# EDGAR Filing Document

**Accession Number:** 0001679049
**File Stem:** 0001104659-25-107386
**Filing Date:** 2025-11
**Character Count:** 38070
**Document Hash:** 726a30b2a0ec443ebcd92669fefcfcd2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-107386.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001104659-25-107386

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251106

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37836
- **FILM NUMBER:** 251456160

**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'?

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM 8-K

#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(d) OF THE

#### SECURITIES EXCHANGE ACT OF 1934

#### November 6, 2025
Date of Report (Date of earliest event reported)

**<u>International Seaways, Inc.</u>**

(Exact Name of Registrant as Specified in Charter)

**<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-37836-1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

Commission File Number

---

| | |
|:---|:---|
| **Marshall Islands** | **98-0467117** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |

---

**600 Third Avenue, 39th Floor**

#### New York , New York 10016
(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code **<u>(212) 578-1600</u>**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

------

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth 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. ¨

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

<u>Title of each class</u> <u>Symbol</u> <u>Name of each exchange on which registered</u> <br> Common Stock (no par value) INSW New York Stock Exchange <br> Rights to Purchase Common Stock N/A New York Stock Exchange

**Section 2 – Financial Information**

---

| | |
|:---|:---|
| ***Item 2.02*** | ***Results of Operations and Financial Condition.*** |

---

The following information, including the Exhibit to this Form 8-K, is being furnished pursuant to Item 2.02 — Results of Operations and Financial Condition of Form 8-K. This information is not deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into any Securities Act of 1933 registration statements.

On November 6, 2025, International Seaways, Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing third quarter 2025 earnings.

**Section 7 – Regulation FD**

Item 7.01 Regulation FD Disclosure.

The following information, including the Exhibit to this Form 8-K, is being furnished pursuant to Item 7.01 — Regulation FD Disclosure of Form 8-K. This information is not deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into any Securities Act of 1933 registration statements.

On November 5, 2025, INSW's Board of Directors declared a combined dividend of $0.86 per share of common stock payable in the fourth quarter of 2025, comprised of a regular quarterly dividend of $0.12 per share of common stock and a supplemental dividend of $0.74 per share of common stock. Both such dividends are payable on December 23, 2025 to shareholders of record at the close of business on December 9, 2025.

**Section 9 – Financial Statements and Exhibits**

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Pursuant to General Instruction B.2 of Form 8-K, the following exhibit is furnished with this Form 8-K.

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| [99.1](tm2530399d1_ex99-1.htm) | [Press Release dated November 6, 2025.](tm2530399d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**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 hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  | INTERNATIONAL SEAWAYS, INC. | INTERNATIONAL SEAWAYS, INC. | INTERNATIONAL SEAWAYS, INC. |
|  | (Registrant) | (Registrant) | (Registrant) |
| Date: November 6, 2025 | By | | /s/ James D. Small III |
|  |  | Name: | James D. Small III |
|  |  | Title: | Chief Administrative Officer, Senior Vice President, Secretary and General Counsel |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](tm2530399d1_ex99-1.htm) | [Press Release dated November 6, 2025.](tm2530399d1_ex99-1.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2530399d1_ex99-1img01.jpg)

**INTERNATIONAL SEAWAYS REPORTS**

**THIRD QUARTER 2025 RESULTS**

**New York, NY – November 6, 2025–** International Seaways, Inc. (NYSE: INSW) (the "Company," "Seaways," or "INSW"), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today reported results for the third quarter 2025.

**HIGHLIGHTS & RECENT DEVELOPMENTS**

**Quarterly Results:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Net income for the third quarter of 2025 was
$71 million, or $1.42 per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted net income<sup>(1)</sup>, defined as
net income excluding special items, for the third quarter of 2025 was $57 million, or $1.15 per diluted share, which excludes gains on
vessel sales in connection with the fleet optimization described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted EBITDA<sup>(1)</sup> for the third quarter
or 2025 was $108 million.

