# EDGAR Filing Document

**Accession Number:** 0001679049
**File Stem:** 0001558370-25-010411
**Filing Date:** 2025-8
**Character Count:** 153049
**Document Hash:** e4cb6c7f866f505b05fafbf443298c47
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-010411.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001558370-25-010411

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 103

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** International Seaways, Inc.
- **CENTRAL INDEX KEY:** 0001679049
- **STANDARD INDUSTRIAL CLASSIFICATION:** WATER TRANSPORTATION [4400]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 980467117
- **STATE OF INCORPORATION:** 1T
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37836
- **FILM NUMBER:** 251187566

**BUSINESS ADDRESS:**
- **STREET 1:** 600 THIRD AVENUE
- **STREET 2:** 39TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
- **BUSINESS PHONE:** 2129534100

**MAIL ADDRESS:**
- **STREET 1:** 600 THIRD AVENUE
- **STREET 2:** 39TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OSG International, INC
- **DATE OF NAME CHANGE:** 20160707

?xml version='1.0' encoding='ASCII'? INTERNATIONAL SEAWAYS, INC._June 30, 2025

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM 10-Q**

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from &nbsp;&nbsp;&nbsp;&nbsp; to &nbsp;&nbsp;&nbsp;&nbsp;

Commission File Number &nbsp;&nbsp;&nbsp;&nbsp; 1-37836-1&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>INTERNATIONAL SEAWAYS, INC. |
| (Exact name of registrant as specified in its charter) |

---

---

| | |
|:---|:---|
| Marshall Islands | 98-0467117 |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
| 600 Third Avenue, 39<sup>th</sup> Floor, New York, New York | 10016 |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: 212-578-1600

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock (no par value) | INSW | New York Stock Exchange |
| Rights to Purchase Common Stock | N/A | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | |
|:---|:---|:---|
| Large accelerated filer ☒ | Accelerated filer ☐ | Emerging growth company ☐ |
| Non-accelerated filer ☐ | Smaller reporting company ☐ |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practical date. The number of shares outstanding of the issuer's common stock as of August 4, 2025: common stock, no par value, 49,366,276 shares.

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INTERNATIONAL SEAWAYS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

DOLLARS IN THOUSANDS

(UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | June 30, 2025 | December 31, 2024 |
| **ASSETS** |  |  |
| **Current Assets:** |  |  |
| Cash and cash equivalents  | $148807 | $157506 |
| Voyage receivables, net of allowance for credit losses of $71 and $86 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;including unbilled receivables of $144,116 and $181,211 | 150210 | 185521 |
| Other receivables | 19734 | 13771 |
| Inventories | 522 | 1875 |
| Prepaid expenses and other current assets | 11881 | 15570 |
| Current portion of derivative asset | 1240 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets | 332394 | 376323 |
| Vessels and other property, less accumulated depreciation of $336,451 and $466,356 | 1961517 | 2050211 |
| Vessels construction in progress | 62734 | 37020 |
| Deferred drydock expenditures, net | 101554 | 90209 |
| Operating lease right-of-use assets | 12462 | 21229 |
| Pool working capital deposits | 35859 | 35372 |
| Long-term derivative asset | 99 | 801 |
| Other assets | 16596 | 25232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $2523215 | $2636397 |
| **LIABILITIES AND EQUITY** |  |  |
| **Current Liabilities:** |  |  |
| Accounts payable, accrued expenses and other current liabilities | $55008 | $66264 |
| Current portion of operating lease liabilities | 7874 | 14617 |
| Current installments of long-term debt | 287451 | 50054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | 350333 | 130935 |
| Long-term operating lease liabilities | 6598 | 8715 |
| Long-term debt | 259804 | 638353 |
| Other liabilities  | 6701 | 2346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 623436 | 780349 |
| Commitments and contingencies |  |  |
| **Equity:**  |  |  |
| Capital - 100,000,000 no par value shares authorized; 49,366,276 and 49,194,458 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;shares issued and outstanding  | 1503687 | 1504767 |
| Retained earnings | 406238 | 359142 |
|  | 1909925 | 1863909 |
| Accumulated other comprehensive loss | (10146) | (7861) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Equity | 1899779 | 1856048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Equity | $2523215 | $2636397 |

---

See notes to condensed consolidated financial statements

INTERNATIONAL SEAWAYS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS

(UNAUDITED)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30,  | Three Months Ended June 30,  | Six Months Ended June 30,  | Six Months Ended June 30,  |
|  | 2025 | 2024 | 2025 | 2024 |
| **Shipping Revenues:** |  |  |  |  |
| Pool revenues, including $57,152, $70,090, $104,357 and $153,988 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;from companies accounted for by the equity method | $148772 | $207681 | $286368 | $433963 |
| Time charter revenues | 36729 | 31139 | 72586 | 62188 |
| Voyage charter revenues | 10140 | 18589 | 20081 | 35659 |
|  | 195641 | 257409 | 379035 | 531810 |
| **Operating Expenses:** |  |  |  |  |
| Voyage expenses | 6819 | 5561 | 11871 | 9034 |
| Vessel expenses | 67421 | 67840 | 134449 | 131221 |
| Charter hire expenses | 9627 | 6948 | 18772 | 13596 |
| Depreciation and amortization  | 41349 | 36517 | 81054 | 70670 |
| General and administrative  | 12165 | 11985 | 25382 | 24083 |
| Other operating expenses | 122 | 1454 | 217 | 1730 |
| Third-party debt modification fees |  | 168 |  | 168 |
| Gain on disposal of vessels and other assets, net | (11229) | (27852) | (21250) | (27903) |
| Total operating expenses | 126274 | 102621 | 250495 | 222599 |
| Income from vessel operations | 69367 | 154788 | 128540 | 309211 |
| Other income | 2040 | 2360 | 3884 | 5314 |
| Income before interest expense | 71407 | 157148 | 132424 | 314525 |
| Interest expense | (9761) | (12425) | (21213) | (25312) |
| **Net income** | $61646 | $144723 | $111211 | $289213 |
| **Weighted Average Number of Common Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;Basic | 49323071 | 49387193 | 49315304 | 49180019 |
| &nbsp;&nbsp;Diluted | 49476481 | 49721858 | 49502691 | 49550928 |
| **Per Share Amounts:** |  |  |  |  |
| Basic net income per share | $1.25 | $2.93 | $2.25 | $5.88 |
| Diluted net income per share | $1.25 | $2.91 | $2.25 | $5.83 |

---

See notes to condensed consolidated financial statements

INTERNATIONAL SEAWAYS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

DOLLARS IN THOUSANDS

(UNAUDITED)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30,  | Three Months Ended June 30,  | Six Months Ended June 30,  | Six Months Ended June 30,  |
|  | 2025 | 2024 | 2025 | 2024 |
| Net income | $61646 | $144723 | $111211 | $289213 |
| Other comprehensive (loss)/income, net of tax: |  |  |  |  |
| Net change in unrealized losses on cash flow hedges | (833) | (1098) | (1610) | (425) |
| Defined benefit pension and other postretirement benefit plans: |  |  |  |  |
| &nbsp;&nbsp;Net change in unrecognized prior service costs | (65) | (2) | (88) | 10 |
| &nbsp;&nbsp;Net change in unrecognized actuarial losses | (434) | (16) | (587) | 62 |
| Other comprehensive loss, net of tax | (1332) | (1116) | (2285) | (353) |
| Comprehensive income | $60314 | $143607 | $108926 | $288860 |

---

See notes to condensed consolidated financial statements

INTERNATIONAL SEAWAYS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

DOLLARS IN THOUSANDS

(UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | Six Months Ended June 30,  | Six Months Ended June 30,  |
|  | 2025 | 2024 |
| **Cash Flows from Operating Activities:** |  |  |
| Net income | $111211 | $289213 |
| Items included in net income not affecting cash flows:  |  |  |
| &nbsp;&nbsp;Depreciation and amortization  | 81054 | 70670 |
| &nbsp;&nbsp;Amortization of debt discount and other deferred financing costs | 1966 | 2059 |
| &nbsp;&nbsp;Stock compensation | 3790 | 3633 |
| &nbsp;&nbsp;Other – net  | 206 | (433) |
| Items included in net income related to investing and financing activities:  |  |  |
| &nbsp;&nbsp;Gain on disposal of vessels and other assets, net | (21250) | (27903) |
| Payments for drydocking  | (43451) | (24425) |
| Insurance claims proceeds related to vessel operations | 871 | 888 |
| Changes in operating assets and liabilities:  |  |  |
| &nbsp;&nbsp;Decrease in receivables | 35311 | 24086 |
| &nbsp;&nbsp;Decrease in deferred revenue | (6347) | (4089) |
| &nbsp;&nbsp;Net change in inventories, prepaid expenses and other current assets, accounts  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;payable, accrued expenses and other current and long-term liabilities | (7635) | (9318) |
| Net cash provided by operating activities | 155726 | 324381 |
| **Cash Flows from Investing Activities:** |  |  |
| Expenditures for vessels, vessel improvements and vessels under construction | (100878) | (202875) |
| Security deposits returned for vessel exchange transactions | 5000 |  |
| Proceeds from disposal of vessels and other property, net | 143167 | 48043 |
| Expenditures for other property  | (553) | (801) |
| Investments in short-term time deposits |  | (75000) |
| Proceeds from maturities of short-term time deposits |  | 135000 |
| Pool working capital deposits | (250) | (782) |
| Net cash provided by/(used in) investing activities | 46486 | (96415) |
| **Cash Flows from Financing Activities:** |  |  |
| Borrowings on revolving credit facilities | 20000 | 50000 |
| Repayments on revolving credit facilities | (137200) |  |
| Repayments of debt |  | (39851) |
| Payments on sale and leaseback financing | (24639) | (24325) |
| Payments of deferred financing costs | (87) | (5759) |
| Cash dividends paid | (64115) | (151595) |
| Cash paid to tax authority upon vesting or exercise of stock-based compensation | (4870) | (7055) |
| Net cash used in financing activities | (210911) | (178585) |
| Net (decrease)/increase in cash and cash equivalents | (8699) | 49381 |
| Cash and cash equivalents at beginning of year | 157506 | 126760 |
| Cash and cash equivalents at end of period  | $148807 | $176141 |

---

See notes to condensed consolidated financial statements

INTERNATIONAL SEAWAYS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

DOLLARS IN THOUSANDS

(UNAUDITED)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Capital | <br><br>Retained<br>Earnings | Accumulated<br>Other <br>Comprehensive<br>Loss | <br><br>Total |
| *For the six months ended* |  |  |  |  |
| Balance at January 1, 2025 | $1504767 | $359142 | $(7861) | $1856048 |
| Net income |  | 111211 |  | 111211 |
| Other comprehensive loss |  |  | (2285) | (2285) |
| Dividends declared  |  | (64115) |  | (64115) |
| Common stock withheld related to net share settlement of equity awards | (4870) |  |  | (4870) |
| Compensation relating to restricted stock awards | 520 |  |  | 520 |
| Compensation relating to restricted stock units awards | 3270 |  |  | 3270 |
| Balance at June 30, 2025 | $1503687 | $406238 | $(10146) | $1899779 |
| Balance at January 1, 2024 | $1490986 | $226834 | $(1063) | $1716757 |
| Net income |  | 289213 |  | 289213 |
| Other comprehensive loss |  |  | (353) | (353) |
| Dividends declared  |  | (151595) |  | (151595) |
| Common stock withheld related to net share settlement of equity awards | (7055) |  |  | (7055) |
| Compensation relating to restricted stock awards | 520 |  |  | 520 |
| Compensation relating to restricted stock units awards | 3014 |  |  | 3014 |
| Compensation relating to stock option awards | 99 |  |  | 99 |
| Equity consideration issued for purchase of vessels | 36836 |  |  | 36836 |
| Balance at June 30, 2024 | $1524400 | $364452 | $(1416) | $1887436 |
| *For the three months ended* |  |  |  |  |
| Balance at April 1, 2025 | $1503451 | $374212 | $(8814) | $1868849 |
| Net income |  | 61646 |  | 61646 |
| Other comprehensive income |  |  | (1332) | (1332) |
| Dividends declared  |  | (29620) |  | (29620) |
| Common stock withheld related to net share settlement of equity awards | (1608) |  |  | (1608) |
| Compensation relating to restricted stock awards | 266 |  |  | 266 |
| Compensation relating to restricted stock units awards | 1578 |  |  | 1578 |
| Balance at June 30, 2025 | $1503687 | $406238 | $(10146) | $1899779 |
| Balance at April 1, 2024 | $1488531 | $306659 | $(300) | $1794890 |
| Net income |  | 144723 |  | 144723 |
| Other comprehensive loss |  |  | (1116) | (1116) |
| Dividends declared  |  | (86930) |  | (86930) |
| Common stock withheld related to net share settlement of equity awards | (2909) |  |  | (2909) |
| Compensation relating to restricted stock awards | 229 |  |  | 229 |
| Compensation relating to restricted stock units awards | 1713 |  |  | 1713 |
| Equity consideration issued for purchase of vessels | 36836 |  |  | 36836 |
| Balance at June 30, 2024 | $1524400 | $364452 | $(1416) | $1887436 |

---

See notes to condensed consolidated financial statements

INTERNATIONAL SEAWAYS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 1 — Basis of Presentation:

The accompanying unaudited condensed consolidated financial statements include the accounts of International Seaways, Inc. ("INSW"), a Marshall Islands corporation, and its wholly owned subsidiaries. Unless the context indicates otherwise, references to "INSW", the "Company", "we", "us" or "our", refer to International Seaways, Inc. and its subsidiaries. As of June 30, 2025, the Company's operating fleet consisted of 75 wholly-owned or lease financed and time chartered-in oceangoing vessels, engaged primarily in the transportation of crude oil and refined petroleum products in the International Flag trade through its wholly owned subsidiaries. In addition to our operating fleet, six LR1 newbuilds are scheduled for delivery to the Company between the third quarter of 2025 and third quarter of 2026, bringing the total operating and newbuild fleet to 81 vessels.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and notes required by generally accepted accounting principles in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results have been included. Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

The condensed consolidated balance sheet as of December 31, 2024 has been derived from the audited financial statements at that date but does not include all of the information and notes required by generally accepted accounting principles in the United States for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

All intercompany balances and transactions within INSW have been eliminated.

**Risks and Uncertainties**

The unaudited condensed consolidated financial statements presented herein reflect estimates and assumptions made by management at June 30, 2025. These estimates and assumptions affect, among other things, the Company's long-lived asset valuations; freight and other income tax contingencies; and the allowance for expected credit losses. Events and changes in circumstances arising after August 6, 2025, including those resulting from the impacts of macroeconomic volatility with respect to trade and tariffs, as well as the ongoing international conflicts, will be reflected in management's estimates and assumptions for future periods.

