SUSTAI NABI LI TY
REPORT 2024
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TABLE OF CONTENTS Table of Contents
03 | Introduction | 04 05 06 06 06 06 07 09 09 10 11 | Introduction Our Value Chain About This Report Scope and Boundary Forward-looking Statements Disclaimer CEO Foreword Company Statement on Sustainability Governance Outline Sustainability Strategy and Key Actions Regulatory Alignment |
12 | Achievements and Progress | 13 | Achievements and Progress Against Our 2023 Goals and Ambitions |
14 | Enhancing Our Sustainability Strategy | 15 17 19 21 23 24 | Enhancing Our Sustainability Strategy Double Materiality Assessment Results Sustainability Commitments Stakeholder Engagement and Results Our Work During 2024 Our Work in the Coming Year |
25 | Environmental | 26 27 29 31 32 35 36 38 | Environmental Year-on-Year Progress Climate Strategy and Transition Planning Energy Efficiency and Management Emissions Management Environmental Management Marine Environment Managing the Lifecycle of Our Vessels |
42 | Social | 43 44 45 47 50 50 51 52 54 55 | Social Year-on-Year Progress Shoreside - Health, Safety, and Wellbeing Seafarers - Health, Safety, and Wellbeing Vessel Safety Crew and Visitor Safety Information Security Community Engagement Memberships and Affiliations Relationship Management |
56 | Governance | 57 58 59 60 61 64 | Governance Board of Directors Committees Remuneration Corporate Culture and Business Ethics Sustainability-Related Risk Management |
69 | Full Metrics Table | 70 72 | Sustainability Accounting Standards Board (SASB) Global Reporting Initiative (GRI) |
81 | Assurance | 82 | Independent Limited Assurance Report |
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I NT R ODUCT I ON
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INTRODUCTION | GRI 2-1, 2-6 Introduction
International Seaways, Inc. is a leading tanker company specializing in energy transportation of crude oil and petroleum products across international markets.
Our fleet as of December 31, 2024 included 78 vessels (with six additional vessels under construction), featuring:
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VLCCs13 5
Suezmaxes Aframaxes/
LR2s8 39
Panamax/ Medium Range LR1s (MR) tankersHeadquartered at 600 Third Avenue, New York, NY 10016, with team members in Houston, Newcastle (U.K.), Mumbai, Manila, and Athens, International Seaways ("the Company", "International Seaways", "INSW", or "we") has a strong global presence and its common stock is publicly traded on the New York Stock Exchange (NYSE) under the ticker symbol "INSW". Since becoming a public company in December 2016, we have achieved significant growth, executing strategic initiatives to expand our size, scale, and industry position as one of the
largest publicly listed tanker companies worldwide. Our track record of disciplined capital allocation provides a strong foundation for the future of our business and positions us to pursue well-timed opportunistic growth for long-term success. We serve a diverse customer base that includes energy majors, traders, and refiners.
We offer a range of energy transportation services across a variety of platforms in the spot market and over longer-term time charters. Additionally, we provide value-added services like cargo handling to ensure unparalleled support for our customers. At International Seaways, our dedicated teams are committed to delivering the highest levels of service and efficiency, with a strong focus on safety and environmental sustainability.
As the maritime industry faces increasing scrutiny regarding its environmental impact, International Seaways remains committed to maintaining robust sustainability practices to align with the evolving expectations of stakeholders and regulatory bodies.
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Our Value Chain Assets, Revenue, Income, Operational Metrics
The organization provides transportation services to the energy industry, transporting crude oil and refined petroleum products by sea, as well as providing services to support ship-to-ship transfer of these goods. Upstream, our most significant suppliers are our two third-party technical managers who
Direct Economic Value Generated and Distributed INTRODUCTION | GRI 2-6, 201-1International Seaways significantly contributes to the global transport sector, generating beneficial employment opportunities and delivering sustained economic returns to stakeholders.
are responsible for the daily operations of our vessels. Our most significant downstream value chain actors are our customers, charterers, and commercial partners (including six commercial pools). | Year Ended Dece 2024 | mber 31 ('000s) 2023 | |
Key Operational Metrics as of December 31, 2024: | Shipping revenues | 951,613 | 1,071,775 |
Total Assets: Total Fleet: Total Deadweight Tons (DWT): $2.6 billion 78 vessels 9,085,000 DWT1 | Revenues from sales of assets | 32,657 | 35,934 |
994,388
1,118,361
Interest income earned on cash and cash equivalents, net
10,118
10,652
Operating costs
239,480
227,383
Employee wages and benefits
140,042
135,766
Interest expense to lenders
45,593
60,135
Dividends to shareholders
284,416
308,165
Tax (benefit)/expense
-1,084
3,878
Charitable contributions
83
91
Total Economic Value Retained 285,858 382,943 Total Economic Value Distributed 708,530 735,418Total Revenue: Port Calls: Total Operating Time:
$952 million 2,361 29,444 days2Net Income:
$417 millionNew Builds:
6 dual-fuel-ready Long Range 1 (LR1) vesselsOffice locations:
New York HoustonGlobal team locations:
Athens Newcastle Manila MumbaiVessel Flag States3:
1. Covers all owned and SLB vessels; 2. Refers to all vessels; 3. All Flag States are on the IMO's Whitelist;
4. Five US-flagged vessels are Lightering Support Vessels (LSV) from Lightering LLC and excluded from the 78-vessel count.
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