**Fleet Optimization Program:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Took delivery of the Seaways Alacran, the first
of six LR1 newbuildings, in the third quarter. The Seaways Balboa was added in October, with the remaining four LR1 newbuilding vessels
scheduled for delivery in 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sold five vessels with an average age of 17.7
years for proceeds of approximately $67 million. Agreed to sell three additional 2007-built MRs for proceeds of approximately $37 million;
the sales are expected to close in the fourth quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Agreed to purchase a 2020-built scrubber-fitted
VLCC for $119 million, expected to be delivered during the fourth quarter.

**Healthy Balance Sheet:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Successfully placed $250 million of senior unsecured
bonds in the Norwegian bond market at a coupon rate of 7.125%. Proceeds from the bonds will be to be used to repay existing sale leaseback
arrangements, unencumbering six VLCCs in the fourth quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Executed a $240 million Korean export agency-backed
financing ("the ECA Facility") for LR1 vessels on order. The Company has drawn $82 million in connection with the deliveries
of the first two vessels. The remaining funding will be drawn in connection with the delivery of each of the newbuilding vessels during
2026. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Total liquidity was $985 million as of September
30, 2025, including cash of $413 million and $572 million undrawn revolving credit capacity. Liquidity is impacted by the timing difference
between receipt of bond proceeds and the scheduled $258 million repayment of sale leaseback arrangements in the fourth quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Net loan-to-value remained low at approximately
13% as of September 30, 2025.

**Returns to Shareholders:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Paid a combined $0.77 per share in regular and
supplemental dividends in September 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Declared a combined dividend of $0.86 per share
to be paid in December 2025, representing 75% of adjusted net income<sup>(1)</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 24<sup>th</sup> consecutive quarterly dividend
and 5th consecutive quarter with a payout ratio of at least 75%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Extended the expiry of the $50 million share
repurchase program from the end of 2025 to the end of 2026.

Lois K. Zabrocky, International Seaways President and CEO commented, "Seaways delivered another strong quarter of results, with solid contributions from all our asset classes in both crude and products. We continued to strengthen our platform through consistent shareholder returns, disciplined fleet renewal, and ongoing balance sheet optimization. We sold our oldest vessels, took delivery of two of six LR1 newbuildings, and completed a NOK bond transaction that will ultimately unencumber six vessels and enhance our financial flexibility. As we continue to pull all the levers of capital allocation, we are pleased to deliver a consistent payout ratio of at least 75% of adjusted net income."

Ms. Zabrocky continued, "Market conditions strengthened late in the third quarter and have remained firm, with forward fixtures well above year-ago levels. Looking ahead, fundamentals point to continued strength in tanker rates in the near term. Tanker demand is supported by oil demand growth of about 1% and oil supply growth from the Americas and OPEC+. There may be some restocking of inventory that should continue to support trade flows following last year's draws. Geopolitical factors continue to create inefficiencies in the global trade that absorb tonnage, while fleet growth is modest at around 2%. Tanker supply remains constrained and the gap between older ships and the orderbook exceeds three to one."

![](tm2530399d1_ex99-1img01.jpg)

Jeff Pribor, the Company's CFO stated, "During the quarter, we successfully completed a bond offering on attractive terms, marking an important milestone in diversifying our capital structure and broadening our access to new investor markets. The proceeds were used to retire higher-cost debt that had been instrumental in financing the company's earlier growth. Combined with our low cash break-even under $15,000 per day in 2026 and disciplined balance sheet management, this transaction further enhances our financial flexibility and supports long-term value creation."

**THIRD QUARTER 2025 RESULTS**

Net income for the third quarter of 2025 was $71 million, or $1.42 per diluted share, compared to net income of $92 million, or $1.84 per diluted share, for the third quarter of 2024. The decrease in results was primarily driven by lower TCE revenues<sup>(1)</sup> from spot earnings of approximately $3,300 per day across the total fleet and fewer revenue days.

Shipping revenues for the third quarter were $196 million, compared to $225 million for the third quarter of 2024. TCE revenues<sup>(1)</sup> for the third quarter were $192 million, compared to $220 million for the third quarter of 2024.

Adjusted EBITDA<sup>(1)</sup> for the third quarter was $108 million, compared to $130 million for the third quarter of 2024.