Note 2 — Significant Accounting Policies:

For a description of all of the Company's material accounting policies, see Note 2, "Summary of Significant Accounting Policies," to the Company's consolidated financial statements as of and for the year ended December 31, 2024 included in the Company's Annual Report on Form 10-K. The following is a summary of any changes or updates to the Company's critical accounting policies for the current period:

*Concentration of Credit Risk* **—** The allowance for credit losses is recognized as an allowance or contra-asset and reflects our best estimate of probable losses inherent in the voyage receivables balance. Activity for allowance for credit losses is summarized as follows:

INTERNATIONAL SEAWAYS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

---

| | |
|:---|:---|
| *(Dollars in thousands)* | Allowance for Credit Losses - <br>Voyage Receivables |
| Balance at December 31, 2024 | $86 |
| &nbsp;&nbsp;Provision for expected credit losses | (15) |
| Balance at June 30, 2025 | $71 |

---

The pools in which the Company participates accounted in aggregate for 96% and 98% of consolidated voyage receivables at June 30, 2025 and December 31, 2024, respectively.

*Deferred finance charges* **—** Finance charges, excluding original issue discount, incurred in the arrangement of new debt and/or amendments resulting in the modification of existing debt are deferred and amortized to interest expense on either an effective interest method or straight-line basis over the term of the related debt. Unamortized deferred finance charges of $10.0 million and $11.2 million relating to the $500 Million Revolving Credit Facility and the $160 Million Revolving Credit Facility (See Note 8, "Debt") as of June 30, 2025 and December 31, 2024, respectively, are included in other assets in the accompanying condensed consolidated balance sheets. Unamortized deferred financing charges of $5.7 million and $6.4 million as of June 30, 2025 and December 31, 2024, respectively, relating to the Company's outstanding debt facilities, are included in debt in the accompanying condensed consolidated balance sheets.

Interest expense relating to the amortization of deferred financing charges amounted to $0.8 million and $1.6 million for the three and six months ended June 30, 2025, respectively, and $0.8 million and $1.7 million for the three and six months ended June 30, 2024, respectively.

*Vessels construction in progress —* Interest costs are capitalized to vessels during the period that vessels are under construction.

Interest capitalized during the three and six months ended June 30, 2025 totaled $1.0 million and $1.8 million, respectively, and $0.2 million and $0.4 million during the three and six months ended June 30, 2024, respectively.

*Recently Issued Accounting Standards* — The Financial Accounting Standards Board ("FASB") Accounting Standards Codification is the sole source of authoritative GAAP other than United States Securities and Exchange Commission ("SEC") issued rules and regulations that apply only to SEC registrants. The FASB issues Accounting Standards Updates ("ASU") to communicate changes to the codification.

In November 2024, the FASB issued ASU No. 2024-03, *Disaggregation of Income Statement Expenses*. This guidance will require additional disclosures and disaggregation of certain costs and expenses presented on the face of the income statement. The amendments are effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 with early adoption permitted. We are currently evaluating the impact of this new guidance on the disclosures to our consolidated financial statements.

Note 3 — Earnings per Common Share:

Basic earnings per common share is computed by dividing earnings, after the deduction of dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period.

The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units not classified as participating securities. Participating securities are defined by ASC 260, *Earnings Per Share*, as unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents and are included in the computation of earnings per share pursuant to the two-class method.

Weighted average shares of unvested restricted common stock considered to be participating securities totaled 20,683 and 19,204 for the three and six months ended June 30, 2025, respectively, and 21,844 and 24,870 for the three and six months ended June 30, 2024, respectively. Such participating securities are allocated a portion of income, but not losses under the two-class method. As of June 30,

INTERNATIONAL SEAWAYS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

2025, there were 333,227 shares of restricted stock units and 174,417 stock options outstanding and considered to be potentially dilutive securities.

Reconciliations of the numerator and denominator of the basic and diluted earnings per share computations are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30,  | Three Months Ended June 30,  | Six Months Ended June 30,  | Six Months Ended June 30,  |
| *(Dollars in thousands)* | 2025 | 2024 | 2025 | 2024 |
| Numerator: |  |  |  |  |
| &nbsp;&nbsp;Net income allocated to: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stockholders | $61616 | $144662 | $111163 | $289076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Participating securities | 30 | 61 | 48 | 137 |
|  | $61646 | $144723 | $111211 | $289213 |
| Denominator: |  |  |  |  |
| &nbsp;&nbsp;Weighted-average common shares outstanding, basic | 49323071 | 49387193 | 49315304 | 49180019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive effect of stock options | 77564 | 95381 | 78522 | 111086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive effect of performance-based restricted stock units | 38933 | 115052 | 35768 | 101315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive effect of restricted stock units | 36913 | 124232 | 73097 | 158508 |
| &nbsp;&nbsp;Weighted-average common shares outstanding, diluted | 49476481 | 49721858 | 49502691 | 49550928 |

---

Awards of 514,340 and 507,373 for the three and six months ended June 30, 2025, respectively, and 539,431 and 556,736 for the three and six months ended June 30, 2024, respectively, were not included in the computation of diluted earnings per share because inclusion of these awards would be anti-dilutive.

Note 4 — Business and Segment Reporting:

The Company has two reportable segments: Crude Tankers and Product Carriers. Adjusted income from vessel operations for segment purposes is defined as income from vessel operations before general and administrative expenses, other operating expenses, and gain on disposal of vessels and assets, net. The accounting policies followed by the reportable segments are the same as those followed in the preparation of the Company's condensed consolidated financial statements.

Information about the Company's reportable segments as of and for the three and six months ended June 30, 2025 and 2024 follows:

INTERNATIONAL SEAWAYS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

---

| | | | |
|:---|:---|:---|:---|
|  | Crude | Product |  |
| *(Dollars in thousands)* | Tankers | Carriers | Totals |
| Three months ended June 30, 2025: |  |  |  |
| Shipping revenues | $103799 | $91842 | $195641 |
| Time charter equivalent revenues | 98908 | 89914 | 188822 |
| Vessel expenses | 30015 | 37406 | 67421 |
| Charter hire expenses | 3673 | 5954 | 9627 |
| Depreciation and amortization | 18746 | 22603 | 41349 |
| Loss/(gain) on disposal of vessels and other assets, net | 141 | (11370) | (11229) |
| Adjusted income from vessel operations | 46474 | 23951 | 70425 |
| Adjusted total assets at June 30, 2025 | 1300733 | 1049370 | 2350103 |
| Three months ended June 30, 2024: |  |  |  |
| Shipping revenues | $125379 | $132030 | $257409 |
| Time charter equivalent revenues | 120856 | 130992 | 251848 |
| Vessel expenses | 29915 | 37925 | 67840 |
| Charter hire expenses | 3808 | 3140 | 6948 |
| Depreciation and amortization | 19986 | 16531 | 36517 |
| Gain on disposal of vessels and other assets, net |  | (27852) | (27852) |
| Adjusted income from vessel operations | 67147 | 73396 | 140543 |
| Adjusted total assets at June 30, 2024 | 1487055 | 979423 | 2466478 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Crude | Product |  |
| *(Dollars in thousands)* | Tankers | Carriers | Totals |
| Six months ended June 30, 2025: |  |  |  |
| Shipping revenues | $191802 | $187233 | $379035 |
| Time charter equivalent revenues | 183537 | 183627 | 367164 |
| Vessel expenses | 58433 | 76016 | 134449 |
| Charter hire expenses | 6509 | 12263 | 18772 |
| Depreciation and amortization | 37449 | 43605 | 81054 |
| Gain on disposal of vessels and other assets, net | (9880) | (11370) | (21250) |
| Adjusted income from vessel operations | 81146 | 51743 | 132889 |
| Expenditures for vessels and vessel improvements | 996 | 99882 | 100878 |
| Payments for drydocking | 4800 | 38651 | 43451 |
| Six months ended June 30, 2024: |  |  |  |
| Shipping revenues | $252247 | $279563 | $531810 |
| Time charter equivalent revenues | 244818 | 277958 | 522776 |
| Vessel expenses | 60426 | 70795 | 131221 |
| Charter hire expenses | 7317 | 6279 | 13596 |
| Depreciation and amortization | 40035 | 30635 | 70670 |
| Gain on disposal of vessels and other assets, net | (2) | (27901) | (27903) |
| Adjusted income from vessel operations | 137040 | 170249 | 307289 |
| Expenditures for vessels and vessel improvements | 412 | 202463 | 202875 |
| Payments for drydocking | 4953 | 19472 | 24425 |

---

INTERNATIONAL SEAWAYS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Reconciliations of time charter equivalent ("TCE") revenues of the segments to shipping revenues as reported in the condensed statements of operations follow:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30,  | Three Months Ended June 30,  | Six Months Ended June 30,  | Six Months Ended June 30,  |
| *(Dollars in thousands)* | 2025 | 2024 | 2025 | 2024 |
| Time charter equivalent revenues | $188822 | $251848 | $367164 | $522776 |
| Add: Voyage expenses | 6819 | 5561 | 11871 | 9034 |
| Shipping revenues | $195641 | $257409 | $379035 | $531810 |

---

Consistent with general practice in the shipping industry, the Company uses time charter equivalent revenues, which represent shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. Time charter equivalent revenues, a non-GAAP measure, provide additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance.

Reconciliations of total adjusted income from vessel operations of the segments to net income, as reported in the condensed consolidated statements of operations follow:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30,  | Three Months Ended June 30,  | Six Months Ended June 30,  | Six Months Ended June 30,  |
| *(Dollars in thousands)* | 2025 | 2024 | 2025 | 2024 |
| Total adjusted income from vessel operations of all segments | $70425 | $140543 | $132889 | $307289 |
| General and administrative expenses | (12165) | (11985) | (25382) | (24083) |
| Other operating expenses | (122) | (1454) | (217) | (1730) |
| Third-party debt modification fees |  | (168) |  | (168) |
| Gain on disposal of vessels and other assets, net | 11229 | 27852 | 21250 | 27903 |
| Consolidated income from vessel operations | 69367 | 154788 | 128540 | 309211 |
| Other income | 2040 | 2360 | 3884 | 5314 |
| Interest expense | (9761) | (12425) | (21213) | (25312) |
| Net income | $61646 | $144723 | $111211 | $289213 |

---

Reconciliations of total assets of the segments to amounts included in the condensed consolidated balance sheets follow:

---

| | | |
|:---|:---|:---|
| *(Dollars in thousands)* | June 30, 2025 | June 30, 2024 |
| Adjusted total assets of all segments | $2350103 | $2466478 |
| Corporate unrestricted cash and cash equivalents | 148807 | 176141 |
| Other unallocated amounts | 24305 | 32051 |
| Consolidated total assets | $2523215 | $2674670 |

---

Note 5 — Vessels:

*Vessel Acquisitions and Construction Commitments*

Between August 2023 and March 2024, the Company entered into agreements to construct six dual-fuel ready LNG 73,600 dwt LR1 Product Carriers at K Shipbuilding Co., Ltd.'s shipyard. The six LR1s are expected to be delivered beginning in the third quarter of 2025 through the third quarter of 2026 for an aggregate cost of approximately $359 million. The remaining commitments on the contracts for the construction of the LR1 newbuilds as of June 30, 2025 were $300.0 million, which will be paid for through a combination of long-term financing and available liquidity.

On November 28, 2024, the Company entered into memoranda of agreements for the sale of one 2010-built VLCC and one 2011-built VLCC for an aggregate sales price of $116.6 million and the purchase of three 2015-built MRs for an aggregate purchase price of

INTERNATIONAL SEAWAYS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

$119.5 million with the same counterparty. The Company closed on all five transactions between December 2024 and February 2025, with a net cash outflow of $2.9 million, representing the difference in transaction prices among the five vessels. In conjunction with the agreements, the buyer of each vessel was required to lodge a deposit equal to 10% of the vessel's purchase price into an escrow account, and to ensure that all five vessel transactions were executed, the seller of each vessel was also required to make an additional security deposit of $2.5 million into an escrow account. These security deposits were refunded to each respective seller after all five vessel transactions were completed in February 2025.

In August 2025, the Company entered into a memorandum of agreement to purchase a 2020-built, scrubber-fitted VLCC for $119 million that is expected to deliver during the fourth quarter of 2025. The vessel purchase is expected to be funded with proceeds from vessel sales and available liquidity.

*Disposal/Sales of Vessels* 

During the six months ended June 30, 2025, the Company delivered one 2010-built VLCC, one 2011-built VLCC, and two 2007-built MRs to their buyers and recognized an aggregate gain of $21.3 million.

On June 18, 2025, the Company entered into a memorandum of agreement for the sale of a 2008-built MR Product Carrier for net proceeds of approximately $15.2 million after fees and commissions. The vessel is expected to deliver to its buyer in the third quarter of 2025, at which time the Company will recognize a gain on the sale.

On July 16, 2025, the Company entered into a memorandum of agreement for the sale of a 2006-built LR1 Product Carrier for net proceeds of approximately $9.4 million after fees and commissions. The vessel was delivered to its buyer in the third quarter of 2025, at which time the Company recognized a $3.6 million loss on sale.

In addition, in July 2025, the Company entered into memoranda of agreements for the sale of two 2008-built MR Product Carriers for net proceeds of approximately $32.0 million after fees and commissions. The vessels are expected to deliver to their buyers in the third quarter of 2025, at which time the Company will recognize gains on the sales.

Note 6 — Variable Interest Entities ("VIEs"):

*Unconsolidated VIEs*

As of June 30, 2025, all six commercial pools in which the Company participates were determined to be VIEs for which the Company is not considered a primary beneficiary.

The following table presents the carrying amounts of assets and liabilities in the condensed consolidated balance sheet related to the unconsolidated VIEs as of June 30, 2025:

---

| | |
|:---|:---|
| *(Dollars in thousands)* | Condensed <br>Consolidated Balance Sheet |
| Pool working capital deposits | $35859 |

---

In accordance with accounting guidance, the Company evaluated its maximum exposure to loss related to these unconsolidated VIEs by assuming a complete loss of the Company's investment in these VIEs. The table below compares the Company's liability in the condensed consolidated balance sheet to the maximum exposure to loss at June 30, 2025:

---

| | | |
|:---|:---|:---|
| *(Dollars in thousands)* | Condensed <br>Consolidated Balance Sheet | Maximum Exposure to<br>Loss |
| Other Liabilities | $– | $35859 |

---

INTERNATIONAL SEAWAYS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

In addition, as of June 30, 2025, the Company had approximately $143.8 million of trade receivables due from the pools in which it participates. These trade receivables, which are included in voyage receivables in the accompanying condensed consolidated balance sheet, have been excluded from the above tables and the calculation of INSW's maximum exposure to loss. The Company does not record the maximum exposure to loss as a liability because it does not believe that such a loss is probable of occurring as of June 30, 2025.

