13 90 6 39 148 Aframax / LR2 4 17 40 43 104 LR1 66 40 49 1 156 MR 57 29 199 91 376 167 286 367 229 1,049 2026 Drydock Costs Q
Slide 16: LR1 Newbuilding Schedule
16 LR1 Newbuilding Schedule Seaways Delgada Seaways Magellan Amount Due Per (Hull 1814) (Hull 1815) Ship ($M) Signing APR-24 APR-24 First Payment Due OCT-24 OCT-24 3.040 Payment after steel cutting SEP-25 SEP-25 3.040 Payment after keel laying JAN-26 JAN-26 12.160 Payment after launching MAY-26 MAY-
Slide 17: TCE Revenue and Free Cash Flow Reconciliation
17 TCE Revenue and Free Cash Flow Reconciliation TCE Revenue $000s Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Time charter equivalent revenues 178,342 188,822 192,468 259,982 317,245 Add: Voyage expenses 5,052 6,819 3,920 7,897 8,231 Shipping revenues 183,394 195,641 196,388 267,879 325,476 Free Cash F
Slide 18: Adjusted EBITDA and Net Income Reconciliation
18 Adjusted EBITDA and Net Income Reconciliation Adjusted EBITDA $000s Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net income 49,565 61,646 70,546 127,504 286,143 Income tax benefit - - - (411) - Interest expense 11,452 9,761 9,623 11,868 8,959 Depreciation and amortization 39,705 41,349 41,170 41,362 4
Slide 19: Chartered In/Out Fleet
19 Chartered In/Out Fleet Please refer to Forward Looking Statements disclaimer on slide 2 Time Charter-Out ($m): Vessel Rate Charter Expiry 2026 2027 2028 2029 2030 Total 2008-Built MR $21,350 MAY-26 0.8 0.8 2011-Built MR $22,500 MAY-26 1.0 1.0 2017-Built Suezmax $34,750 MAY-26 1.5 1.5 2009-Built M
Slide 20: INSW Fleet Overview as of May 1, 2026
20 INSW Fleet Overview as of May 1, 2026 Name Class Owned Built DWT Shipyard Name Class Owned Built DWT Shipyard (1) SEAWAYS ENDEAVOR VLCC BB-In 2023 299,365 DSME SEAWAYS EAGLE LR1 OWNED 2011 74,997 Sundong SEAWAYS ENTERPRISE(1) VLCC BB-In 2023 299,568 DSME SEAWAYS LEYTE LR1 OWNED 2011 73,944 SPP SE
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