**Crude Tankers**

Shipping revenues for the Crude Tankers segment were $96 million for the third quarter of 2025, compared to $103 million for the third quarter of 2024. TCE revenues<sup>(1)</sup> were $93 million for the third quarter, compared to $99 million for the third quarter of 2024. This decrease was attributable to fewer revenue days for VLCCs and average spot earnings of the Suezmax sector of approximately $33,300 per day compared with $38,000 per day during the third quarter of 2024.

**Product Carriers**

Shipping revenues for the Product Carriers segment were $100 million for the third quarter of 2025, compared to $122 million for the third quarter of 2024. TCE revenues<sup>(1)</sup> were $99 million for the third quarter of 2025, compared to $121 million for the third quarter of 2024. The decrease is primarily attributable to fewer revenue days and average spot earnings in the LR1 and MR classes of approximately $34,600 and $25,600 per day, respectively, compared with approximately $46,900, and $29,000 per day, respectively in the third quarter of 2024.

**FLEET OPTIMIZATION PROGRAM**

During the third quarter of 2025, the Company took delivery of the Seaways Alacran, the first of six LR1 newbuildings under construction in Korea with K Shipbuilding Co., Ltd. The aggregate contract price for the six scrubber-fitted, dual-fuel ready LR1 vessels is approximately $359 million. As of September 30, 2025, the Company has approximately $230 million in remaining construction costs, of which approximately $200 million is expected to be drawn from the ECA Credit Facility in accordance with the delivery schedule.

During the third quarter, the Company sold five vessels, including three MRs and two LR1s, with an average age of 17.7 years for net proceeds of $67 million. During the nine months ended September 30, 2025, the Company has sold seven vessels, five MRs and two LR1s, with an average age of 17.7 years for proceeds of approximately $95 million, excluding two vessels that were swapped in early 2025.

In the first quarter of 2025, the Company concluded a vessel swap to exchange two of our oldest VLCCs and $3 million in cash for three 2015-built MRs through a series of individual vessel sales and purchase agreements with the same counterparty. Due to the timing of the transactions, the Company received net proceeds during the first quarter of 2025 of $50 million and paid $53 million in the fourth quarter of 2024.

In August 2025, the Company agreed to purchase a 2020-built, scrubber-fitted VLCC for $119 million that is expected to deliver during the fourth quarter of 2025. During the third quarter of 2025, the Company paid $12 million in connection with the agreement. The remainder of the purchase price is expected to be funded by proceeds from vessel sales and available liquidity.

As of October 1, 2025, the Company has 14 vessels on time charter agreements with an average duration of 1.5 years and total future contracted revenues through expiry of approximately $229 million, excluding any applicable profit share.

![](tm2530399d1_ex99-1img01.jpg)

**BALANCE SHEET ENHANCEMENTS**

In September 2025, the Company successfully issued $250 million of senior unsecured bonds maturing in 2030 in the Norwegian bond market at a coupon rate of 7.125%. Proceeds from the issuance will be used for the exercise of declared purchase options on existing sale leaseback arrangements bearing interest at SOFR plus 405 basis points with an 18-year amortization profile. The purchase options are scheduled to be paid in November 2025 for $258 million, which will unencumber six VLCCs, reduce interest expense and eliminate approximately $22 million in annual mandatory principal payments.

In August 2025, the Company entered into the ECA Credit Facility with DNB Bank and K-Sure for up to $240 million, secured by six LR1 newbuildings delivering between the third quarter of 2025 and the third quarter of 2026. The 12-year facility combines for a 20-year amortization profile and a blended interest rate of SOFR plus 125 basis points across two tranches. Funds will be drawn under the facility in connection with the delivery of each vessel. In September 2025, the Company drew $41 million on the facility in connection with the delivery of the Seaways Alacran. In October 2025, an additional $41 million was drawn upon the delivery of the Seaways Balboa.

In the nine months ended September 30, 2025, the Company repaid $145 million on its revolving credit facilities, composed of $69 million, primarily borrowed for timing differences in connection with the vessel swap and $76 million to offset capacity reductions in our revolving credit facilities.