Note 7 — Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures:

The estimated fair values of the Company's financial instruments, other than derivatives that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(Dollars in thousands)* | June 30, 2025 | December 31, 2024 | Fair Value Level  |
| &nbsp;&nbsp;Cash and cash equivalents  | $148807 | $157506 | Level 1 |
| &nbsp;&nbsp;$500 Million Revolving Credit Facility <sup>(1)</sup> | (27381) | (144581) | Level 2 |
| &nbsp;&nbsp;Ocean Yield Lease Financing <sup>(1)</sup> | (268148) | (282627) | Level 2 |
| &nbsp;&nbsp;BoComm Lease Financing <sup>(2)</sup> | (184874) | (188370) | Level 2 |
| &nbsp;&nbsp;Toshin Lease Financing <sup>(2)</sup> | (11085) | (11662) | Level 2 |
| &nbsp;&nbsp;Hyuga Lease Financing <sup>(2)</sup> | (11002) | (11776) | Level 2 |
| &nbsp;&nbsp;Kaiyo Lease Financing <sup>(2)</sup> | (10001) | (10554) | Level 2 |
| &nbsp;&nbsp;Kaisha Lease Financing <sup>(2)</sup> | (10109) | (10656) | Level 2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Floating rate debt – the fair value of floating rate debt has been determined using level 2 inputs and is considered to be equal to the carrying value since it bears a variable interest rate, which is reset every three months.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Fixed rate debt – the fair value of fixed rate debt has been determined using level 2 inputs by discounting the expected cash flows of the outstanding debt.

*Derivatives*

At June 30, 2025, the Company was party to amortizing interest rate swap agreements with major financial institutions participating in the $500 Million Revolving Credit Facility that effectively converts the Company's interest rate exposure from a three-month SOFR floating rate to a fixed rate of 2.84% through the maturity date of February 22, 2027. The interest rate swap agreements, which contain no leverage features, are designated and qualify as cash flow hedges and have a remaining aggregate notional value of $173.3 million as of June 30, 2025, covering for accounting purposes, the $27.4 million principal balance outstanding under the $500 Million Revolving Credit Facility and $145.9 million outstanding under the Ocean Yield Lease Financing. Also, as of June 30, 2025, approximately $1.0 million in gain from previously terminated interest rate swaps is expected to be amortized out of accumulated other comprehensive loss to earnings over the next 12 months.

Derivatives are recorded on a net basis by counterparty when a legal right of offset exists. The Company had the following amounts recorded on a net basis by transaction in the accompanying unaudited condensed consolidated balance sheets related to the Company's use of derivatives as of June 30, 2025 and December 31, 2024:

INTERNATIONAL SEAWAYS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

---

| | | | |
|:---|:---|:---|:---|
| *(Dollars in thousands)* | Current portion of derivative asset | Long-term derivative <br>assets | Other <br>receivables |
| June 30, 2025: |  |  |  |
| Derivatives designated as hedging instruments: |  |  |  |
| &nbsp;&nbsp;Interest rate swaps | $1240 | $99 | $289 |
| Total  | $1240 | $99 | $289 |
| December 31, 2024: |  |  |  |
| Derivatives designated as hedging instruments: |  |  |  |
| &nbsp;&nbsp;Interest rate swaps | $2080 | $801 | $453 |
| Total  | $2080 | $801 | $453 |

---

The following tables present information with respect to gains and losses on derivative positions reflected in the condensed consolidated statements of operations or in the condensed consolidated statements of comprehensive income.

The effect of cash flow hedging relationships recognized in other comprehensive (loss)/income excluding amounts reclassified from accumulated other comprehensive income for the three and six months ended June 30, 2025 and 2024 follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30,  | Three Months Ended June 30,  | Six Months Ended June 30,  | Six Months Ended June 30,  |
| *(Dollars in thousands)* | 2025 | 2024 | 2025 | 2024 |
| Derivatives designated as hedging instruments: |  |  |  |  |
| &nbsp;&nbsp;Interest rate swaps | $170 | $1053 | $(10) | $4150 |
| Total other comprehensive (loss)/income | $170 | $1053 | $(10) | $4150 |

---

The effect of the Company's cash flow hedging relationships on the condensed consolidated statement of operations for the three and six months ended June 30, 2025 and 2024 follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30,  | Three Months Ended June 30,  | Six Months Ended June 30,  | Six Months Ended June 30,  |
| *(Dollars in thousands)* | 2025 | 2024 | 2025 | 2024 |
| Derivatives designated as hedging instruments: |  |  |  |  |
| &nbsp;&nbsp;Interest rate swaps | $(716) | $(1895) | $(1532) | $(3965) |
| Discontinued hedging instruments: |  |  |  |  |
| &nbsp;&nbsp;Interest rate swap | (287) | (256) | (68) | (610) |
| Total interest expense | $(1003) | $(2151) | $(1600) | $(4575) |

---

See Note 11, "Accumulated Other Comprehensive Loss," for disclosures relating to the impact of derivative instruments on accumulated other comprehensive income/(loss).

The following table presents the fair values, which are pre-tax, for assets and liabilities measured on a recurring basis:

---

| | | | |
|:---|:---|:---|:---|
| *(Dollars in thousands)* | June 30, 2025 | December 31, 2024 | Fair Value Level  |
| &nbsp;&nbsp;Derivative Assets (interest rate swaps) | $1628 | $3334 | Level 2<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) For the interest rate swaps, fair values are derived using valuation models that utilize the income valuation approach. These valuation models take into account contract terms such as maturity, as well as other inputs such as interest rate yield curves and creditworthiness of the counterparty and the Company.

INTERNATIONAL SEAWAYS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 8 — Debt:

Debt consists of the following:

---

| | | |
|:---|:---|:---|
| *(Dollars in thousands)* | June 30, 2025 | December 31, 2024 |
| $500 Million Revolving Credit Facility, due 2030 | $27381 | $144581 |
| Ocean Yield Lease Financing, due 2031, net of unamortized deferred finance costs of $1,922 and $2,154 | 266225 | 280473 |
| BoComm Lease Financing, due 2030, net of unamortized deferred finance costs of $3,085 and $3,438 | 209587 | 216343 |
| Toshin Lease Financing, due 2031, net of unamortized deferred finance costs of $215 and $243 | 11812 | 12510 |
| Hyuga Lease Financing, due 2031, net of unamortized deferred finance costs of $181 and $207 | 11551 | 12270 |
| Kaiyo Lease Financing, due 2030, net of unamortized deferred finance costs of $149 and $174 | 10292 | 11059 |
| Kaisha Lease Financing, due 2030, net of unamortized deferred finance costs of $157 and $183 | 10407 | 11171 |
|  | 547255 | 688407 |
| Less current portion<sup>(1)</sup> | (287451) | (50054) |
| Long-term portion | $259804 | $638353 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The current portion of debt at June 30, 2025 includes the $268.1 million outstanding principal balance payable under the Ocean Yield Lease Financing facility, as discussed further in the "Ocean Yield Lease Financing" section below.

Capitalized terms used hereafter have the meaning given in these condensed consolidated financial statements or in the respective transaction documents referred to below, including subsequent amendments thereto.

*$500 Million Revolving Credit Facility*

On March 21, 2025, the Company entered into an agreement with the lenders under the $500 Million Revolving Credit Facility whereby two of the three MRs acquired in the vessel exchange transactions described in Note 5, "Vessels," were pledged as collateral under the $500 Million Revolving Credit Facility. These vessels comprise Substitution Vessels, replacing one of the two VLCCs sold in the vessel exchange transactions.

During the six months ended June 30, 2025, an additional $20.0 million was drawn and $137.2 million of the principal balance outstanding under this facility was repaid, leaving an outstanding principal balance of $27.4 million and an undrawn revolver capacity of $421.6 million on this facility as of June 30, 2025.

In July 2025, the Company repaid the outstanding principal balance of $27.4 million under this facility.

*Ocean Yield Lease Financing* 

In April 2025, the Company tendered an irrevocable notice of its intention to exercise purchase options in November 2025 on six VLCCs that are currently bareboat chartered-in. The $257.7 million estimated aggregate purchase price for the six vessels represents the expected remaining debt balance outstanding under the Ocean Yield Lease Financing on the purchase option exercise date. The Company can draw on the $500 Million Revolving Credit Facility to fully fund the aggregate purchase price. The $257.7 million estimated aggregate purchase price is, however, presented within the current portion of debt as of June 30, 2025, as the $500 Million Revolving Credit Facility includes standard subjective acceleration clauses, solely related to future events of default. While any acceleration of the maturity date of the $500 Million Revolving Credit Facility under the subjective acceleration clauses is deemed remote, under ASC 470, *Debt* (ASC 470), the Company views any subjective acceleration clauses in a financing agreement intended to be used to refinance otherwise short-term debt precludes classification of that short-term debt as noncurrent, even if the probability of acceleration under the terms of the subjective acceleration clause is deemed to be remote.

INTERNATIONAL SEAWAYS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

*Debt Covenants*

The Company was in compliance with the financial and non-financial covenants under all of its financing arrangements as of June 30, 2025.

*Interest Expense*

Total interest expense before the impact of capitalized interest, including amortization of issuance and deferred financing costs, commitment, administrative and other fees for all of the Company's debt facilities for the three and six months ended June 30, 2025 was $10.4 million and $22.3 million, respectively, and for the three and six months ended June 30, 2024 was $12.4 million and $25.2 million, respectively. Interest paid, net of interest rate swap cash settlements, for the Company's debt facilities for the three and six months ended June 30, 2025 was $8.9 million and $19.0 million, respectively, and for the three and six months ended June 30, 2024 was $11.1 million and $23.2 million, respectively.

Note 9 — Taxes:

As of June 30, 2025, the Company qualifies for an exemption from U.S. federal income taxes under Section 883 of the U.S. Internal Revenue Code of 1986, as amended (the "Code") and U.S. Treasury Department regulations for the 2025 calendar year, as less than 50 percent of the total value of the Company's stock was held by one or more shareholders who own 5% or more of the Company's stock for more than half of the days of 2025.

The Company reviews its provisions for uncertain tax positions relating to freight taxes in various tax jurisdictions on a regular basis and may update its assessment of its tax positions based on available information at that time. Such information may include additional legal advice as to the applicability of freight taxes in relevant jurisdictions. Freight tax regulations are subject to change and interpretation; therefore, the amounts recorded by the Company may change accordingly. There were no changes in such reserve recorded during the three and six months ended June 30, 2025 and 2024.

Additionally, a number of countries have drafted or are actively considering drafting legislation to implement the Organization for Economic Cooperation and Development's ("OECD") international tax framework, including the Pillar Two Model Rules. These model rules call for a minimum global tax of 15% on large multinational enterprises with possible application from January 1, 2024 or later, depending on implementation by the individual countries in which the Company is domiciled. As currently enacted, the Pillar Two Model Rules have no impact on the Company's consolidated financial statements in 2025, however, the Company is monitoring these developments and evaluating the necessary steps it can take to minimize the impact, if any, to the Company's consolidated financial statements and operations going forward.

Note 10 — Capital Stock and Stock Compensation:

*Share Repurchase Program*

No shares were acquired under the Company's stock repurchase program during the three and six months ended June 30, 2025 and 2024.

In connection with the settlement of vested restricted stock units and the exercise of stock options, the Company repurchased 50,813 and 147,200 shares of common stock during the three and six months ended June 30, 2025, respectively, at an average cost of $31.64 and $33.08 per share (based on the closing market prices on the dates of vesting or exercise), respectively, from employees and certain members of management to cover withholding taxes. Similarly, the Company repurchased 57,088 and 158,591 shares of common stock during the three and six months ended June 30, 2024, respectively, at an average cost of $54.30 and $53.42 per share, respectively.

INTERNATIONAL SEAWAYS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

*Shares of Common Stock*

The following table shows the changes in shares of common stock outstanding:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30,  | Three Months Ended June 30,  | Three Months Ended June 30,  | Six Months Ended June 30,  | Six Months Ended June 30,  |
|  |  | 2025 | 2024 | 2025 | 2024 |
| Common stock outstanding at beginning | Common stock outstanding at beginning | 49287457 | 48999765 | 49194458 | 48925562 |
| &nbsp;&nbsp;Common stock issued - vessel acquisitions |  |  | 623778 |  | 623778 |
| &nbsp;&nbsp;Restricted common stock issued - non-executive directors |  | 28072 |  | 28072 |  |
| &nbsp;&nbsp;Common stock issued - vesting or exercise of share-based compensation |  | 101560 | 107831 | 290946 | 283537 |
| &nbsp;&nbsp;Common stock withheld for employee taxes |  | (50813) | (57088) | (147200) | (158591) |
| Common stock outstanding at ending |  | 49366276 | 49674286 | 49366276 | 49674286 |

---

*Stock-based Compensation*

The Company accounts for stock-based compensation expense in accordance with the fair value method required by ASC 718, *Compensation – Stock Compensation*, which requires share-based payment transactions to be measured according to the fair value of the equity instruments issued.

*Director Compensation – Restricted Common Stock*

In June 2025, the Company awarded a total of 28,072 restricted common stock shares to its non-employee directors. The weighted average fair market value of INSW's stock on the measurement date of such awards was $37.04 per share. Such restricted share awards vest in full on the earlier of the next annual meeting of the stockholders or June 10, 2026, subject to each director continuing to provide services to INSW through such date. The restricted share awards granted may not be transferred, pledged, assigned or otherwise encumbered prior to vesting. Prior to vesting date, a holder of restricted share awards otherwise has all the rights of a shareholder of INSW, including the right to vote such shares and the right to receive dividends paid with respect to such shares at the same time as common shareholders generally.

*Management Compensation* 

*Stock Options*

There were no stock options granted or exercised during the three and six months ended June 30, 2025 and 2024. A total of 65,179 stock options were exercised during the six months ended June 30, 2024 by certain senior officers and employees of the Company at an average exercise price of $21.74 per share. After withholdings for taxes and exercise costs, the Company issued a total of 18,765 shares during the six months ended June 30, 2024 in conjunction with these exercises.

*Restricted Stock Units* 

During the six months ended June 30, 2025, the Company granted 89,880 time-based restricted stock units ("RSUs") to certain of its senior officers. The weighted average grant date fair value of these awards was $33.16 per RSU. Each RSU represents a contingent right to receive one share of INSW common stock upon vesting. All of the RSUs awarded will vest in equal installments on each of the first three anniversaries of the grant date.

During the six months ended June 30, 2025, the Company also granted 89,880 performance-based RSUs to certain of its senior officers. Each performance stock unit represents a contingent right to receive RSUs based upon the covered employees being continuously employed through the end of the period over which the performance goals are measured and shall vest as follows: (i) one-half of the target RSUs shall vest on December 31, 2027, subject to INSW's return on invested capital ("ROIC") performance in the three-year ROIC performance period relative to a target rate (the "ROIC Target") set forth in the award agreements; and

INTERNATIONAL SEAWAYS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(ii) one-half of the target RSUs shall vest on December 31, 2027, subject to INSW's three-year total shareholder return ("TSR") performance relative to that of a performance peer group over a three-year performance period ("TSR Target"). Vesting is subject in each case to the Human Resources and Compensation Committee of the Company's Board of Directors' certification of achievement of the performance measures and targets no later than March 15, 2028. The weighted average grant date fair value of the awards with performance conditions was determined to be $33.16 per RSU. The weighted average grant date fair value of the TSR based performance awards which have a market condition was estimated using a Monte Carlo probability model and determined to be $24.31 per RSU.

