International Seaways, Inc. · NYSE:INSW

International Seaways — Merger or Acquisition (December 2017)

18 slides from International Seaways's merger presentation, Dec 21, 2017

  1. Slide 1: Transaction Update to Shareholders

    International Seaways, Inc. 237 125 49 0 45 115 255 192 0 185 220 255 153 204 255 91 155 213 165 165 165 68 84 106 1 International Seaways, Inc. Transaction Update to Shareholders December 21, 2017

  2. Slide 2: Disclaimer

    International Seaways, Inc. 237 125 49 0 45 115 255 192 0 185 220 255 153 204 255 91 155 213 165 165 165 68 84 106 2 Disclaimer Forward - Looking Statements During the course of this presentation, the Company (International Seaways, Inc. (INSW)) may make forward - looking statements or provide forwa

  3. Slide 3: Transaction Overview

    International Seaways, Inc. 237 125 49 0 45 115 255 192 0 185 220 255 153 204 255 91 155 213 165 165 165 68 84 106 Transaction Overview 3 Transaction Summary o International Seaways, Inc. (the “Company” or “INSW”), has agreed to acquire 6 VLCCs from Euronav NV (“ Euronav ”) o Purchase price of $434

  4. Slide 4: Key Transaction Benefits

    237 125 49 0 45 115 255 192 0 185 220 255 153 204 255 91 155 213 165 165 165 68 84 106 Key Transaction Benefits

  5. Slide 5: Key Transaction Benefits

    International Seaways, Inc. 237 125 49 0 45 115 255 192 0 185 220 255 153 204 255 91 155 213 165 165 165 68 84 106 Key Transaction Benefits 5 Highly Attractive Existing Financing 3 Important Step in Fleet Modernization 2 Increases Size and Scale 4 Enhances Operating Leverage 6 Significant Enhancemen

  6. Slide 6: Purchase of Highly Efficient, Modern Sister Ships at an Attractive Price

    International Seaways, Inc. 237 125 49 0 45 115 255 192 0 185 220 255 153 204 255 91 155 213 165 165 165 68 84 106 Purchase of Highly Efficient, Modern Sister Ships at an Attractive Price 6 $136 $140 $144 $168 $107 $112 $101 $88 $81 $103 $104 $90 $83 $ - $20 $40 $60 $80 $100 $120 $140 $160 $180 2005

  7. Slide 7: Increases Size and Scale

    International Seaways, Inc. 237 125 49 0 45 115 255 192 0 185 220 255 153 204 255 91 155 213 165 165 165 68 84 106 Increases Size and Scale 7 DWT (Operated Fleet) (1) # of Vessels (Operated Fleet) (1) 6,031,776 7,837,626 Status Quo Pro Forma 48 54 Status Quo Pro Forma Pro Forma Vessel Type by DWT 2

  8. Slide 8: Important Step in Fleet Modernization

    International Seaways, Inc. 237 125 49 0 45 115 255 192 0 185 220 255 153 204 255 91 155 213 165 165 165 68 84 106 Important Step in Fleet Modernization 8 Weighted Average Age by DWT of Operated Fleet 3 1.7 years 11.6 years 9.3 years Acquisition of 6 VLCCs Status Quo Pro Forma 20% Decrease in Avg. F

  9. Slide 9: Enhances Operating Leverage

    International Seaways, Inc. 237 125 49 0 45 115 255 192 0 185 220 255 153 204 255 91 155 213 165 165 165 68 84 106 Enhances Operating Leverage 9 # of Total Revenue Days (1) 4 17,280 19,440 Status Quo Pro Forma Note: Assumes operated conventional fleet only. (1) Assumes existing fleet to be all spot

  10. Slide 10: Highly Attractive Existing Financing

    International Seaways, Inc. 237 125 49 0 45 115 255 192 0 185 220 255 153 204 255 91 155 213 165 165 165 68 84 106 Highly Attractive Existing Financing 10 Facility Amount Maturity Interest Rate Amortization and Repayment • Existing debt of $311.0mm (1) is anticipated to be assumed by International S

  11. Slide 11: Significant Enhancement of Tankers International Pool

    International Seaways, Inc. 237 125 49 0 45 115 255 192 0 185 220 255 153 204 255 91 155 213 165 165 165 68 84 106 Significant Enhancement of Tankers International Pool 11 Largest VLCC Pool in the world providing benefits from enhanced commercial operations, economies of scale and higher vessel util

  12. Slide 12: Executing on Fleet Renewal Strategy

    237 125 49 0 45 115 255 192 0 185 220 255 153 204 255 91 155 213 165 165 165 68 84 106 Executing on Fleet Renewal Strategy

  13. Slide 13: Executing on Fleet Renewal Strategy

    International Seaways, Inc. 237 125 49 0 45 115 255 192 0 185 220 255 153 204 255 91 155 213 165 165 165 68 84 106 Executing on Fleet Renewal Strategy 13 V ess e l Name Type Built Acquired Price Hatteras Suezmax 2017 Q3 ’17 $58.0 Montauk Suezmax 2017 Q3 ’17 58.0 Raffles VLCC 2010 Q3 ’17 53.0 Strengt

  14. Slide 14: Strong Financial Position

    237 125 49 0 45 115 255 192 0 185 220 255 153 204 255 91 155 213 165 165 165 68 84 106 Strong Financial Position

  15. Slide 15: One of the Lowest Leverage Profiles in the Sector

    International Seaways, Inc. 237 125 49 0 45 115 255 192 0 185 220 255 153 204 255 91 155 213 165 165 165 68 84 106 Source: Clarksons , public filings. (1) Includes $30.0 million currently drawn on revolving credit facility at L + 350. (2) EURN and GNRT represent pre - transaction metrics. (3) INSW f

  16. Slide 16: Conclusion

    237 125 49 0 45 115 255 192 0 185 220 255 153 204 255 91 155 213 165 165 165 68 84 106 Conclusion

  17. Slide 17: Key Transaction Benefits

    International Seaways, Inc. 237 125 49 0 45 115 255 192 0 185 220 255 153 204 255 91 155 213 165 165 165 68 84 106 Key Transaction Benefits 5 Highly Attractive Existing Financing 3 Important Step in Fleet Modernization 2 Increases Size and Scale 4 Enhances Operating Leverage 6 Significant Enhancemen

  18. Slide 18: Q&A

    237 125 49 0 45 115 255 192 0 185 220 255 153 204 255 91 155 213 165 165 165 68 84 106 Q&A

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