**RETURNING CASH TO SHAREHOLDERS**

In September 2025, the Company paid a combined dividend of $0.77 per share of common stock, composed of a regular quarterly dividend of $0.12 per share of common stock and a supplemental dividend of $0.65 per share.

On November 5, 2025, the Company's Board of Directors declared a combined dividend of $0.86 per share of common stock, composed of a regular quarterly dividend of $0.12 per share of common stock and a supplemental dividend of $0.74 per share of common stock. Both dividends will be paid on December 23, 2025, to shareholders with a record date at the close of business on December 9, 2025.

In October 2025, the Company's Board of Directors extended the expiry of the $50 million share repurchase program from the end of 2025 to the end of 2026.

<sup>(1)</sup> This is a non-GAAP financial measure used throughout this press release; please refer to the section "Reconciliation to Non-GAAP Financial Information" for explanations of our non-GAAP financial measures and the reconciliations of reported GAAP to non-GAAP financial measures.

**CONFERENCE CALL**

The Company will host a conference call to discuss its third quarter 2025 results at 9:00 a.m. Eastern Time on Thursday, November 6, 2025. To access the call, participants should dial (833) 470-1428 for domestic callers and (929) 526-1599 for international callers and entering 750591. Please dial in ten minutes prior to the start of the call. A live webcast of the conference call will be available from the Investor Relations section of the Company's website at https://www.intlseas.com.

An audio replay of the conference call will be available until November 13, 2025, by dialing (866) 813-9403 for domestic callers and +44 204 525 0658 for international callers, and entering Access Code 421241.

**ABOUT INTERNATIONAL SEAWAYS, INC.**

International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 75 vessels, including 11 VLCCs, 13 Suezmaxes, five Aframaxes/LR2s, 11 LR1s (including five newbuildings), and 35 MR tankers. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.

![](tm2530399d1_ex99-1img01.jpg)

**Forward-Looking Statements**

This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the U.S. Securities and Exchange Commission (the "SEC"), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to plans to issue dividends, the Company's prospects, including statements regarding vessel acquisitions, expected synergies, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company's current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2024 for the Company, the Forms 10-Q for any subsequent quarters of 2025, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.

**Investor Relations & Media Contact:**

Tom Trovato, International Seaways, Inc.

(212) 578-1602

ttrovato@intlseas.com

Category: Earnings

![](tm2530399d1_ex99-1img01.jpg)

**Consolidated Statements of Operations**

*($ in thousands, except per share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **Shipping Revenues:** |  |  |  |  |
| Pool revenues | $146023 | $170007 | $432391 | $603970 |
| Time and bareboat charter revenues | 39040 | 36842 | 111626 | 99030 |
| Voyage charter revenues | 11325 | 18341 | 31406 | 54000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Shipping Revenues | 196388 | 225190 | 575423 | 757000 |
| **Operating Expenses:** |  |  |  |  |
| Voyage expenses | 3920 | 5503 | 15791 | 14537 |
| Vessel expenses | 65815 | 71269 | 200264 | 202490 |
| Charter hire expenses | 7134 | 7245 | 25906 | 20841 |
| Depreciation and amortization | 41170 | 39304 | 122224 | 109974 |
| General and administrative | 11804 | 13411 | 37186 | 37494 |
| Other operating expenses | 1520 | 985 | 1737 | 2715 |
| Third-party debt modification fees |  |  |  | 168 |
| Gain on disposal of vessels and other assets, net | (13658) | (13499) | (34908) | (41402) |
| Total operating expenses | 117705 | 124218 | 368200 | 346817 |
| Income from vessel operations | 78683 | 100972 | 207223 | 410183 |
| Other income | 1486 | 3211 | 5370 | 8525 |
| Income before interest expense and income taxes | 80169 | 104183 | 212593 | 418708 |
| Interest expense | (9623) | (12496) | (30836) | (37808) |
| Income before income taxes | 70546 | 91687 | 181757 | 380900 |
| Income tax benefit | - | 1 | - | 1 |
| **Net income** | $70546 | $91688 | $181757 | $380901 |
| **Weighted Average Number of Common Shares Outstanding:** |  |  |  |  |
| Basic | 49348406 | 49544412 | 49326459 | 49302367 |
| Diluted | 49606210 | 49881317 | 49537318 | 49677238 |
| **Per Share Amounts:** |  |  |  |  |
| Basic net income per share | $1.43 | $1.85 | $3.68 | $7.72 |
| Diluted net income per share | $1.42 | $1.84 | $3.67 | $7.66 |