*Dividends*

During 2025, the Company's Board of Directors declared and paid the following regular quarterly and supplemental dividends:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Declaration Date  | Record Date | Payment Date | Regular Quarterly Dividend per Share | Supplemental Dividend per Share | Total Dividends Paid *(Dollars in Thousands)* |
| February 26, 2025 | March 14, 2025 | March 28, 2025 | $0.12 | $0.58 | $34495  |
| May 7, 2025 | June 12, 2025 | June 26, 2025 | $0.12 | $0.48 | $29620  |

---

On August 5, 2025, the Company's Board of Directors declared a regular quarterly cash dividend of $0.12 per share of common stock and a supplemental dividend of $0.65 per share of common stock. Both dividends will be paid on September 24, 2025 to stockholders of record as of September 10, 2025.

Note 11 — Accumulated Other Comprehensive Loss:

The components of accumulated other comprehensive loss, net of related taxes, in the condensed consolidated balance sheets follow:

---

| | | |
|:---|:---|:---|
| *(Dollars in thousands)* | June 30, 2025 | December 31, 2024 |
| Unrealized gains on derivative instruments | $3566 | $5176 |
| Items not yet recognized as a component of net periodic benefit cost (pension plans) | (13712) | (13037) |
|  | $(10146) | $(7861) |

---

INTERNATIONAL SEAWAYS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The changes in the balances of each component of accumulated other comprehensive loss, net of related taxes, during the three and six months ended June 30, 2025 and 2024 follow:

---

| | | | |
|:---|:---|:---|:---|
| *(Dollars in thousands)* | Unrealized gains on cash flow hedges | Items not yet recognized as a component of net periodic benefit cost | Total |
| Balance as of March 31, 2025 | $4399 | $(13213) | $(8814) |
| Current period change, excluding amounts reclassified  |  |  |  |
| &nbsp;&nbsp;from accumulated other comprehensive loss | 170 | (763) | (593) |
| Amounts reclassified from accumulated other comprehensive loss | (1003) | 264 | (739) |
| Balance as of June 30, 2025 | $3566 | $(13712) | $(10146) |
| Balance as of March 31, 2024 | $10022 | (10322) | (300) |
| Current period change, excluding amounts reclassified  |  |  |  |
| &nbsp;&nbsp;from accumulated other comprehensive loss | 1053 | (18) | 1035 |
| Amounts reclassified from accumulated other comprehensive loss | (2151) |  | (2151) |
| Balance as of June 30, 2024 | $8924 | $(10340) | $(1416) |

---

---

| | | | |
|:---|:---|:---|:---|
| *(Dollars in thousands)* | Unrealized losses on cash flow hedges | Items not yet recognized as a component of net periodic benefit cost | Total |
| Balance as of December 31, 2024 | $5176 | $(13037) | $(7861) |
| Current period change, excluding amounts reclassified  |  |  |  |
| &nbsp;&nbsp;from accumulated other comprehensive loss | (10) | (1187) | (1197) |
| Amounts reclassified from accumulated other comprehensive loss | (1600) | 512 | (1088) |
| Balance as of June 30, 2025 | $3566 | $(13712) | $(10146) |
| Balance as of December 31, 2023 | $9349 | (10412) | $(1063) |
| Current period change, excluding amounts reclassified  |  |  |  |
| &nbsp;&nbsp;from accumulated other comprehensive loss | 4150 | 72 | 4222 |
| Amounts reclassified from accumulated other comprehensive loss | (4575) |  | (4575) |
| Balance as of June 30, 2024 | $8924 | $(10340) | $(1416) |

---

Amounts reclassified out of each component of accumulated other comprehensive loss follow:

INTERNATIONAL SEAWAYS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30,  | Three Months Ended June 30,  | Six Months Ended June 30,  | Six Months Ended June 30,  |  |
| *(Dollars in thousands)* | 2025 | 2024 | 2025 | 2024 | Statement of Operations <br>Line Item |
| Reclassifications of gains on cash flow hedges: |  |  |  |  |  |
| &nbsp;&nbsp;Interest rate swaps entered into by the Company's subsidiaries | $(716) | $(1895) | $(1532) | $(3965) | Interest expense |
| Reclassifications of losses on discontinued hedging instruments: |  |  |  |  |  |
| &nbsp;&nbsp;Interest rate swap entered into by the Company's subsidiaries | (287) | (256) | (68) | (610) | Interest expense |
| Items not yet recognized as a component of net periodic benefit cost |  |  |  |  |  |
| (pension plans): |  |  |  |  |  |
| &nbsp;&nbsp;Net periodic benefit costs associated with pension and  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;postretirement benefit plans  | 264 |  | 512 |  | Other income |
| Total before and net of tax | $(739) | $(2151) | $(1088) | $(4575) |  |

---

At June 30, 2025, the Company expects that it will reclassify $1.3 million (gross and net of tax) of net gain on derivative instruments from accumulated other comprehensive loss to earnings during the next twelve months attributable to interest rate swaps held by the Company.

See Note 7, "Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures," for additional disclosures relating to derivative instruments.

Note 12 — Revenue:

*Revenue Recognition*

The majority of the Company's contracts for pool revenues, time charter revenues, and voyage charter revenues are accounted for as lease revenue under ASC 842. The Company's contracts with pools are short term which are cancellable with up to 90 days' notice. As of June 30, 2025, the Company is a party to time charter out contracts with customers on three VLCCs, one Suezmax, one Aframax, one LR2, and eight MRs with expiry dates ranging from July 2025 to April 2030. The Company's contracts with customers for voyage charters are short term and vary in length based upon the duration of each voyage. Lease revenue for non-variable lease payments is recognized over the lease term on a straight-line basis and lease revenue for variable lease payments (e.g., demurrage) is recognized in the period in which the changes in facts and circumstances on which the variable lease payments are based occur.

Lightering services provided by the Company's Crude Tanker Lightering Business, and voyage charter contracts that do not meet the definition of a lease are accounted for as service revenues under ASC 606. In accordance with ASC 606, revenue is recognized when a customer obtains control of or consumes promised services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these services.

INTERNATIONAL SEAWAYS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following tables present the Company's revenues from leases accounted for under ASC 842 and revenues from services accounted for under ASC 606 for the three and six months ended June 30, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | Crude | Product |  |
| *(Dollars in thousands)* | Tankers | Carriers | Totals |
| Three months ended June 30, 2025: |  |  |  |
| Revenues from leases  |  |  |  |
| &nbsp;&nbsp;Pool revenues | $76921 | $71851 | $148772 |
| &nbsp;&nbsp;Time charter revenues | 16904 | 19825 | 36729 |
| &nbsp;&nbsp;Voyage charter revenues from non-variable lease payments | (81) | 166 | 85 |
| Revenues from services  |  |  |  |
| &nbsp;&nbsp;Voyage charter revenues from lightering services  | 10055 |  | 10055 |
| Total shipping revenues | $103799 | $91842 | $195641 |
| Three months ended June 30, 2024: |  |  |  |
| Revenues from leases  |  |  |  |
| &nbsp;&nbsp;Pool revenues | $89259 | $118422 | $207681 |
| &nbsp;&nbsp;Time charter revenues | 19892 | 11247 | 31139 |
| &nbsp;&nbsp;Voyage charter revenues from non-variable lease payments | 1077 | 2361 | 3438 |
| Revenues from services  |  |  |  |
| &nbsp;&nbsp;Voyage charter revenues from lightering services  | 15151 |  | 15151 |
| Total shipping revenues | $125379 | $132030 | $257409 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Crude | Product |  |
| *(Dollars in thousands)* | Tankers | Carriers | Totals |
| Six months ended June 30, 2025: |  |  |  |
| Revenues from leases  |  |  |  |
| &nbsp;&nbsp;Pool revenues | $139118 | $147250 | $286368 |
| &nbsp;&nbsp;Time and bareboat charter revenues | 33299 | 39287 | 72586 |
| &nbsp;&nbsp;Voyage charter revenues from non-variable lease payments | 226 | 696 | 922 |
| Revenues from services  |  |  |  |
| &nbsp;&nbsp;Voyage charter revenues from lightering services  | 19159 |  | 19159 |
| Total shipping revenues | $191802 | $187233 | $379035 |
| Six months ended June 30, 2024: |  |  |  |
| Revenues from leases  |  |  |  |
| &nbsp;&nbsp;Pool revenues | $179306 | $254657 | $433963 |
| &nbsp;&nbsp;Time and bareboat charter revenues | 40696 | 21492 | 62188 |
| &nbsp;&nbsp;Voyage charter revenues from non-variable lease payments | 2025 | 3414 | 5439 |
| Revenues from services  |  |  |  |
| &nbsp;&nbsp;Voyage charter revenues from lightering services  | 30220 |  | 30220 |
| Total shipping revenues | $252247 | $279563 | $531810 |

---

*Contract Balances*

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers, and significant changes in contract assets and liabilities balances, associated with revenue from services accounted for under ASC 606.

INTERNATIONAL SEAWAYS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Balances related to revenues from leases accounted for under ASC 842 are excluded from the table below.

---

| | | | |
|:---|:---|:---|:---|
| *(Dollars in thousands)* | Voyage receivables - Billed receivables | Contract assets (Unbilled voyage receivables) | Contract liabilities (Deferred revenues and off hires) |
| Opening balance as of January 1, 2025 | $4086 | $258 | $— |
| Closing balance as of June 30, 2025 | 3564 | 10 |  |

---

We receive payments from customers based on the schedule established in our contracts. Contract assets relate to our conditional right to consideration for our completed performance obligations under contracts and decrease when the right to consideration becomes unconditional or payments are received. Contract liabilities include payments received in advance of performance under contracts and are recognized when performance under the respective contract has been completed. Deferred revenues allocated to unsatisfied performance obligations will be recognized over time as the services are performed.

*Performance Obligations*

All of the Company's performance obligations are generally transferred to customers over time. The expected duration of services is less than one year. There were no material adjustments in revenues from performance obligations satisfied in previous periods recognized during the three and six months ended June 30, 2025 and 2024, respectively.

*Costs to Obtain or Fulfill a Contract*

As of June 30, 2025, there were no unamortized deferred costs of obtaining or fulfilling a contract.

*European Union's Emissions Trading System*

The European Union's Emissions Trading System ("EU ETS") emissions allowances ("EUA") are valued based upon a market approach utilizing prices published on an EUA market index. The value of the EUAs to be provided to the Company pursuant to the terms of its agreements with the charterers of its vessels and the commercial pools in which it participates is included in shipping revenues in the condensed consolidated statements of operations. The value of the EUA obligations incurred by the Company under the EU ETS while its vessels are on-hire is included in voyage expenses, or in vessel expenses while its vessels are off-hire, in the condensed consolidated statements of operations.

EUAs held by the Company are intended to be used to settle its EUA obligations and are accounted for as intangible assets. The Company did not hold any EUAs as of June 30, 2025. EUAs relating to 2024 and 2025 emissions are required to be surrendered to the EU authorities in September 2025 and September 2026, respectively.

The following table presents the components of the non-cash revenues and expenses recognized for EUAs earned and incurred during the three and six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| *(Dollars in thousands)* | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp;Pool revenues | $2622 | $1657 | $4233 | $2045 |
| &nbsp;&nbsp;Time charter revenues | 641 | 359 | 1060 | 490 |
| Total shipping revenues | $3263 | $2016 | $5293 | $2535 |
| Voyage expenses  | $3263 | $2016 | $5293 | $2535 |

---

The value of EUAs due to the Company from its charterers or commercial pools in which it participates, and the value of the EUAs the Company is obligated to surrender to the EU authorities is $10.9 million as of June 30, 2025. The receivables are included in other receivables, in the condensed consolidated balance sheet and $6.5 million and $4.4 million of the obligations are included in other

INTERNATIONAL SEAWAYS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

current liabilities and other liabilities, respectively, in the condensed consolidated balance sheet.

Note 13 — Leases:

As permitted under ASC 842, the Company has elected not to apply the provisions of ASC 842 to short term leases, which include: (i) tanker vessels chartered-in where the duration of the charter was one year or less at inception; (ii) workboats employed in the Crude Tankers Lightering business which have a lease term of 12-months or less; and (iii) short term leases of office and other space.

*Contracts under which the Company is a Lessee*

The Company currently has two major categories of leases – chartered-in vessel and leased office and other space. The expenses recognized during the three and six months ended June 30, 2025 and 2024 for the lease component of these leases are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30,  | Three Months Ended June 30,  | Six Months Ended June 30,  | Six Months Ended June 30,  |
| *(Dollars in thousands)* | 2025 | 2024 | 2025 | 2024 |
| *Operating lease cost* |  |  |  |  |
| Vessel assets |  |  |  |  |
| &nbsp;&nbsp;Charter hire expenses | $4495 | $2367 | $9220 | $4734 |
| Office and other space |  |  |  |  |
| &nbsp;&nbsp;General and administrative  | 227 | 226 | 454 | 452 |
| &nbsp;&nbsp;Voyage expenses | 15 | 45 | 30 | 90 |
| *Short-term lease cost* |  |  |  |  |
| Vessel assets <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;Charter hire expenses | 1350 | 1133 | 2551 | 2498 |
| Total lease cost | $6087 | $3771 | $12255 | $7774 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Excludes vessels spot chartered-in under operating leases and employed in the Crude Tankers Lightering business for periods of less than one month each, totaling $0.5 million and $0.6 million for the three and six months ended June 30, 2025, respectively, compared with $1.4 million and $2.1 million for the three and six months ended June 30, 2024, respectively, including both lease and non-lease components.

Supplemental cash flow information related to leases was as follows:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended June 30,  | Six Months Ended June 30,  |
| *(Dollars in thousands)* | 2025 | 2024 |
| Cash paid for amounts included in the measurement of lease liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows used for operating leases | $9796 | $5361 |

---

Supplemental balance sheet information related to leases was as follows:

---

| | | |
|:---|:---|:---|
| *(Dollars in thousands)* | June 30, 2025 | December 31, 2024 |
| Operating lease right-of-use assets | $12462 | $21229 |
| Current portion of operating lease liabilities | $(7874) | $(14617) |
| Long-term operating lease liabilities | (6598) | (8715) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating and finance lease liabilities | $(14472) | $(23332) |
| Weighted average remaining lease term - operating leases | 4.31 years | 3.37 years |
| Weighted average discount rate - operating leases | 5.10% | 5.51% |

---

INTERNATIONAL SEAWAYS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. Charters-in of vessel assets:

As of June 30, 2025, the Company has a commitment to time charter-in one LR1 through March 2026. The remaining minimum lease liabilities and related number of operating days under the operating lease this operating lease as of June 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| *(Dollars in thousands)* | Amount | Operating Days |
| 2025 | $4981 | 184 |
| 2026 | 1949 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease payments (lease component only) | 6930 | 256 |
| less imputed interest | (121) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating lease liabilities | $6809 |  |

---

2. Office and other space:

The Company has operating leases for offices and a lightering workboat dock space. These leases have expiry dates ranging from November 2026 to May 2033.

