International Seaways, Inc. · NYSE:INSW
International Seaways — Q1 2025 Earnings Presentation
20 slides from International Seaways's earnings presentation, May 8, 2025
Slide 1: International Seaways Inc. First Quarter 2025 Earnings Presentation
International Seaways Inc. First Quarter 2025 Earnings Presentation May 8, 2025
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 2025 Highlights and Recent Developments
4 First Quarter 2025 Highlights and Recent Developments Quarterly Earnings & Q2 2025 Fixtures Strategic Fleet Optimization Quarterly Results Quarterly Spot Fixtures(2) Vessel Swap Net Income: 50m, $1.00/sh Adj. Net Income(1): 40m, $0.80/sh Q2-25 Blended: 45% Fixed at approximately $31,200 per day •
Slide 5: Market Update: Tanker Demand Drivers
5 Market Update: Tanker Demand Drivers ˄ OPEC plus product increase by over 400kbpd for May and June, gradually releasing to 2.2mbpd increase thru end 2026 ˄ Non-OPEC production about 1.2 mpbd increase YOY, more likely to react to price pressures ‒ Oil demand forecasted to grow by 1 mpbd in 2025; al
Slide 6: Market Update: Tanker Supply Drivers
6 Market Update: Tanker Supply Drivers ˄ Orderbook relative to size of the fleet: 14%, delivering over next 4 years ˄ Orderbook not enough to replace 47% of the fleet that will be over 20 years old by end of delivery schedule (19% of tanker fleet is over 20 yrs old & another 28% of the fleet is 15 -
Slide 7: Financial Review
Financial Review Jeffrey D. Pribor SVP & CFO
Slide 8: Q1 2025: Quarterly Results
8 Q1 2025: Quarterly Results For the three months ended Net Income & Adjusted Net Income(1) Adjusted EBITDA(1) $ million $ million Net Income Adjusted Net Income 144.5 144.4 144.7 191.5 118.0 167.0 91.7 130.0 78.2 94.8 90.7 44.6 49.6 35.8 39.5 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024
Slide 9: Rollforward of Cash & Liquidity
9 Rollforward of Cash & Liquidity $673 $632 $540m $475m Free Cash Flow $56m(1) $65m $11m interest $7m $48m $82m $91m $12m amort $19m $10m $34m $3m $157m $133m (1) 12/31/24 Adjusted EBITDA Debt Service Drydock & CAPEX Working Capital Vessel Sales & De-Lever LR1 NB Installments Dividends Other 3/31/25
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, ASSETS 2024 2025 Cash and Cash Equivalents $157 $133 Ample Cash & Total Liquidity $673m Vo
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 Break Even is Well Above our Estimated Costs Q2 2025 Booked to-Date as of May 1, 2025 Forward Estimated Spot Break Even (1) $ per day Spot Time Charter Overal
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 $1.6bn in market cap(1) • Free cash flow generated each quarter is alloc
Slide 13: Q&A
Q&A
Slide 14: Appendix
Appendix
Slide 15: Estimated Drydock and CAPEX costs and Out-of-Service Days
15 Estimated Drydock and CAPEX costs and Out-of-Service Days ($ millions, except days) 2025 Offhire Days Q1 2025 A Q2 2025 Q3 2025 Q4 2025 FY 2025 VLCC 124 22 45 102 293 Suezmax 4 3 24 8 39 Aframax / LR2 1 11 5 - 17 LR1 1 1 29 86 117 MR 213 374 206 6 799 344 411 309 202 1,266 2025 Drydock Costs Q1 2
Slide 16: LR1 Newbuilding Schedule
16 LR1 Newbuilding Schedule Seaways Alacran Seaways Balboa Amount Due Seaways Bonita Seaways Cristobal Seaways Delgada Seaways Magellan Amount Due (Hull 1810) (Hull 1811) ($M) (Hull 1812) (Hull 1813) (Hull 1814) (Hull 1815) ($M) Signing AUG-23 AUG-23 OCT-23 OCT-23 APR-24 APR-24 First Payment Due NOV
Slide 17: TCE Revenue and Free Cash Flow Reconciliation
17 TCE Revenue and Free Cash Flow Reconciliation TCE Revenue $000s Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Time charter equivalent revenues 270,928 251,848 219,687 190,640 178,342 Add: Voyage expenses 3,473 5,561 5,503 3,973 5,052 Shipping revenues 274,401 257,409 225,190 194,613 183,394 Free Cash F
Slide 18: Adjusted EBITDA and Net Income Reconciliation
18 Adjusted EBITDA and Net Income Reconciliation Adjusted EBITDA $000s Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net income 144,490 144,723 91,688 35,823 49,565 Income tax (benefit)/provision - - (1) (1,083) - Interest expense 12,887 12,425 12,496 11,895 11,452 Depreciation and amortization 34,153 36,
Slide 19: Chartered In/Out Fleet
19 Chartered In/Out Fleet Please refer to Forward Looking Statements disclaimer on slide 2 Time Charter-Out ($m): Vessel Rate Charter Expiry 2025 2026 2027 2028 2029 2030 Total 2008-Built MR $20,000 JUL-25 2.1 2.1 2008-Built MR $20,000 JUL-25 2.1 2.1 2008-Built MR $21,350 JAN-26 5.9 0.5 6.4 2011-Bui
Slide 20: INSW Fleet Overview as of May 1, 2025
20 INSW Fleet Overview as of May 1, 2025 Name Class Owned Built DWT Shipyard Name Class Owned Built DWT Shipyard SEAWAYS RAFFLES VLCC OWNED 2010 317,858 Hyundai HI PELAGIC TURBOT LR1 TC-In 2009 73,394 Dalian Shipyard SEAWAYS LIBERTY VLCC BB-In 2016 300,973 Shanghai Waigaoqiao SEAWAYS WAVE(1) MR OWNE
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