---

![](tm2530399d1_ex99-1img01.jpg)

**Consolidated Balance Sheets**

*($ in thousands)*

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
|  | **(Unaudited)** |  |
| **ASSETS** |  |  |
| **Current Assets:** |  |  |
| Cash and cash equivalents | $412569 | $157506 |
| Voyage receivables | 155017 | 185521 |
| Other receivables | 13656 | 13771 |
| Inventories | 577 | 1875 |
| Prepaid expenses and other current assets | 9396 | 15570 |
| Current portion of derivative asset | 753 | 2080 |
| &nbsp;&nbsp;Total Current Assets | 591968 | 376323 |
| Vessels and other property, less accumulated depreciation | 1947662 | 2050211 |
| Vessels construction in progress | 75434 | 37020 |
| Deferred drydock expenditures, net | 101484 | 90209 |
| Operating lease right-of-use assets | 9860 | 21229 |
| Pool working capital deposits | 33859 | 35372 |
| Long-term derivative asset | 36 | 801 |
| Other assets | 29275 | 25232 |
| &nbsp;&nbsp;**Total Assets** | $**2789578** | $**2636397** |
| **LIABILITIES AND EQUITY** |  |  |
| **Current Liabilities:** |  |  |
| Accounts payable, accrued expenses and other current liabilities | $49607 | $66264 |
| Current portion of operating lease liabilities | 5617 | 14617 |
| Current installments of long-term debt | 282489 | 50054 |
| &nbsp;&nbsp;Total Current Liabilities | 337713 | 130935 |
| Long-term operating lease liabilities | 6206 | 8715 |
| Long-term debt | 509527 | 638353 |
| Other liabilities | 2345 | 2346 |
| &nbsp;&nbsp;Total Liabilities | 855791 | 780349 |
| **Equity:** |  |  |
| &nbsp;&nbsp;Total Equity | 1933787 | 1856048 |
| &nbsp;&nbsp;**Total Liabilities and Equity** | $**2789578** | $**2636397** |

---

![](tm2530399d1_ex99-1img01.jpg)

**Consolidated Statements of Cash Flows**

*($ in thousands)*

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
|  | **(Unaudited)** | **(Unaudited)** |
| **Cash Flows from Operating Activities:** |  |  |
| Net income | $181757 | $380901 |
| Items included in net income not affecting cash flows: |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 122224 | 109974 |
| &nbsp;&nbsp;Amortization of debt discount and other deferred financing costs | 2980 | 3093 |
| &nbsp;&nbsp;Stock compensation | 5810 | 5736 |
| &nbsp;&nbsp;Other – net | (34) | (561) |
| Items included in net income related to investing and financing activities: |  |  |
| &nbsp;&nbsp;Gain on disposal of vessels and other assets, net | (34908) | (41402) |
| Payments for drydocking | (63181) | (43855) |
| Insurance claims proceeds related to vessel operations | 1914 | 1004 |
| Changes in operating assets and liabilities | 17489 | 38626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 234051 | 453516 |
| **Cash Flows from Investing Activities:** |  |  |
| Expenditures for vessels, vessel improvements and vessels under construction | (188546) | (216589) |
| Security deposits returned for vessel exchange transactions | 5000 |  |
| Proceeds from disposal of vessels and other property, net | 209903 | 71915 |
| Expenditures for other property | (627) | (880) |
| Pool working capital deposits | (250) | (1532) |
| Investments in short term time deposits |  | (125000) |
| Proceeds from maturities of short term time deposits |  | 135000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by/(used in) investing activities | 25480 | (137086) |
| **Cash Flows from Financing Activities:** |  |  |
| Borrowings on nonrevolving credit facility debt | 290775 |  |
| Borrowings on revolving credit facilities | 20000 | 50000 |
| Repayments on revolving credit facilities | (164581) | (50000) |
| Repayments of debt |  | (39851) |
| Payments on sale and leaseback financing | (37381) | (36831) |
| Payments of deferred financing costs | (6036) | (5759) |
| Cash dividends paid | (102127) | (225385) |
| Repurchase of common stock |  | (25000) |
| Cash paid to tax authority upon vesting or exercise of stock-based compensation | (5118) | (7055) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (4468) | (339881) |
| Net increase/(decrease) in cash and cash equivalents | 255063 | (23451) |
| Cash and cash equivalents at beginning of year | 157506 | 126760 |
| Cash and cash equivalents at end of period | $412569 | $103309 |