Payments of lease liabilities for office and other space as of June 30, 2025 are as follows:

---

| | |
|:---|:---|
| *(Dollars in thousands)* | Amount |
| 2025 | $639 |
| 2026 | 1297 |
| 2027 | 1250 |
| 2028 | 1077 |
| 2029 | 1077 |
| Thereafter | 3678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease payments | 9018 |
| less imputed interest | (1355) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating lease liabilities | $7663 |

---

*Contracts under which the Company is a Lessor*

See Note 12, "Revenue," for discussion on the Company's revenues from operating leases accounted for under ASC 842.

The future minimum contracted revenues, before the deduction of brokerage commissions, expected to be received on non-cancelable time charters for three VLCCs, one Suezmax, one Aframax, one LR2, and eight MRs, and the related revenue days as of June 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| *(Dollars in thousands)* | Amount | Revenue Days |
| 2025 | $63494 | 2240 |
| 2026 | 82808 | 2791 |
| 2027 | 39433 | 1259 |
| 2028 | 34038 | 1098 |
| 2029 | 33945 | 1095 |
| Thereafter | 7068 | 228 |
| Future minimum revenues | $260786 | 8711 |

---

Future minimum contracted revenues do not include the Company's share of time charters entered into by the pools in which it participates or profit-sharing above the base rate on the newbuild dual-fuel LNG VLCCs. Revenues from a time charter are not

INTERNATIONAL SEAWAYS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

generally received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel. In arriving at the minimum future charter revenues, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although there is no assurance that such estimate will be reflective of the actual off-hire in the future.

Note 14 — Other Operating Expenses:

Other operating expenses consist of the following expenses:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30,  | Six Months Ended June 30,  |
| *(Dollars in thousands)* | 2025 | 2024 | 2025 | 2024 |
| Provisions for settlement of multi-employer pension plan obligations | $— | $975 |  | 975 |
| Legal and consulting fees associated with settlement of pension plan obligations  | 122 | 479 | $217 | $755 |
| &nbsp;&nbsp;Total other operating expenses | $122 | $1454 | $217 | $1730 |

---

See Note 15, "Pension and Other Postretirement Benefit Plans," for additional information on the Company's defined benefit pension plan obligations.

Note 15 – Pension and Other Postretirement Benefit Plans:

*Defined Benefit Pension Plan* 

In September 2024, the Company contributed $3.6 million into the OSG Ship Management (UK) Ltd. Retirement Benefits Plan (the "Plan") to allow the Trustee of the Plan to purchase a $21.0 million insurance contract tailored to match the full value of future Plan benefits payable from the Plan. In this arrangement, the Company's pension benefit obligation and related risks and rewards are not transferred to the insurance company, and as a result, the Company continues to be responsible for paying the benefits. However, this arrangement generally constitutes an economic settlement of the liability by eliminating relevant risks associated with changes to the obligation, including investment, interest rate and longevity risk. The contract is accounted for as a plan asset in the accompanying condensed consolidated balance sheet as of June 30, 2025. As this arrangement does not qualify for settlement accounting under ASC 715, *Compensation – Retirement Benefits*, the corresponding obligation is netted against the plan asset in the accompanying condensed consolidated balance sheet at an equal amount.

The Company expects the benefits due to the participants under the Plan to be transferred to the insurance company at the completion of their standard review of the Plan's underlying data with minimal or no additional cost to the Company. At such time, the Company believes the arrangement will qualify for the settlement accounting.

Note 16 — Contingencies:

INSW's policy for recording legal costs related to contingencies is to expense such legal costs as incurred.

*Legal Proceedings Arising in the Ordinary Course of Business*

The Company is a party, as plaintiff or defendant, to various suits in the ordinary course of business for monetary relief arising principally from personal injuries, wrongful death, collision or other casualty and to claims arising under charter parties and other contract disputes. A substantial majority of such personal injury, wrongful death, collision or other casualty claims against the Company is covered by insurance (subject to deductibles not material in amount). Each of the claims involves an amount which, in the opinion of management, should not be material to the Company's financial position, results of operations and cash flows.

INTERNATIONAL SEAWAYS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

In late July 2023, one of the Company's vessels was arrested in connection with a commercial dispute arising earlier in 2023. Although the vessel was subsequently released, the arresting party sought approximately $25 million in security. The underlying commercial dispute was subject to an arbitration hearing in England. In March 2025, the arbitration tribunal ruled in the Company's favor by (i) dismissing the arresting party's claims against the Company, and (ii) awarding the Company the monetary damages it was claiming. The arbitration tribunal's ruling remains subject to appeal and a request to appeal was filed with the tribunal in April 2025. Regardless of the outcome of any appeal, the Company's ultimate ability to collect damages in whole or in part from the arresting party remains uncertain.

INTERNATIONAL SEAWAYS, INC.

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. Such forward-looking statements represent the Company's reasonable expectation with respect to future events or circumstances based on various factors and are subject to various risks and uncertainties and assumptions relating to the Company's operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors, many of which are beyond the control of the Company, that could cause the Company's actual results to differ materially from those indicated in these statements. Undue reliance should not be placed on any forward-looking statements and consideration should be given to the following factors when reviewing any such statement. Such factors include, but are not limited to:

● the highly cyclical nature of INSW's industry;

● fluctuations in the market value of vessels;

● declines in charter rates, including spot charter rates or other market deterioration;

● an increase in the supply of vessels without a commensurate increase in demand;

● the impact of adverse weather and natural disasters;

● the adequacy of INSW's insurance to cover its losses, including in connection with maritime accidents or spill events;

● constraints on capital availability;

● changing economic, political and governmental conditions in the United States and/or abroad and general conditions in the oil and natural gas industry;

● the effect of an increase in trade protectionism, including tariffs, and fees on vessels entering U.S. ports that were constructed in China or are owned or operated by a Chinese entity;

● the impact of changes in fuel prices;

● acts of piracy on ocean-going vessels;

● terrorist attacks and international hostilities and instability, including attacks against merchant vessels in the Red Sea and the Gulf of Aden by Iran-backed Houthi militants based in Yemen;

● the war between Russia and Ukraine could adversely affect INSW's business;

● the impact of public health threats and outbreaks of other highly communicable diseases;

● the effect of the Company's indebtedness on its ability to finance operations, pursue desirable business opportunities and successfully run its business in the future;

● an event occurs that causes the rights issued under the Amended and Restated Rights Agreement adopted by the Company on April 11, 2023 to become exercisable;

● the Company's ability to generate sufficient cash to service its indebtedness and to comply with debt covenants;

● the Company's ability to make capital expenditures to expand the number of vessels in its fleet, and to maintain all of its vessels and to comply with existing and new regulatory standards;

● the availability and cost of third-party service providers for technical and commercial management of the Company's fleet;

● the Company's ability to renew its time charters when they expire or to enter into new time charters;

● termination or change in the nature of the Company's relationship with any of the commercial pools in which it participates and the ability of such commercial pools to pursue a profitable chartering strategy;

● competition within the Company's industry and INSW's ability to compete effectively for charters with companies with greater resources;

● the loss of a large customer or significant business relationship;

● the Company's ability to realize benefits from its past acquisitions or acquisitions or other strategic transactions it may make in the future;

● increasing operating costs and capital expenses as the Company's vessels age, including increases due to limited shipbuilder warranties or the consolidation of suppliers;

● the Company's ability to replace its operating leases on favorable terms, or at all;

● changes in credit risk with respect to the Company's counterparties on contracts;

INTERNATIONAL SEAWAYS, INC.

● the failure of contract counterparties to meet their obligations;

● the Company's ability to attract, retain and motivate key employees;

● work stoppages or other labor disruptions by employees of INSW or other companies in related industries;

● unexpected drydock costs;

● the potential for technological innovation to reduce the value of the Company's vessels and charter income derived therefrom;

● the impact of an interruption in or failure of the Company's information technology and communication systems upon the Company's ability to operate;

● seasonal variations in INSW's revenues;

● government requisition of the Company's vessels during a period of war or emergency;

● the Company's compliance with complex laws, regulations and in particular, environmental laws and regulations, including those relating to ballast water treatment and the emission of greenhouse gases and air contaminants, including from marine engines;

● legal, regulatory or market measures to address climate change, including proposals to restrict emissions of greenhouse gases ("GHGs") and other sustainability initiatives, could have an adverse impact on the Company's business and results of operations;

● increasing scrutiny and changing expectations from investors, lenders, and other market participants with respect to our sustainability and governance policies;

● any non-compliance with the U.S. Foreign Corrupt Practices Act of 1977 or other applicable regulations relating to bribery or corruption;

● the impact of litigation, government inquiries and investigations;

● governmental claims against the Company;

● the arrest of INSW's vessels by maritime claimants;

● changes in laws, including governing tax laws, treaties or regulations, including those relating to environmental and security matters;

● changes in worldwide trading conditions, including the impact of tariffs, trade sanctions, boycotts and other restrictions on trade; and

● pending and future tax law changes may result in significant additional taxes to INSW.

The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements in this Quarterly Report on Form 10-Q and written and oral forward-looking statements attributable to the Company or its representatives after the date of this Quarterly Report on Form 10-Q are qualified in their entirety by the cautionary statement contained in this paragraph and in other reports hereafter filed by the Company with the Securities and Exchange Commission.

INTRODUCTION

This Management's Discussion and Analysis, which should be read in conjunction with our accompanying condensed consolidated financial statements and notes thereto, provides a discussion and analysis of our business, current developments, financial condition, cash flows and results of operations as of June 30, 2025 and for the three and six months ended June 30, 2025 and 2024. It is organized as follows:

● *General.* This section provides a general description of our business, which we believe is important in understanding the results of our operations, financial condition and potential future trends.

● *Operations & Oil Tanker Markets.* This section provides an overview of industry operations and dynamics that have an impact on the Company's financial position and results of operations.

INTERNATIONAL SEAWAYS, INC.

● *Critical Accounting Estimates and Policies.* This section identifies any updates to those accounting policies that are considered important to our results of operations and financial condition, require significant judgment and involve significant management estimates.

● *Results from Vessel Operations.* This section provides an analysis of our results of operations presented on a business segment basis. In addition, a brief description of significant transactions and other items that affect the comparability of the results is provided, if applicable.

● *Liquidity and Sources of Capital.* This section provides an analysis of our cash flows, outstanding debt and commitments. Included in the analysis of our outstanding debt is a discussion of the amount of financial capacity available to fund our ongoing operations and future commitments as well as a discussion of the Company's planned and/or already executed capital allocation activities.

● *Risk Management.* This section provides a general overview of how the interest rate, currency and fuel price volatility risks are managed by the Company.

This Quarterly Report on Form 10-Q includes industry data and forecasts that we have prepared based, in part, on information obtained from industry publications and surveys. Third-party industry publications, surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable. In addition, certain statements regarding our market position in this report are based on information derived from internal market studies and research reports. Unless we state otherwise, statements about the Company's relative competitive position in this report are based on our management's beliefs, internal studies and management's knowledge of industry trends.

General:

We are a provider of ocean transportation services for crude oil and refined petroleum products. We operate our vessels in the International Flag market. Our business includes two reportable segments: Crude Tankers and Product Carriers. For the three and six months ended June 30, 2025 we derived 52% and 50%, respectively, of our TCE revenues from our Crude Tankers segment compared with 48% and 47% for the three and six months ended June 30, 2024, respectively. Revenues from our Product Carriers segment constituted the balance of our TCE revenues in the 2025 and 2024 periods.

As of June 30, 2025, the Company's operating fleet consisted of 75 wholly-owned or lease financed and time chartered-in vessels aggregating 8.4 million deadweight tons ("dwt"). In addition to our operating fleet of 75 vessels, six LR1 newbuilds are scheduled for delivery to the Company between the third quarter of 2025 and third quarter of 2026, bringing the total operating and newbuild fleet to 81 vessels. Our fleet includes VLCC, Suezmax and Aframax crude tankers and LR2, LR1 and MR product carriers.

The Company's revenues are highly sensitive to patterns of supply and demand for vessels of the size and design configurations owned and operated by the Company and the trades in which those vessels operate. Rates for the transportation of crude oil and refined petroleum products from which the Company earns a substantial majority of its revenues are determined by market forces such as the supply and demand for oil, the distance that cargoes must be transported, and the number of vessels expected to be available at the time such cargoes need to be transported. The demand for oil shipments is significantly affected by the state of the global economy, levels of U.S. domestic and international production and OPEC exports. The number of vessels available to transport cargo is affected by newbuilding deliveries and by the removal of existing vessels from service, principally through storage, recycling or conversions. The Company's revenues are also affected by its vessel employment strategy, which seeks to achieve the optimal mix of spot (voyage charter) and long-term (time or bareboat charter) charters. Because shipping revenues and voyage expenses are significantly affected by the mix between voyage charters and time charters, the Company measures the performance of its fleet of vessels based on TCE revenues. Management makes economic decisions based on anticipated TCE rates and evaluates financial performance based on TCE rates achieved. In order to take advantage of market conditions and optimize economic performance, management employs all of the Company's LR1 product carriers, which currently participate in the Panamax International Pool, in the transportation of crude oil cargoes.

INTERNATIONAL SEAWAYS, INC.

Our revenues are derived primarily from spot market voyage charters and our vessels are predominantly employed in the spot market via market-leading commercial pools. We derived approximately 82% and 81% of our total TCE revenues in the spot market for the three and six months ended June 30, 2025, respectively, compared with 88% and 89% for the three and six months ended June 30, 2024, respectively. The future minimum revenues, before reduction for brokerage commissions, expected to be received on non-cancelable time charters for three VLCCs, one Suezmax, one Aframax, one LR2, and eight MRs, as of June 30, 2025 are as follows:

---

| | |
|:---|:---|
| *(Dollars in millions)* | Amount<sup>(1)</sup> |
| 2025 | $63.5 |
| 2026 | 82.8 |
| 2027 | 39.4 |
| 2028 | 34.0 |
| 2029 | 33.9 |
| Thereafter | 7.1 |
| Future minimum revenues | $260.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Future minimum contracted revenues do not include the Company's share of time charters entered into by the pools in which it participates or profit-sharing above the base rate on the newbuild dual-fuel LNG VLCCs. In arriving at the minimum future charter revenues, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although there is no assurance that such estimate will be reflective of the actual off-hire in the future.

![Graphic](insw-20250630x10q005.jpg)

Operations and Oil Tanker Markets:

The International Energy Agency ("IEA") estimates global oil consumption for the second quarter of 2025 at 103.4 million barrels per day ("b/d"), up 0.5% from the same quarter in 2024. The estimate for global oil consumption for 2025 is 103.7 million b/d, an increase

INTERNATIONAL SEAWAYS, INC.

of 0.7% over the 2024 estimate of 103.0 million b/d. OECD demand in 2025 is estimated to decrease by 0.2% to 45.6 million b/d, while non-OECD demand is estimated to increase by 1.4% to 58.1 million b/d.

