International Seaways, Inc. · NYSE:INSW
International Seaways — Shareholder Meeting (June 2025)
15 slides from International Seaways's shareholder meeting presentation, Jun 10, 2025
Slide 1: International Seaways Inc. Annual Meeting of Stockholders
International Seaways Inc. Annual Meeting of Stockholders June 10, 2025
Slide 2: Rules of Conduct
2 Rules of Conduct This is a private business meeting of International Seaways, Inc., and only stockholders as of April 16, 2025 (the “Record Date”) or their proxies may attend and participate in the virtual Annual Meeting (in addition to members of the Company’s management and board of directors an
Slide 3: Rules of Conduct
3 Rules of Conduct 7. Questions from multiple stockholders on the same topic or that are otherwise related may be grouped and answered together. 8. Stockholder questions are welcome, but conducting the business set out in the Agenda for the benefit of all stockholders will be paramount and we do not
Slide 4: Agenda
Agenda 1. Welcome Remarks and Introduction of Directors and Management Team 2. Call to Order and Opening of Polls 3. Introduction of Items to be Presented to Stockholders A. Election of Directors B. Ratification of Appointment of Independent Registered Public Accountants C. Advisory Vote to Approve
Slide 5: Business Review
Business Review Lois K. Zabrocky President & CEO
Slide 6: Disclaimer
6 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 s
Slide 7: Delivering on our Strategy
Delivering on our Strategy Capitalized on Significant Operating Leverage Continually Strengthened Balance Sheet Strong 2024 Earnings: maximizing returns in a sustained elevated rate environment Strongest Balance Sheet in our History Adjusted EBITDA (1) vs Average Tanker Rates (2) Dec 2021 Dec 2022 D
Slide 8: Sailing into Strength: Market Fundamentals Signal a Stable Horizon
8 Sailing into Strength: Market Fundamentals Signal a Stable Horizon Current Tanker Rates Key Factors of Tanker Fundamentals VLCC Tanker Rates (2.0m barrels capacity) 200,000 180,000 160,000 Healthy Oil Demand Growth 140,000 Near term oil demand of 1% consistent with last 30 yrs 120,000 100,000 80,0
Slide 9: Geopolitical Impact to Tankers
9 Geopolitical Impact to Tankers RUSSIAN OIL ON LONGER VOYAGES HEADED EAST 8.0 7.0 6.0 5.0 4.0 To Europe 3.0 2.0 To Asia 1.0 - Jul-21 Oct-21 Jul-22 Oct-22 Jul-23 Oct-23 Jul-24 Oct-24 Apr-21 Apr-22 Apr-23 Apr-24 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 mbpd CANADA TARIFF: WEST COAST LIFTINGS INCREASE TO AS
Slide 10: Tight Supply, Strong Tailwinds
10 Tight Supply, Strong Tailwinds Vessels On Order Not Replacing Older Fleet While Tanker Orders Have Risen… Tanker Orders as % of Total Fleet 0-4 yrs 5-9 yrs 10+ yrs 15+ yrs On Order % Fleet 48% 337 42% 234 208 37% 10% 36% VLCC 124 91 30% 24% 18% 258 12% Suezmax 155 149 17% 110 38% 6% 113 0% 2000 2
Slide 11: Investment Highlights
11 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 $1.8bn in market cap(1) • Free cash flow generated each quarter is alloc
Slide 12: Questions
Questions 12
Slide 13: Appendix
Appendix 13
Slide 14: Seaways at a Glance
14 Seaways at a Glance Balanced Fleet Composition Healthy Balance Sheet Our fleet is balanced between vessels that carry crude oil and refined products. Historically low loan-to-value CRUDE PRODUCT CRUDE & PRODUCT TANKER RATES ARE CORRELATED FLEET(1) FLEET 80,000 $4,000m LR2 Crude Product Fleet Valu
Slide 15: Free Cash Flow Reconciliation and Appendix Materials
15 Free Cash Flow Reconciliation and Appendix Materials Adjusted EBITDA $000s 2017 2018 2019 2020 2021 2022 2023 2024 Net income / (loss) (106,088) (88,940) (830) (5,531) (134,660) 387,891 556,446 416,724 Income tax (benefit)/provision 44 (105) 1 1 1,618 88 3,878 (1,084) Interest expense 40,438 60,2
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