---

![](tm2530399d1_ex99-1img01.jpg)

**Spot and Fixed TCE Rates Achieved and Revenue Days**

The following tables provides a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three months ended September 30, 2025 and the comparable period of 2024. The information in these tables excludes commercial pool fees/commissions averaging approximately $1,004 and $954 per day for the three months ended September 30, 2025 and 2024, respectively.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
| | **Spot** | **Fixed** | **Total** | **Spot** | **Fixed** | **Total** |
| **Crude Tankers** | | | | | | |
| VLCC |  |  |  |  |  |  |
| &nbsp;&nbsp;Average TCE Rate | $34809 | $41552 |  | $29711 | $31903 |  |
| &nbsp;&nbsp;Number of Revenue Days | 627 | 276 | 903 | 881 | 276 | 1157 |
| Suezmax |  |  |  |  |  |  |
| &nbsp;&nbsp;Average TCE Rate | $33310 | $34316 |  | $38044 | $30979 |  |
| &nbsp;&nbsp;Number of Revenue Days | 1096 | 91 | 1187 | 1014 | 183 | 1197 |
| Aframax |  |  |  |  |  |  |
| &nbsp;&nbsp;Average TCE Rate | $28457 | $38665 |  | $25119 | $38574 |  |
| &nbsp;&nbsp;Number of Revenue Days | 261 | 89 | 350 | 186 | 91 | 277 |
| **Total Crude Tankers Revenue Days** | 1984 | 456 | 2440 | 2081 | 550 | 2631 |
| **Product Carriers** |  |  |  |  |  |  |
| Aframax (LR2) |  |  |  |  |  |  |
| &nbsp;&nbsp;Average TCE Rate | $- | $39500 |  | $- | $39498 |  |
| &nbsp;&nbsp;Number of Revenue Days |  | 92 | 92 |  | 69 | 69 |
| Panamax (LR1) |  |  |  |  |  |  |
| &nbsp;&nbsp;Average TCE Rate | $34578 | $- |  | $46899 | $- |  |
| &nbsp;&nbsp;Number of Revenue Days | 450 |  | 450 | 594 |  | 594 |
| MR |  |  |  |  |  |  |
| &nbsp;&nbsp;Average TCE Rate | $25556 | $21455 |  | $29006 | $21920 |  |
| &nbsp;&nbsp;Number of Revenue Days | 2529 | 734 | 3263 | 2685 | 692 | 3377 |
| **Total Product Carriers Revenue Days** | 2979 | 826 | 3805 | 3279 | 761 | 4040 |
| **Total Revenue Days** | 4963 | 1282 | 6245 | 5360 | 1311 | 6671 |

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(a) In May 2025, the 2010-built *Seaways Raffles* delivered into the Tankers International 15-plus pool, which is excluded from the average spot TCE rate presented in the table above. If the 15-plus pool was included, the average VLCC TCE spot rate would be $35,103 per day on 718 revenue days for the third quarter of 2025.

Revenue days in the above table exclude days related to full service lighterings and certain of the Company's vessels that were employed in transitional voyages.

During the 2025 and 2024 periods, each of the Company's LR1s participated in the Panamax International Pool and transported crude oil cargoes exclusively.

