International Seaways, Inc. · NYSE:INSW
International Seaways — Q2 2026 Earnings Presentation
20 slides from International Seaways's earnings presentation, Aug 10, 2026
Slide 1: International Seaways Inc. Second Quarter 2026 Earnings Presentation
International Seaways Inc. Second Quarter 2026 Earnings Presentation August 10, 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: Second Quarter 2026 Highlights and Recent Developments
4 Second Quarter 2026 Highlights and Recent Developments Record Quarterly Earnings & Q3 2026 Fixtures Record Returns to Shareholders Quarterly Results Quarterly Spot Fixtures(2) Declared dividend of $5.05/sh Net Income: 295m, $5.91/sh Adj. Net Income(1): 295m, $5.91/sh Q3-26 Blended: 48% Fixed at ap
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 ˄ Houthis attempt to control pa
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 over 50% 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
Slide 7: Financial Review
Financial Review Jeffrey D. Pribor SVP & CFO
Slide 8: Q2 2026: Record Quarterly Results
8 Q2 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) 345.2 286.1 294.9 295.0 243.6 194.1 174.8 127.5 122.0 101.5 107.7 61.6 70.5 56.9 50.4 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q
Slide 9: Rollforward of Cash & Liquidity
9 Rollforward of Cash & Liquidity $918m $935m Free Cash Flow $261m(1) ($15m) ($20m) $8m $526m $541m ($49m) ($11m) $345m ($225m) ($15m) $377m $409m 3/31/26 Adjusted EBITDA (1) Debt Service Drydock & CAPEX Working Capital LR1 NB Installments TI Impact Dividends RCF Capacity 6/30/26 Total Liquidity Tot
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, Jun 30, Ample Cash & Total Liquidity ASSETS 2025 2026 $935m 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 Q3 2026 Booked to-Date as of July 30, 2026 N12M Estimated Spot Break Even (2) $ per day Spot Time Charter Overa
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 $4.4bn in market cap(1) • Over $1bn in returns to shareholders since the start
Slide 13: Q&A
Q&A
Slide 14: Appendix
Appendix
Slide 15: Estimated Drydock and CAPEX costs and Out-of-Service Days
15 Estimated Drydock and CAPEX costs and Out-of-Service Days ($ millions, except days) 2026 Offhire Days Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2026 VLCC 28 114 35 55 231 Suezmax 13 111 6 39 169 Aframax / LR2 4 27 46 43 120 LR1 66 92 49 1 208 MR 57 48 203 91 399 167 391 339 229 1,126 2026 Drydock Costs
Slide 16: LR1 Newbuilding Schedule
16 LR1 Newbuilding Schedule Seaways Delgada Seaways Magellan Amount Due Per Amount Due Per Amount Due Per Hull 1816 Hull 1817 Hull 1818 Hull 1819 (Hull 1814) (Hull 1815) Ship ($M) Ship ($M) Ship ($M) Signing APR-24 APR-24 MAY-26 MAY-26 JUL-26 JUL-26 First Payment Due OCT-24 OCT-24 3.040 NOV-26 NOV-2
Slide 17: TCE Revenue and Free Cash Flow Reconciliation
17 TCE Revenue and Free Cash Flow Reconciliation TCE Revenue $000s Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Shipping revenues 195,641 196,388 267,879 325,476 467,287 Less: Voyage expenses (6,819) (3,920) (7,897) (8,231) (33,100) Time charter equivalent revenues 188,822 192,468 259,982 317,245 434,187
Slide 18: Adjusted EBITDA and Net Income Reconciliation
18 Adjusted EBITDA and Net Income Reconciliation Adjusted EBITDA $000s Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net income 61,646 70,546 127,504 286,143 294,925 Income tax benefit - - (411) - (1) Interest expense 9,761 9,623 11,868 8,959 10,561 Depreciation and amortization 41,349 41,170 41,362 40,56
Slide 19: Chartered In/Out Fleet
19 Chartered In/Out Fleet Please refer to Forward Looking Statements disclaimer on slide 2 Time Charter-Out ($m): Vessel Rate Charter Expiry 2026 2027 2028 2029 2030 Total 2011-Built MR $22,500 JUL-26 0.2 0.2 2017-Built Suezmax $34,750 JUL-26 0.3 0.3 2009-Built MR $21,500 JUL-26 0.7 0.7 2009-Built M
Slide 20: INSW Fleet Overview as of August 1, 2026
20 INSW Fleet Overview as of August 1, 2026 Name Class Owned Built DWT Shipyard Name Class Owned Built DWT Shipyard (1) SEAWAYS ENDEAVOR VLCC BB-In 2023 299,365 DSME HULL S- 1817 LR1 TBD 2028 74,400 K Shipbuilding SEAWAYS ENTERPRISE(1) VLCC BB-In 2023 299,568 DSME HULL S- 1818 LR1 TBD 2028 74,400 K
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