International Seaways, Inc. · NYSE:INSW
International Seaways — Q1 2026 Earnings Presentation
11 slides from International Seaways's earnings presentation, May 7, 2026
Slide 1: International Seaways Reports First Quarter 2026 Results
NEWS RELEASE International Seaways Reports First Quarter 2026 Results 2026-05-07 NEW YORK--(BUSINESS WIRE)-- International Seaways, Inc. (NYSE: INSW) (the “Company,” “Seaways,” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petrol
Slide 2: Healthy Balance Sheet and Fleet Optimization Program
shareholders since 2020. Healthy Balance Sheet: Total liquidity was approximately $918 million as of March 31, 2026, including cash of $377 million and $541 million undrawn revolving credit capacity. Net loan-to-value below 7% as of March 31, 2026. Fleet Optimization Program: Sold seven vessels with
Slide 3: First Quarter 2026 Results
priorities.” FIRST QUARTER 2026 RESULTS Net income for the rst quarter of 2026 was $286 million, or $5.75 per diluted share, compared to net income of $50 million, or $1.00 per diluted share, for the rst quarter of 2025. The increase was primarily driven by higher TCE revenues(1) from spot earnings
Slide 4: Healthy Balance Sheet; Fleet Optimization Program
date at the close of business on June 12, 2026. The Company currently has $50 million authorized under its share repurchase program, which expires at the end of 2026. HEALTHY BALANCE SHEET During the rst quarter of 2026, the Company drew $43 million under the Korean export agency-backed facility (th
Slide 5: Conference Call; Forward-Looking Statements
vessels on time charter agreements with an average duration of 1.4 years and total future contracted revenues through expiry of approximately $223 million, excluding any applicable pro t share. (1) This is a non-GAAP nancial measure used throughout this press release; please refer to the section “Re
Slide 6: Consolidated Statements of Operations
K for 2025 for the Company, and in similar sections of other lings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the
Slide 7: Consolidated Balance Sheets
Voyage receivables 242,467 177,887 Other receivables 25,719 13,836 Inventories 5,407 611 Prepaid expenses and other current assets 15,729 7,384 Current portion of derivative asset 317 406 Total Current Assets 666,486 367,046 Vessels and other property, less accumulated depreciation 1,987,355 2,077,9
Slide 8: Spot and Fixed TCE Rates Achieved and Revenue Days
Cash and cash equivalents at beginning of year 116,922 157,506 Cash and cash equivalents at end of period $ 141,847 $ 132,769 Spot and Fixed TCE Rates Achieved and Revenue Days The following table provides a breakdown of TCE rates achieved for spot and xed charters and the related revenue days for t
Slide 9: Fleet Information and Reconciliation to Non-GAAP Financial Information
Total at March 31, 2026 Vessels Owned Vessels Vessel Fleet and Type Chartered-in1 Total Vessels Total Dwt Operating Fleet VLCC 7 3 10 3,003,422 Suezmax 13 - 13 2,061,754 Aframax 4 - 4 452,375 Crude Tankers 24 3 27 5,517,551 LR2 1 - 1 112,691 LR1 7 1 8 594,367 MR 24 4 28 1,410,231 Product Carriers 32
Slide 10: EBITDA and Adjusted EBITDA; Time Charter Equivalent Revenues
Adjusted Net Income $ 194,053 $ 39,544 Weighted average shares outstanding (diluted) 49,714,857 49,528,814 Adjusted Net Income per diluted share $ 3.90 $ 0.80 EBITDA and Adjusted EBITDA EBITDA represents net income before interest expense, income taxes, and depreciation and amortization expense. Adj
Slide 11: Investor Relations & Media Contact
Three Months Ended March 31, ($ in thousands) 2026 2025 Time charter equivalent revenues $ 317,245 $ 178,342 Add: Voyage expenses 8,231 5,052 Shipping Revenues $ 325,476 $ 183,394 Investor Relations & Media Contact: Tom Trovato, International Seaways, Inc. (212) 578-1602 ttrovato@intlseas.com Source
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