International Seaways, Inc. · NYSE:INSW
International Seaways — Q4 2025 Earnings Presentation
21 slides from International Seaways's earnings presentation, Feb 26, 2026
Slide 1: International Seaways Inc. Fourth Quarter 2025 Earnings Presentation
International Seaways Inc. Fourth Quarter 2025 Earnings Presentation February 26, 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: Fourth Quarter & FY 2026 Highlights and Recent Developments
4 Fourth Quarter & FY 2026 Highlights and Recent Developments Quarterly Earnings & Q1 2026 Fixtures $1 Billion+ Shareholder Returns since 2020 (4) Quarterly Results Quarterly Spot Fixtures(2) Declared dividend of $2.15/sh Net Income: 128m, $2.56/sh Adj. Net Income(1): 122m, $2.45/sh Q1-26 Blended: 7
Slide 5: Market Update: Tanker Demand Drivers
5 Market Update: Tanker Demand Drivers ‒ Oil demand forecasted to grow by more 1 mpbd in 2025 and 2026; above historical CAGR ˄ Oil demand growth largely driven by Asia, which is structurally short crude oil, importing around 30 mbpd ‒ OPEC+ production increases fully unwinding prior cuts of 2.2mbpd
Slide 6: Market Update: Tanker Supply Drivers
6 Market Update: Tanker Supply Drivers ‒ Orderbook relative to size of the fleet: 15%, delivering largely over next 3 years ˄ Orderbook not enough to replace 50% 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 28% of the fleet
Slide 7: Financial Review
Financial Review Jeffrey D. Pribor SVP & CFO
Slide 8: Q4 2025: Quarterly Results
8 Q4 2025: Quarterly Results For the three months ended Net Income & Adjusted Net Income(1) Adjusted EBITDA(1) $ million $ million Net Income Adjusted Net Income (1) 174.8 127.5 122.0 101.5 107.7 94.8 90.7 70.5 61.6 56.9 44.6 49.6 50.4 35.8 39.5 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 202
Slide 9: Rollforward of Cash & Liquidity
9 Rollforward of Cash & Liquidity $985m Free Cash Flow $135m(1) $724m $572m $36m $2m ($19m) ($107m) ($23m) $175m ($6m) $557m ($258m) $413m ($42m) ($4m) $167m 9/30/25 Adjusted EBITDA (1) Debt Service Drydock & CAPEX Working Capital Vessel Sales Gibbs Hill Purchase LR1 NB Installments SLB Repayment Di
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, Dec 31, Ample Cash & Total Liquidity ASSETS 2024 2025 $724m 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 as our Spot Fixtures are Well Above our Estimated Costs Q1 2026 Booked to-Date as of February 20, 2026 N12M Estimated Spot Break Even (1) $ 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 nearly $3.0bn in market cap(1) • Free cash flow generated each quarter is alloc
Slide 13: Q&A
Q&A
Slide 14: Appendix
Appendix
Slide 15: Estimated Drydock and CAPEX costs and Out-of-Service Days
15 Estimated Drydock and CAPEX costs and Out-of-Service Days ($ millions, except days) 2025 Offhire Days 2026 Offhire Days (E) Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2026 VLCC 124 23 19 166 332 VLCC 30 86 67 55 238 Suezmax 4 25 10 10 49 Suezmax 27 51 23 38 139 Afr
Slide 16: LR1 Newbuilding Schedule
16 LR1 Newbuilding Schedule Seaways Bonita Seaways Cristobal Seaways Delgada Seaways Magellan Amount Due (Hull 1812) (Hull 1813) (Hull 1814) (Hull 1815) Per Ship ($M) Signing OCT-23 OCT-23 APR-24 APR-24 First Payment Due JUL-24 JUL-24 OCT-24 OCT-24 3.040 Payment after steel cutting MAR-25 MAY-25 SEP
Slide 17: TCE Revenue and Free Cash Flow Reconciliation
17 TCE Revenue and Free Cash Flow Reconciliation TCE Revenue $000s Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 FY 2024 Time charter equivalent revenues 190,640 178,342 188,822 192,468 259,982 819,614 933,103 Add: Voyage expenses 3,973 5,052 6,819 3,920 7,897 23,688 18,510 Shipping revenues 194,6
Slide 18: Adjusted EBITDA and Net Income Reconciliation: Quarters
18 Adjusted EBITDA and Net Income Reconciliation: Quarters Adjusted EBITDA $000s Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net income 35,823 49,565 61,646 70,546 127,504 Income tax benefit (1,083) - - - (411) Interest expense 11,895 11,452 9,761 9,623 11,868 Depreciation and amortization 39,466 39,705
Slide 19: Adjusted EBITDA and Net Income Reconciliation: Annual
19 Adjusted EBITDA and Net Income Reconciliation: Annual Adjusted EBITDA $000s 2021 2022 2023 2024 2025 Net income (134,660) 387,891 556,446 416,724 309,261 Income tax (benefit)/provision 1,618 88 3,878 (1,084) (411) Interest expense 36,796 57,721 65,759 49,703 42,704 Depreciation and amortization 8
Slide 20: Chartered In/Out Fleet
20 Chartered In/Out Fleet Please refer to Forward Looking Statements disclaimer on slide 2 Time Charter-Out ($m): Vessel Rate Charter Expiry 2026 2027 2028 2029 2030 Total 2008-Built MR $21,350 MAR-26 1.5 1.5 2011-Built MR $22,500 MAR-26 1.9 1.9 2009-Built MR $21,500 APR-26 2.5 2.5 2017-Built Suezma
Slide 21: INSW Fleet Overview as of February 20, 2026
21 INSW Fleet Overview as of February 20, 2026 Name Class Owned Built DWT Shipyard Name Class(2) 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 73,9
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