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International Seaways , Inc. Exhibit 99.1 PRESS RELEASE - INTERNATIONAL SEAWAYS REPORTS FIRST QUARTER 2021 RESULTS New York , NY – May 6 , 2021 - International Seaways , Inc. ( NYSE : INSW ) ( the “ Company ” or “ INSW " ) , one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products today reported results for the first quarter of 2021 . Highlights • • • • • • • Net loss for the three months ended March 31 , 2021 was $ 13.4 million , or $ 0.48 per diluted share , compared to net income of $ 33.0 million , or $ 1.12 per diluted share , in the first quarter of 2020 . Time charter equivalent ( TCE ) revenues ( A ) for the first quarter were $ 45.2 million , compared to $ 119.7 million for the first quarter of 2020 . Adjusted EBITDA ( B ) for the first quarter was $ 10.7 million , compared to $ 74.2 million for the first quarter of 2020 . Cash ( C ) was $ 172.4 million as of March 31 , 2021 ; total liquidity was $ 212.4 million , including $ 40 million of undrawn revolver capacity , compared to $ 255.7 million as of December 31 , 2020 . Paid a regular quarterly cash dividend of $ 0.06 per share in March 2021 . Announced a definitive merger agreement pursuant to which INSW will merge with Diamond S Shipping Inc. ( NYSE : DSSI ) in a stock - for - stock transaction , creating a 100 - ship fleet . Immediately prior to the closing of the merger , existing INSW shareholders are expected to receive a special dividend of approximately $ 1.10 per share . Announced a contract to build three dual fuel LNG VLCCs at DSME shipyard in South Korea with seven - year time charters to Shell commencing at delivery in the first quarter of 2023 . " The first quarter was transformational for Seaways , as we took important steps to unlock shareholder value , ” said Lois Zabrocky , INSW's President and CEO . " We entered into an accretive merger that will combine two leading U.S. - based diversified tanker owners to create an industry bellwether with significantly enhanced scale and capabilities . Among the benefits of this transaction , we expect to double our net asset value , realize significant cost synergies , increase our equity market capitalization , all while maintaining one of the lowest net leverage ratios amongst our peers . During the quarter , we also capitalized on an opportunity to once again renew our fleet at a cyclical low point . With our agreement to build three LNG dual - fuel VLCCs for delivery in 2023 , we will add state- of - the - art vessels to our fleet that will commence seven - year time charters to Shell upon delivery . In addition to the charters providing strong , stable cash flows with added upside , these highly efficient vessels offer significant environmental benefits and advance Seaways position at the forefront of sustainability initiatives in the maritime sector . " Ms. Zabrocky continued , " We continue to demonstrate our commitment to the return of capital to shareholders as an important part of our capital allocation strategy , highlighted by the intention to pay a special dividend to INSW shareholders immediately prior to completing the merger . Going forward , and based on our strengthened commercial scale , we are in a strong position to take advantage of positive long - term tanker fundamentals and further create enduring value well into the future . " Jeff Pribor , the Company's CFO , added , " We entered 2021 with an all - time high cash position , which provided Seaways with a strong foundation for taking advantage of attractive strategic opportunities . Our success building a strong balance sheet continues to serve us well , and we remain committed to paying a quarterly dividend , while opportunistically executing on our share repurchase program . As of the end of the first quarter , we had ample total liquidity of approximately $ 212 million , and our net loan to value of 33 % is one of the lowest among our tanker peers . "