Global oil production in the second quarter of 2025 was 104.0 million b/d, an increase of 1.5 million b/d from the second quarter of 2024. OPEC crude oil production averaged 27.0 million b/d in the second quarter of 2025, up 0.2 million b/d from the first quarter of 2025, and an increase of 0.4 million b/d from the second quarter of 2024. Non-OPEC production increased by 1.1 million b/d to 71.4 million b/d in the second quarter of 2025 compared with the second quarter of 2024. Oil production in the U.S. of 13.5 million b/d in the second quarter of 2025 increased by 2.5% from the first quarter of 2025 and by 1.7% from the second quarter of 2024.

U.S. refinery throughput increased by 0.4 million b/d to 16.4 million b/d in the second quarter of 2025 compared with the first quarter of 2025.

U.S. crude oil imports in the second quarter of 2025 decreased by 8.3% to 6.0 million b/d compared with the second quarter of 2024, with imports from OPEC countries decreasing by 0.3 million b/d and imports from non-OPEC countries decreasing by 0.2 million b/d. China's crude oil imports in June were 12.1 million b/d, the highest since August 2023. Year-to-date, imports are up 1.4% compared with the corresponding period in 2024.

OECD commercial crude inventories in the second quarter of 2025 decreased by 2.2%, or 31 million barrels, compared with the first quarter of 2025. OECD commercial product inventories in the second quarter of 2025 decreased by 3.0%, or 44 million barrels, compared with the first quarter of 2025.

During the second quarter of 2025, the tanker fleet of vessels over 10,000 dwt increased, net of vessels recycled, by 3.7 million dwt. The crude fleet increased by 2.9 million dwt, with VLCCs, Suezmaxes and Aframaxes increasing by 0.3 million dwt, 1.1 million dwt and 1.5 million dwt, respectively. The product carrier fleet increased by 0.8 million dwt, with LR1s decreasing by 0.1 million dwt and MRs increasing by 0.9 million dwt. Year-over-year, the size of the tanker fleet increased by 9.6 million dwt with the VLCCs and LR1s decreasing by 0.3 million dwt and 0.2 million dwt, respectively and Suezmaxes, Aframaxes, and MRs increasing by 2.8 million dwt, 3.9 million dwt, and 3.4 million dwt, respectively.

During the second quarter of 2025, the tanker orderbook increased by 1.4 million dwt overall. The crude tanker orderbook increased by 2.2 million dwt. The VLCC and Suezmax orderbooks increased by 1.9 million dwt and 2.2 million dwt, respectively, while the Aframax orderbook decreased by 1.8 million dwt. The product carrier orderbook decreased by 0.8 million dwt, all in the MR segment. Year-over-year, the total tanker orderbook increased by 15.1 million dwt, with increases in VLCC, Suezmaxes, LR1s and MRs of 10.4 million dwt, 3.6 million dwt, 1.0 million dwt, and 1.7 million dwt, respectively. The Aframax orderbook decreased by 1.7 million dwt.

Tanker rates showed modest to strong gains in the second quarter of 2025 compared with the first quarter of 2025. Global economic turmoil stemming from fluctuating announcements of trade barriers has created uncertainty for tanker demand. Generally, trade disruptions are positive for shipping, however, trade barriers can lead to demand destruction, which would be negative. Currently, rates remain significantly over cash breakeven levels.

Update on Critical Accounting Estimates and Policies:

The Company's consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require the Company to make estimates in the application of its accounting policies based on the best assumptions, judgments and opinions of management. For a description of all of the Company's material accounting policies, see Note 2, "Summary of Significant Accounting Policies," to the Company's consolidated financial statements as of and for the year ended December 31, 2024 included in the Company's Annual Report on Form 10-K. See Note 2, "Significant Accounting Policies," to the accompanying condensed consolidated financial statements for any changes or updates to the Company's critical accounting policies for the current period.

INTERNATIONAL SEAWAYS, INC.

Results from Vessel Operations:

During the second quarter of 2025, income from vessel operations decreased by $85.4 million to $69.4 million from $154.8 million in the second quarter of 2024. Such decrease resulted principally from lower TCE revenues, increased depreciation and amortization and $16.6 million in incremental gains on the vessel sales recognized in the prior year's quarter.

TCE revenues in the second quarter of 2025 decreased by $63.0 million, or 25%, to $188.8 million from $251.8 million in the second quarter of 2024. This decrease reflects (i) an aggregate $72.8 million rates-based decline resulting from lower average daily rates earned in each of INSW's fleet sectors, (ii) a $5.3 million days-based decline in the VLCC fleet primarily due to the sale of two vessels during the first quarter of 2025 and (iii) a $4.6 million decline in Lightering revenues. These decreases were partially offset by a $16.4 million aggregate days-based increase in the MR and LR1 sectors, driven by the net addition of four MRs between April 2024 and January 2025, 75 additional LR1 chartered-in days and 120 fewer LR1 off-hire days in the current quarter.

During the first half of 2025, income from vessel operations decreased by $180.7 million to $128.5 million from $309.2 million in the first half of 2024. Such decrease resulted principally from a $155.6 million decrease in TCE revenues and increased depreciation and amortization in the current period and $6.7 million in incremental gains on the vessel sales recognized in the prior year's quarter.

The decrease in TCE revenues in the first half of 2025 of $155.6 million, or 30%, to $367.2 million from $522.8 million in the first half of 2024 was attributable to (i) an aggregate $175.3 million rates-based decline resulting from lower average daily rates earned across INSW's fleet sectors, (ii) a $14.4 million days-based decline in the VLCC fleet primarily due to the 2025 vessel sales noted above and (iii) a $10.2 million decline in Lightering revenues. These decreases were partially offset by a $39.8 million aggregate days-based increase in the MR and LR1 sectors, driven by factors similar to those discussed above for the quarter-over-quarter period.

See Note 4, "Business and Segment Reporting," to the accompanying condensed consolidated financial statements for additional information on the Company's segments, including reconciliations of (i) time charter equivalent revenues to shipping revenues and (ii) adjusted income from vessel operations for the segments to income before income taxes, as reported in the condensed consolidated statements of operations.

INTERNATIONAL SEAWAYS, INC.

*Crude Tankers*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30,  | Three Months Ended June 30,  | Six Months Ended June 30,  | Six Months Ended June 30,  |
| *(Dollars in thousands, except daily rate amounts)* | 2025 | 2024 | 2025 | 2024 |
| TCE revenues | $98908 | $120856 | $183537 | $244818 |
| Vessel expenses | (30015) | (29915) | (58433) | (60426) |
| Charter hire expenses | (3673) | (3808) | (6509) | (7317) |
| Depreciation and amortization | (18746) | (19986) | (37449) | (40035) |
| Adjusted income from vessel operations <sup>(a)</sup> | $46474 | $67147 | $81146 | $137040 |
| Average daily TCE rate  | $39627 | $46698 | $37093 | $46846 |
| Average number of owned vessels <sup>(b)</sup> | 19.0 | 21.0 | 19.3 | 21.0 |
| Average number of vessels chartered-in  | 9.1 | 9.3 | 9.0 | 9.2 |
| Number of revenue days <sup>(c)</sup> | 2496 | 2588 | 4948 | 5226 |
| Number of ship-operating days: <sup>(d)</sup> |  |  |  |  |
| &nbsp;&nbsp;Owned vessels | 1729 | 1911 | 3499 | 3822 |
| &nbsp;&nbsp;Vessels bareboat chartered-in under leases <sup>(e)</sup> | 819 | 819 | 1629 | 1638 |
| &nbsp;&nbsp;Vessels spot chartered-in under leases <sup>(f)</sup> | 5 | 23 | 5 | 30 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Adjusted income from vessel operations by segment is before general and administrative expenses, other operating expenses, third-party debt modification fees and gain on disposal of vessels and other property, net.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The average is calculated to reflect the addition and disposal of vessels during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Revenue days represent ship-operating days less days that vessels were not available for employment due to repairs, drydock or lay-up. Revenue days are weighted to reflect the Company's interest in chartered-in vessels.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ship-operating days represent calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents VLCCs that secured lease financing arrangements during the periods presented.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents vessels spot chartered-in by the Company's Crude Tankers Lightering business for full service lightering jobs.

INTERNATIONAL SEAWAYS, INC.

The following tables provide a breakdown of TCE rates achieved for the three and six months ended June 30, 2025 and 2024, between spot and fixed earnings and the related revenue days. The information in this table is based, in part, on information provided by the commercial pools in which the segment's vessels participate and excludes commercial pool fees/commissions averaging approximately $960 and $794 per day for the three months ended June 30, 2025 and 2024, respectively, and $1,036 and $1,016 per day for the six months ended June 30, 2025 and 2024, respectively, as well as activity in the Crude Tankers Lightering business and revenue and revenue days for which recoveries were recorded by the Company under its loss of hire insurance policies. The fixed earnings rates in the table are net of broker/address commissions.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 |
|  | Spot Earnings | Fixed Earnings | Spot Earnings | Fixed Earnings |
| *Three Months Ended June 30,*  |  |  |  |  |
| VLCC<sup>(1)</sup>: |  |  |  |  |
| &nbsp;&nbsp;Average rate | $39303 | $38809 | $46350 | $37339 |
| &nbsp;&nbsp;Revenue days | 644 | 273 | 828 | 273 |
| Suezmax: |  |  |  |  |
| &nbsp;&nbsp;Average rate | $36830 | $33791 | $45045 | $31044 |
| &nbsp;&nbsp;Revenue days | 1106 | 53 | 1001 | 182 |
| Aframax: |  |  |  |  |
| &nbsp;&nbsp;Average rate | $30747 | $38496 | $31450 | $38500 |
| &nbsp;&nbsp;Revenue days | 273 | 83 | 190 | 91 |
| *Six Months Ended June 30,*  |  |  |  |  |
| VLCC<sup>(1)</sup>: |  |  |  |  |
| &nbsp;&nbsp;Average rate | $36388 | $38394 | $45526 | $39128 |
| &nbsp;&nbsp;Revenue days | 1302 | 543 | 1691 | 546 |
| Suezmax: |  |  |  |  |
| &nbsp;&nbsp;Average rate | $33894 | $31036 | $44856 | $31016 |
| &nbsp;&nbsp;Revenue days | 2194 | 130 | 1999 | 365 |
| Aframax: |  |  |  |  |
| &nbsp;&nbsp;Average rate | $28099 | $38499 | $36551 | $38500 |
| &nbsp;&nbsp;Revenue days | 543 | 172 | 412 | 182 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The average rates reported in the table above for VLCCs in the three and six months ended June 30, 2025 represent VLCCs less than 15 years of age. The average spot TCE rates earned by the Company's VLCCs on an overall basis during such periods were $38,403 and $36,052, respectively.

During the second quarter of 2025, TCE revenues for the Crude Tankers segment decreased by $21.9 million, or 18%, to $98.9 million from $120.9 million in the second quarter of 2024. Such decrease principally resulted from (i) an aggregate rates-based decrease in the VLCC, Suezmax and Aframax fleets of $13.5 million due to lower average daily blended rates in these sectors, (ii) a $5.3 million days-based decline in the VLCC sector, which reflected the sales of one 2010-built VLCC and one 2011-built VLCC during the first quarter of 2025 partially offset by 59 fewer off-hire days during the current quarter, and (iii) a $4.6 million decrease in the Crude Tankers Lightering business.

Vessel expenses increased marginally by $0.1 million to $30.0 million in the second quarter of 2025 from $29.9 million in the second quarter of 2024. Such increase was driven principally by increased costs for repairs and spare parts in the Suezmax fleet, offset to a large extent by the sales of the two VLCCs noted above. Depreciation and amortization decreased by $1.2 million to $18.7 million in the current quarter from $20.0 million in the second quarter of 2024, primarily as a result of the sales of the two VLCCs noted above.

Excluding depreciation and amortization and general and administrative expenses, operating income for the Crude Tankers Lightering business was $2.8 million for the second quarter of 2025 compared with $7.2 million for the second quarter of 2024. The decrease reflects a decline in period-over-period activity levels, with 93 service support only lighterings and one full-service lightering job

INTERNATIONAL SEAWAYS, INC.

being performed during the second quarter of 2025 compared with 134 service support only lighterings and three full-service lightering jobs during the second quarter of 2024.

During the first six months of 2025, TCE revenues for the Crude Tankers segment decreased by $61.3 million, or 25%, to $183.5 million from $244.8 million in the first six months of 2024. Such decrease principally resulted from (i) an aggregate rates-based decrease in the VLCC, Suezmax and Aframax fleets of $39.5 million due to lower average daily blended rates in these sectors, (ii) a $14.4 million days-based decline in the VLCC sector, which reflected the VLCC sales described above, and (iii) a $10.2 million decrease in the Crude Tankers Lightering business. Partially offsetting the TCE revenue decreases described above was (iv) a $4.4 million days-based increase in the Aframax sector due to 125 fewer off-hire days during the current period.

Vessel expenses decreased by $2.0 million to $58.4 million in the first half of 2025 from $60.4 million in the first half of 2024. Such decrease was primarily as a result of the sales of the two VLCCs noted above. Charter hire expenses decreased by $0.8 million period-over-period due to decreased charter hire expense in the Crude Tankers Lightering business, which primarily reflects incremental chartered-in Aframax days for full-service jobs during the prior year's period and incremental off-hire time during the current period associated with the workboats being chartered-in by the Company. Depreciation and amortization decreased by $2.6 million to $37.4 million in the six months ended June 30, 2025 from $40.0 million in the prior year's comparable period principally due to the VLCC sales noted above.

Excluding depreciation and amortization and general and administrative expenses, operating income for the Crude Tankers Lightering business was $5.6 million for the first half of 2025 compared with $15.0 million for the first half of 2024. Consistent with the discussion of the quarter-over-quarter decline above, the decrease reflects a decline in period-over-period activity levels, with 178 service support only lighterings and one full-service lightering job being performed during the 2025 period compared with 262 service support only lighterings and three full-service lightering jobs during the comparable 2024 period.

*Product Carriers*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30,  | Three Months Ended June 30,  | Six Months Ended June 30,  | Six Months Ended June 30,  |
| *(Dollars in thousands, except daily rate amounts)* | 2025 | 2024 | 2025 | 2024 |
| TCE revenues | $89914 | $130992 | $183627 | $277958 |
| Vessel expenses | (37406) | (37925) | (76016) | (70795) |
| Charter hire expenses | (5954) | (3140) | (12263) | (6279) |
| Depreciation and amortization | (22603) | (16531) | (43605) | (30635) |
| Adjusted income from vessel operations | $23951 | $73396 | $51743 | $170249 |
| Average daily TCE rate | $21500 | $34857 | $21780 | $37310 |
| Average number of owned vessels | 43.7 | 40.6 | 43.7 | 39.3 |
| Average number of vessels chartered-in  | 5.8 | 5.0 | 5.9 | 5.0 |
| Number of revenue days | 4182 | 3758 | 8431 | 7450 |
| Number of ship-operating days: |  |  |  |  |
| &nbsp;&nbsp;Owned vessels | 3978 | 3696 | 7901 | 7154 |
| &nbsp;&nbsp;Vessels bareboat chartered-in under leases <sup>(a)</sup> | 364 | 364 | 724 | 728 |
| &nbsp;&nbsp;Vessels time chartered-in under leases | 166 | 91 | 346 | 182 |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents MRs that secured lease financing arrangements during the periods presented.