![](tm2530399d1_ex99-1img01.jpg)

**Fleet Information** 

As of September 30, 2025, INSW's fleet totaled 76 vessels, of which 62 were owned and 14 were chartered in.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | | Total at September 30, 2025 | Total at September 30, 2025 |
| Vessel Fleet and Type | Vessels Owned | Vessels Chartered-in<sup>1</sup> | Total Vessels | Total Dwt |
| &nbsp;&nbsp;**Operating Fleet** |  |  |  |  |
| &nbsp;&nbsp;VLCC | 2 | 9 | 11 | 3317858 |
| &nbsp;&nbsp;Suezmax | 13 | 0 | 13 | 2061754 |
| &nbsp;&nbsp;Aframax | 4 | 0 | 4 | 452375 |
| &nbsp;&nbsp;Crude Tankers | 19 | 9 | 28 | 5831987 |
| &nbsp;&nbsp;LR2 | 1 | 0 | 1 | 112691 |
| &nbsp;&nbsp;LR1 | 5 | 1 | 6 | 445636 |
| &nbsp;&nbsp;MR | 32 | 4 | 36 | 1801501 |
| &nbsp;&nbsp;Product Carriers | 38 | 5 | 43 | 2359828 |
| **Total Operating Fleet** | **57** | **14** | **71** | **8191815** |
| &nbsp;&nbsp;**Newbuild Fleet** |  |  |  |  |
| &nbsp;&nbsp;LR1 | 5 | 0 | 5 | 368000 |
| **Total Newbuild Fleet** | **5** | - | **5** | **368000** |
| **Total Operating and Newbuild Fleet** | **62** | **14** | **76** | **8559815** |

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(1) Includes bareboat charters, but excludes vessels chartered in where the duration of the charter was one year or less at inception.

**Reconciliation to Non-GAAP Financial Information**

The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures may provide certain investors with additional information that will better enable them to evaluate the Company's performance. Accordingly, these non-GAAP measures are intended to provide supplemental information, and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.<br>

**Adjusted Net Income**

Adjusted net income consists of net income adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. This measure does not represent or substitute net income or any other financial item that is determined in accordance with GAAP. While adjusted net income is frequently used as a measure of operating results and performance, it may not be necessarily comparable with other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income, as reflected in the condensed consolidated statement of operations, to adjusted net income:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>($ in thousands) | **2025** | **2024** | **2025** | **2024** |
| Net income | $70546 | $91688 | $181757 | $380901 |
| Third-party debt modification fees |  |  |  | 168 |
| Gain on disposal of vessels and other assets, net | (13658) | (13499) | (34908) | (41402) |
| Provision for settlement of multi-employer pension plan obligations | - | 44 | - | 1019 |
| Adjusted Net Income | $56888 | $78233 | $146849 | $340686 |
| Weighted average shares outstanding (diluted) | 49606210 | 49881317 | 49537318 | 49677238 |
| Adjusted Net Income per diluted share | $1.15 | $1.57 | $2.96 | $6.85 |

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**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 do not represent, and should not be a substitute for, net income or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) 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 as a measure of operating results and performance, neither of them is necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. 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 September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>($ in thousands) | **2025** | **2024** | **2025** | **2024** |
| Net income | $70546 | $91688 | $181757 | $380901 |
| Income tax benefit |  | (1) |  | (1) |
| Interest expense | 9623 | 12496 | 30836 | 37808 |
| Depreciation and amortization | 41170 | 39304 | 122224 | 109974 |
| EBITDA | 121339 | 143487 | 334817 | 528682 |
| Third-party debt modification fees |  |  |  | 168 |
| Gain on disposal of vessels and other assets, net | (13658) | (13499) | (34908) | (41402) |
| Provision for settlement of multi-employer pension plan obligations | - | 44 | - | 1019 |
| Adjusted EBITDA | $107681 | $130032 | $299909 | $488467 |

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**Time Charter Equivalent (TCE) Revenues**

Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents 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, provides 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. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the condensed consolidated statements of operations follow:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>($ in thousands) | **2025** | **2024** | **2025** | **2024** |
| Time charter equivalent revenues | $192468 | $219687 | $559632 | $742463 |
| Add: Voyage expenses | 3920 | 5503 | 15791 | 14537 |
| Shipping revenues | $196388 | $225190 | $575423 | $757000 |

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