The following tables provide a breakdown of TCE rates achieved for the three and six months ended June 30, 2025 and 2024, between spot and fixed earnings and the related revenue days. The information in this table is based, in part, on information provided by the commercial pools in which the segment's vessels participate and excludes commercial pool fees/commissions averaging approximately $778 and $900 per day for the three months ended June 30, 2025 and 2024, respectively, and $773 and $899 per day for the six months ended June 30, 2025 and 2024, respectively, as well as revenue and revenue days for which recoveries were

INTERNATIONAL SEAWAYS, INC.

recorded by the Company under its loss of hire insurance policies. The fixed earnings rates in the table are net of broker/address commissions.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 |
|  | Spot Earnings | Fixed Earnings | Spot Earnings | Fixed Earnings |
| *Three Months Ended June 30,*  |  |  |  |  |
| LR2: |  |  |  |  |
| &nbsp;&nbsp;Average rate | $— | $39500 | $55485 | $— |
| &nbsp;&nbsp;Revenue days |  | 91 | 58 |  |
| LR1<sup>(1)</sup>: |  |  |  |  |
| &nbsp;&nbsp;Average rate | $32802 | $— | $53066 | $— |
| &nbsp;&nbsp;Revenue days | 702 |  | 506 |  |
| MR<sup>(2)(3)</sup>: |  |  |  |  |
| &nbsp;&nbsp;Average rate | $18941 | $21445 | $35007 | $21553 |
| &nbsp;&nbsp;Revenue days | 2624 | 720 | 2597 | 508 |
| *Six Months Ended June 30,*  |  |  |  |  |
| LR2: |  |  |  |  |
| &nbsp;&nbsp;Average rate | $— | $39459 | $52757 | $— |
| &nbsp;&nbsp;Revenue days |  | 181 | 149 |  |
| LR1<sup>(1)</sup>: |  |  |  |  |
| &nbsp;&nbsp;Average rate | $30053 | $— | $60083 | $— |
| &nbsp;&nbsp;Revenue days | 1421 |  | 1077 |  |
| MR<sup>(2)(3)</sup>: |  |  |  |  |
| &nbsp;&nbsp;Average rate | $20184 | $21613 | $36473 | $21621 |
| &nbsp;&nbsp;Revenue days | 5288 | 1431 | 5143 | 973 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) In order to take advantage of market conditions and optimize economic performance, during the 2025 and 2024 periods, management employed all of the Company's LR1 product carriers, which operate in the Panamax International pool, exclusively in the transportation of crude oil cargoes. During the six months ended June 30, 2024, one LR1 was employed on a transitional voyage in the spot market outside of its ordinary course operations in the Panamax International pool. Such transitional voyage is excluded from the table above.

&nbsp;&nbsp;&nbsp;&nbsp;(2) During the three and six months ended June 30, 2025 one MR which was acquired by the Company during 2025 was employed on transitional voyages in the spot market prior to joining the Norden MR Pool. Such transitional voyages are excluded from the table above.

&nbsp;&nbsp;&nbsp;&nbsp;(3) During the three and six months ended June 30, 2024, three MRs that were acquired by the Company in the second quarter of 2024 were employed on transitional voyages in the spot market prior to delivering to the CPTA Pool to commence their ordinary course operations. Such transitional voyages are excluded from the table above.

During the second quarter of 2025, TCE revenues for the Product Carriers segment decreased by $41.1 million, or 31%, to $89.9 million from $131.0 million in the second quarter of 2024. The reduction in TCE revenues was primarily as a result of (i) an aggregate $59.3 million rates-based decrease in the LR2, LR1 and MR sectors due to lower average daily blended rates earned in the current quarter, which was partially offset by (ii) a $6.2 million days-based increase in the MR sector, which reflects the Company's acquisition of nine MRs between April 2024 and January 2025, partially offset by the sale of five MRs between April 2024 and June 2025, and (iii) a $10.2 million days-based increase in the LR1 sector, which resulted primarily from a 75-day increase in time chartered-in days and 120 fewer off-hire days in the current quarter.

Vessel expenses decreased marginally by $0.5 million to $37.4 million in the second quarter of 2025 from $37.9 million in the second quarter of 2024. Such decrease principally reflects lower drydock deviation costs in the LR1 sector in the current quarter, offset significantly by the impact of the increase in our MR fleet referenced above. Charter hire expenses increased by $2.9 million to $6.0

INTERNATIONAL SEAWAYS, INC.

million in the current quarter from $3.1 million in the second quarter of 2024, primarily as a result of the quarter-over-quarter increase in time chartered-in LR1 days described above. Depreciation and amortization increased by $6.1 million to $22.6 million in the current quarter from $16.5 million in the prior year's quarter. Such increase resulted primarily from increased drydock amortization and the net MR purchases referenced above.

During the first half of 2025, TCE revenues for the Product Carriers segment decreased by $94.3 million, or 34%, to $183.6 million from $278.0 million in the first half of 2024. The reduction in TCE revenues was primarily as a result of (i) an aggregate $135.8 million rates-based decrease in the LR2, LR1 and MR sectors due to lower average daily blended rates earned in the current period, partially offset by (ii) a $20.7 million days-based increase in the MR sector, which reflects the MR transactions described above, and (iii) a $19.0 million days-based increase in the LR1 sector, which resulted primarily from a 164-day increase in time chartered-in days and 160 fewer off-hire days in the current period.

Vessel expenses increased by $5.2 million to $76.0 million in the first six months of 2025 from $70.8 million in the first six months of 2024. Such increase was principally attributable to the net additions in our MR fleet referenced above. Charter hire expenses increased by $6.0 million to $12.3 million in the current period from $6.3 million in the prior year's period, primarily as a result of the period-over-period increase in time chartered-in LR1 days described above. Depreciation and amortization increased by $13.0 million to $43.6 million in the first half of 2025 from $30.6 million in the first half of 2024. The drivers of such increase were consistent with those noted above in relation to the quarter-over-quarter increase.

*General and Administrative Expenses*

During the second quarter of 2025, general and administrative expenses increased by $0.2 million to $12.2 million from $12.0 million in the second quarter of 2024. The primary driver for such increase was higher compensation and benefits costs.

For the six months ended June 30, 2025, general and administrative expenses increased by $1.3 million to $25.4 million from $24.1 million for the same period in 2024. The increase reflects higher compensation and benefits costs of $0.8 million, $0.2 million of which relates to non-cash stock compensation.

*Other Operating Expenses*

See Note 14, "Other Operating Expenses," to the accompanying condensed consolidated financial statements for additional information on these expenses.

*Other Income*

Other income was $2.0 million and $3.9 million for the three and six months ended June 30, 2025, respectively, compared with $2.4 million and $5.3 million of other income for the three and six months ended June 30, 2024. Other income is primarily comprised of interest income earned on invested cash. The period-over-period decrease in interest income reflects the impact of a lower average balance of invested cash during the three and six months ended June 30, 2025 as well as a decrease in interest rates offered on cash deposits.

*Interest Expense*

The components of interest expense are as follows:

INTERNATIONAL SEAWAYS, INC.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30,  | Three Months Ended June 30,  | Six Months Ended June 30,  | Six Months Ended June 30,  |
| *(Dollars in thousands)* | 2025 | 2024 | 2025 | 2024 |
| Interest before items shown below | $11582 | $14610 | $24173 | $29935 |
| Interest cost on defined benefit pension obligation | 210 | 180 | 407 | 385 |
| Impact of interest rate hedge derivatives | (1003) | (2151) | (1600) | (4575) |
| Capitalized interest | (1028) | (214) | (1767) | (433) |
| Interest expense | $9761 | $12425 | $21213 | $25312 |

---

Interest expense decreased during the 2025 periods compared to the corresponding 2024 periods as a result of (i) a reduction in the average outstanding principal balance under the Company's floating rate debt facilities, due to voluntary repayments of such facilities since April 2024, (ii) the repayment in full of the ING Credit Facility in April 2024, and (iii) the decline of SOFR rates during the first half of 2025 compared to the first half of 2024. See Note 8, "Debt," in the accompanying condensed consolidated financial statements for further information on the Company's debt facilities.

*Taxes*

The Company qualifies for an exemption from U.S. federal income taxes under Section 883 of the U.S. Internal Revenue Code of 1986, as amended (the "Code") and U.S. Treasury Department regulations for the 2025 calendar year, as less than 50 percent of the total value of the Company's stock was held by one or more shareholders who own 5% or more of the Company's stock for more than half of the days of 2025. There can be no assurance at this time that INSW will continue to qualify for the Section 883 exemption beyond calendar year 2025. Should the Company not qualify for the exemption in the future, INSW will be subject to U.S. federal income taxation of 4% of its U.S. source shipping income on a gross basis without the benefit of deductions. Shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the U.S. will be considered to be 50% derived from sources within the United States. Shipping income attributable to transportation that both begins and ends in the U.S. would be considered to be 100% derived from sources within the United States, but INSW does not and cannot engage in transportation that gives rise to such income.

*EBITDA and Adjusted EBITDA*

EBITDA represents net income before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA are presented to provide investors with meaningful additional information that management uses to monitor ongoing operating results and evaluate trends over comparative periods. EBITDA and Adjusted EBITDA do not represent, and should not be considered a substitute for, net income or cash flows from operations determined in accordance with GAAP. EBITDA and Adjusted EBITDA have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results reported under GAAP. Some of the limitations are:

● EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments;

● EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and

● EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt.

While EBITDA and Adjusted EBITDA are frequently used by companies as a measure of operating results and performance, neither of those items as prepared by the Company is necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation.

INTERNATIONAL SEAWAYS, INC.

The following table reconciles net income, as reflected in the condensed consolidated statements of operations, to EBITDA and Adjusted EBITDA:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30,  | Three Months Ended June 30,  | Six Months Ended June 30,  | Six Months Ended June 30,  |
| *(Dollars in thousands)* | 2025 | 2024 | 2025 | 2024 |
| Net income | $61646 | $144723 | $111211 | $289213 |
| Interest expense | 9761 | 12425 | 21213 | 25312 |
| Depreciation and amortization | 41349 | 36517 | 81054 | 70670 |
| EBITDA | 112756 | 193665 | 213478 | 385195 |
| Third-party debt modification fees |  | 168 |  | 168 |
| Gain on disposal of vessels and other assets, net | (11229) | (27852) | (21250) | (27903) |
| Provision for settlement of multi-employer pension plan obligations |  | 975 |  | 975 |
| Adjusted EBITDA | $101527 | $166956 | $192228 | $358435 |

---

Liquidity and Sources of Capital:

*Our business is capital intensive. Our ability to successfully implement our strategy is dependent on the continued availability of capital on attractive terms. In addition, our ability to successfully operate our business to meet near-term and long-term debt repayment obligations is dependent on maintaining sufficient liquidity.*

*Liquidity*

As of June 30, 2025, we had total liquidity on a consolidated basis of $709.2 million comprised of $148.8 million of cash and $560.4 million of undrawn revolver capacity.

Working capital at June 30, 2025 was a deficit of $17.9 million compared to a positive balance of $245.4 million at December 31, 2024. Current assets are highly liquid, consisting principally of cash, interest-bearing deposits, and receivables. Current liabilities at June 30, 2025 include the $266.2 million outstanding principal balance payable, net of unamortized deferred finance costs, under the Ocean Yield Lease Financing facility, which will terminate in November 2025, upon our exercise of purchase options. See Note 8, "Debt," in the accompanying condensed consolidated financial statements for further information on the accounting guidance requiring the balance sheet classification of this obligation, which is expected to be refinanced with long-term debt, as a current liability as of June 30, 2025.

The Company's cash and cash equivalents decreased by $8.7 million during the six months ended June 30, 2025. The decrease principally reflects: the net impact of (i) $117.2 million of net loan repayments under the $500 Million Revolving Credit Facility; (ii) $64.1 million of cash dividends paid to shareholders; (iii) $24.6 million in regularly scheduled principal amortization of the Company's lease financing arrangements; (iv) $155.7 million of cash provided by operating activities; (v) $74.3 million in returned security deposits and net proceeds from the sale of two VLCCs and two MRs, net of the purchase of two MRs; and (vi) $27.6 million in other expenditures for vessels, vessel improvements and other property, of which $25.7 million was construction in progress payments.

Our cash and cash equivalents balances generally exceed Federal Deposit Insurance Corporation insured limits. We place our cash and cash equivalents in what we believe to be credit-worthy financial institutions. In addition, certain of our money market accounts invest in U.S. Treasury securities or other obligations issued or guaranteed by the U.S. government or its agencies, floating rate and variable demand notes of U.S. and foreign corporations, commercial paper rated in the highest category by Moody's Investor Services and Standard & Poor's, certificates of deposit and time deposits, asset-backed securities, and repurchase agreements.

As of June 30, 2025, we had total debt outstanding (net of original issue discount and deferred financing costs of $5.7 million) of $547.3 million and net debt to capital of 17.3%, compared with 22.2% at December 31, 2024.

INTERNATIONAL SEAWAYS, INC.

*Sources, Uses and Management of Capital* 

During 2025 to date, we have (i) used incremental liquidity generated from operations and the proceeds from disposal of older tonnage at strong prices to invest in renewing and growing the fleet, (ii) enhanced our balance sheet and liquidity position, and (iii) continued to make substantial returns to shareholders.

In addition to future operating cash flows, our other future sources of funds are proceeds from issuances of equity securities, additional borrowings as permitted under our loan agreements and proceeds from the opportunistic sales of our vessels. Our current uses of funds are to fund working capital requirements, maintain the quality of our vessels, purchase vessels, pay newbuilding construction costs, comply with international shipping standards and environmental laws and regulations, repay or repurchase our outstanding loan facilities, pay a regular quarterly cash dividend, and from time to time, repurchase shares of our common stock and pay supplemental cash dividends.

The following is a summary of the significant capital allocation and strategic fleet optimization activities we executed so far during 2025 and sources of capital we have at our disposal for future use as well as the Company's current commitments for future uses of capital.

During 2025, the Company's Board of Directors declared and paid the following regular quarterly and supplemental dividends:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Declaration Date  | Record Date | Payment Date | Regular Quarterly Dividend per Share | Supplemental Dividend per Share | Total Dividends Paid<br>|
| February 26, 2025 | March 14, 2025 | March 28, 2025 | $0.12 | $0.58 | $34.5 million |
| May 7, 2025 | June 12, 2025 | June 26, 2025 | $0.12 | $0.48 | $29.6 million |

---

On August 5, 2025, the Company's Board of Directors declared a regular quarterly cash dividend of $0.12 per share of common stock and a supplemental dividend of $0.65 per share of common stock. Both dividends will be paid on September 24, 2025 to stockholders of record as of September 10, 2025.

Further building on our liquidity enhancing, deleveraging and financing initiatives, we executed the following transactions:

● In February 2025, we completed the last of five vessel sale and purchase transactions involving the sale of one 2010-built VLCC and one 2011-built VLCC for an aggregate sales price of $116.6 million and the purchase of three 2015-built MRs (the first of which was delivered in December 2024) for an aggregate purchase price of $119.5 million resulting in a net cash outflow of $2.9 million between December 2024 and February 2025.

● During the second quarter of 2025, we entered into agreements for the sale of two 2007-built MRs and one 2008-built MR. The two 2007-built MRs were delivered to their buyers in June 2025 for net proceeds of approximately $27.9 million and the 2008-built MR will be delivered to its buyers during the third quarter of 2025.

● In July 2025, we entered into agreements for the sale of two 2008-built MRs and one 2006-built LR1 for delivery to their buyers by the end of the third quarter of 2025. The Company expects to use the approximately $56.5 million in net proceeds from the sales of the four vessels delivering to buyers during the third quarter of 2025 for fleet renewal.

● In April 2025, we tendered an irrevocable notice of our intention to exercise purchase options in November 2025 on six VLCCs, which we currently bareboat charter-in. The $257.7 million estimated aggregate purchase price for the six vessels represents the expected remaining debt balance outstanding under the Ocean Yield Lease Financing on the purchase option exercise date. While the Company is exploring financing alternatives, it can draw on the availability under its revolving credit facilities to fully fund the purchase options.

INTERNATIONAL SEAWAYS, INC.

● We drew $20 million under our $500 Million Revolving Credit Facility and repaid $137.2 million of the principal balance outstanding under this facility during the six months ended June 30, 2025. In addition, in July 2025, we repaid the remaining principal balance of $27.4 million outstanding under this facility, using proceeds from the vessel sales discussed above.

● In August 2025, we entered into a memorandum of agreement to purchase a 2020-built, scrubber-fitted VLCC for $119 million that is expected to deliver during the fourth quarter of 2025. The vessel purchase is expected to be funded with proceeds from vessel sales and available liquidity.

As of June 30, 2025, the Company has contractual commitments for the construction of six dual-fuel ready LR1s, and the purchase and installation of one ballast water treatment system and two mewis ducts, and purchase and installation of various performance efficiency devices for the fleet. The Company's debt service commitments and aggregate purchase commitments for vessel construction and betterments as of June 30, 2025, are presented in the Aggregate Contractual Obligations Table below.

*Outlook*

Our strong balance sheet, as evidenced by a substantial level of liquidity, 32 unencumbered vessels (excluding the six LR1s under construction) as of June 30, 2025, and diversified financing sources with debt maturities spread out between 2030 and 2031, positions us to support our operations over the next twelve months as we continue to advance our vessel employment strategy, which seeks to achieve an optimal mix of spot (voyage charter) and long-term (time charter) charters. Our balance sheet strength and balanced fleet position us to continue pursuing our disciplined capital allocation strategy of fleet renewal, incremental debt reduction and returns to shareholders and pursue potential strategic opportunities that may arise within the diverse sectors in which we operate.

INTERNATIONAL SEAWAYS, INC.

*Aggregate Contractual Obligations*

A summary of the Company's long-term contractual obligations as of June 30, 2025 follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | Beyond |  |
| *(Dollars in thousands)* | 2025 | 2026 | 2027 | 2028 | 2029 | 2029 | Total |
| $500 Million Revolving Credit Facility<sup>(1)</sup> | $1908 | $2945 | $3770 | $3485 | $3145 | $27823 | $43076 |
| $160 Million Revolving Credit Facility<sup>(2)</sup> | 485 | 898 | 811 | 730 | 161 |  | 3085 |
| Ocean Yield Lease Financing - floating rate<sup>(3)</sup> | 275321 |  |  |  |  |  | 275321 |
| BoComm Lease Financing - fixed rate<sup>(4)</sup> | 11978 | 23762 | 23762 | 23827 | 23762 | 142272 | 249363 |
| Toshin Lease Financing - fixed rate<sup>(4)</sup> | 1080 | 2160 | 2151 | 2223 | 2052 | 4881 | 14547 |
| Hyuga Lease Financing - fixed rate<sup>(4)</sup> | 1116 | 2232 | 2232 | 2160 | 2160 | 4256 | 14156 |
| Kaiyo Lease Financing - fixed rate<sup>(4)</sup> | 1125 | 2410 | 2214 | 2214 | 2214 | 2127 | 12304 |
| Kaisha Lease Financing - fixed rate<sup>(4)</sup> | 1313 | 2225 | 2214 | 2214 | 2214 | 2287 | 12467 |
| Operating lease obligations<sup>(5)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Time Charter-ins | 6550 | 2563 |  |  |  |  | 9113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Office and other space | 639 | 1297 | 1250 | 1077 | 1077 | 3678 | 9018 |
| Vessel and vessel betterment commitments<sup>(6)</sup> | 113198 | 188480 |  |  |  |  | 301678 |
| Total | $414713 | $228972 | $38404 | $37930 | $36785 | $187324 | $944128 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Amounts shown include unused revolver capacity commitment fees and contractual interest obligations of floating rate debt estimated based on the applicable margin for the $500 Million Revolving Credit Facility of 1.85%, plus the fixed rate stated in the related interest rate swaps of 2.84%.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Amounts shown include unused revolver capacity commitment fees and contractual interest obligations, if any, of floating rate debt estimated based on the applicable margin for the $160 Million Revolving Credit Facility of 1.975%.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Amounts shown include contractual interest obligations on $268.1 million of outstanding floating rate debt estimated through November 8, 2025, the date on which the Company's purchase options will be exercised, based on the applicable margin for the Ocean Yield Lease Financing of 4.05% plus 0.26% of credit adjustment spread and the fixed rate stated in the interest rate swaps (assigned for accounting purposes) of 2.84% on $145.9 million of notional principal amount outstanding. As described in Note 8, "Debt," to the accompanying condensed consolidated financial statements, the Company is obligated to repay the Ocean Yield Lease Financing in full in November 2025 and expects to issue floating rate debt to refinance such facility, the amounts shown above exclude any debt entered into subsequent to June 30, 2025 and the portions of the interest rate swaps expected to be assigned to such debt for accounting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Amounts shown include contractual implicit interest obligations of the lease financing under the bareboat charters.

&nbsp;&nbsp;&nbsp;&nbsp;(5) As of June 30, 2025, the Company had a charter-in commitment for one vessel on a lease that is accounted for as an operating lease. The full amounts due under office and other space leases are discounted and reflected on the Company's consolidated condensed balance sheet as lease liabilities with corresponding right of use asset balances.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Represents the Company's commitments for the purchase and installation of one ballast water treatment system and two mewis duct systems, and the purchase and installation of various performance efficiency devices for the fleet, and the remaining commitments for the construction of six dual-fuel ready LR1s .

Risk Management:

The Company is exposed to market risk from changes in interest rates, which could impact its results of operations and financial condition. The Company manages this exposure to market risk through its regular operating and financing activities and, when

INTERNATIONAL SEAWAYS, INC.

deemed appropriate, through the use of derivative financial instruments. To manage its interest rate risk exposure associated with changes in variable interest rate payments due on its credit facilities in a cost-effective manner, the Company, from time-to-time, enters into interest rate swap, collar or cap agreements, in which it agrees to exchange various combinations of fixed and variable interest rates based on agreed upon notional amounts or to receive payments if floating interest rates rise above a specified cap rate. The Company uses such derivative financial instruments as risk management tools and not for speculative or trading purposes. In addition, derivative financial instruments are entered into with a diversified group of major financial institutions in order to manage exposure to nonperformance on such instruments by the counterparties.

Available Information

The Company makes available free of charge through its internet website, www.intlseas.com, its Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as soon as reasonably practicable after the Company electronically files such material with, or furnishes it to, the Securities and Exchange Commission.

The public may also read and copy any materials the Company files with the SEC at the SEC's Public Reference Room at 100 F Street, N.E. Washington D.C. 20549 (information on the operation of the Public Reference Room is available by calling the SEC at 1-800-SEC-0330). The SEC also maintains a web site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at https://www.sec.gov.

The Company also makes available on its website, its corporate governance guidelines, its Code of Business Conduct and Ethics, insider trading policy, anti-bribery and corruption policy, incentive compensation recoupment policy, and charters of the Audit Committee, the Human Resources and Compensation Committee, Sustainability and Safety Committee and the Corporate Governance and Risk Assessment Committee of the Board of Directors. The Company is required to disclose any amendment to a provision of its Code of Business Conduct and Ethics. The Company intends to use its website as a method of disseminating this disclosure, as permitted by applicable SEC rules. Any such disclosure will be posted to the Company website within four business days following the date of any such amendment. Neither our website nor the information contained on that site, or connected to that site, is incorporated by reference into this Quarterly Report on Form 10-Q.

INTERNATIONAL SEAWAYS, INC.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

As of the end of the period covered by this Quarterly Report on Form 10-Q, an evaluation was performed under the supervision and with the participation of the Company's management, including the Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), of the effectiveness of the design and operation of the Company's disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on that evaluation, the Company's management, including the CEO and CFO, concluded that the Company's current disclosure controls and procedures were effective as of June 30, 2025 to ensure that information required to be disclosed by the Company in the reports the Company files or submits under the Exchange Act is (i) recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's rules and forms and (ii) accumulated and communicated to the Company's management, including the CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There was no change in the Company's internal control over financial reporting during the three months ended June 30, 2025 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings

See Note 16, "Contingencies," to the accompanying condensed consolidated financial statements for a description of the current legal proceedings, which is incorporated by reference in this Part II, Item 1.

Item 1A.&nbsp;&nbsp;&nbsp;&nbsp; Risk Factors

In addition to the other information set forth below in this Quarterly Report, you should carefully consider the factors discussed in Part I, Item 1A. "Risk Factors" in our 2024 Form 10-K and in Part II, Item 1A "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. The risks described in those documents are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Item 2.&nbsp;&nbsp;&nbsp;&nbsp; Unregistered Sales of Equity Securities and Use of Proceeds

No stock repurchases were made during the three and six months ended June 30, 2025 other than shares withheld to cover tax withholding liabilities relating to the vesting of outstanding restricted stock units held by certain members of management.

See Note 10, "Capital Stock and Stock Compensation," to the accompanying condensed consolidated financial statements for additional information about the stock repurchase plan and a description of shares withheld to cover the cost of stock options exercised by certain members of management and tax withholding liabilities relating to the vesting of previously-granted equity awards to certain members of management, which is incorporated by reference in this Part II, Item 2.

Item 4.&nbsp;&nbsp;&nbsp;&nbsp; Mine Safety Disclosures

Not applicable.

INTERNATIONAL SEAWAYS, INC.

Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Information

Insider Trading Arrangements and Policies

On March 14, 2025, Ms. Lois K. Zabrocky, the Company's President and Chief Executive Officer and a director of the Company, entered a trading plan (the "Zabrocky Plan") designed to satisfy the affirmative defenses of Rule 10b5-1 under the Exchange Act. The Zabrocky Plan provides for the sale of up to 24,000 shares of our Common Stock beginning on August 15, 2025, until August 15, 2026, or when all the shares have been publicly sold.

On May 23, 2025, Mr. Jeffrey D. Pribor, the Company's Senior Vice President and Chief Financial Officer, entered a trading plan (the

"Pribor Plan") designed to satisfy the affirmative defenses of Rule 10b5-1 under the Exchange Act. The Pribor Plan provides for the sale of up to 12,000 shares of our Common Stock beginning on August 22, 2025, until July 31, 2026, or when all the shares have been publicly sold.

Each of the Zabrocky Plan and the Pribor Plan was adopted in accordance with our insider trading plan policy. Actual sale transactions will be disclosed publicly in filings with the SEC in accordance with applicable securities laws, rules, and regulations.

Except as disclosed above, during the second quarter of 2025, none of our directors or executive officers adopted Rule 10b5-1 trading plans and none of our directors or executive officers terminated a Rule 10b5-1 trading plan or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).

Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits

---

| | |
|:---|:---|
| \*31.1 | [Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a), as amended.](insw-20250630xex31d1.htm) |
| \*31.2 | [Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a), as amended.](insw-20250630xex31d2.htm) |
| \*32 | [Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](insw-20250630xex32.htm) |
| EX-101.INS | Inline XBRL Instance Document |
| EX-101.SCH | Inline XBRL Taxonomy Extension Schema |
| EX-101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase |
| EX-101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase |
| EX-101.LAB | Inline XBRL Taxonomy Extension Label Linkbase |
| EX-101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase |
| EX-104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Exhibits which have not previously been filed or listed are marked with an asterisk (\*).

INTERNATIONAL SEAWAYS, INC.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
|  | INTERNATIONAL SEAWAYS, INC. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) |
| Date: August 6, 2025 | /s/ Lois K. Zabrocky |
|  | Lois K. Zabrocky |
|  | Chief Executive Officer |
| Date: August 6, 2025 | /s/ Jeffrey D. Pribor |
|  | Jeffrey D. Pribor |
|  | Chief Financial Officer |

---

## Exhibit 31.1

**Exhibit 31.1**

CERTIFICATION OF CHIEF EXECUTIVE OFFICER<br>PURSUANT TO RULE 13a-14(a) AND 15d-14(a), AS AMENDED

I, Lois K. Zabrocky, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of International Seaways, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 6, 2025 | /s/ Lois K. Zabrocky |
|  | Lois K. Zabrocky |
|  | Chief Executive Officer |

---

------

## Exhibit 31.2

**Exhibit 31.2**

CERTIFICATION OF CHIEF FINANCIAL OFFICER<br>PURSUANT TO RULE 13a-14(a) AND 15d-14(a), AS AMENDED

I, Jeffrey D. Pribor, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of International Seaways, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 6, 2025 | /s/ Jeffrey D. Pribor |
|  | Jeffrey D. Pribor |
|  | Chief Financial Officer |

---

------

## Ex-32

**Exhibit 32**

CERTIFICATION OF CHIEF EXECUTIVE OFFICER<br>AND CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350,<br>AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT 0F 2002

Each of the undersigned, the Chief Executive Officer and the Chief Financial Officer of International Seaways, Inc. (the "Company"), hereby certifies, to the best of her/his knowledge and belief, that the Form 10-Q of the Company for the quarterly period ended June 30, 2025 (the "Periodic Report") accompanying this certification fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) and that the information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company. This certification is provided solely for purposes of complying with the provisions of Section 906 of the Sarbanes-Oxley Act and is not intended to be used for any other purpose.

---

| | |
|:---|:---|
| Date: August 6, 2025 | /s/ Lois K. Zabrocky |
|  | Lois K. Zabrocky |
|  | Chief Executive Officer |
| Date: August 6, 2025 | /s/ Jeffrey D. Pribor |
|  | Jeffrey D. Pribor |
|  | Chief Financial Officer |

---

------