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International Seaways , Inc. Exhibit 99.1 PRESS RELEASE INTERNATIONAL SEAWAYS REPORTS SECOND QUARTER 2021 RESULTS New York , NY - August 9 , 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 second quarter of 2021 . Highlights • • Subsequent to the end of the quarter , INSW completed the previously announced merger with Diamond S Shipping Inc. ( NYSE : DSSI ) , creating the largest U.S. - listed diversified tanker company . The transaction significantly enhances INSW's scale in both the core crude and product markets and will generate approximately $ 32 million in cost and revenue synergies , expected to be realized within 2022 . Immediately prior to the closing of the merger , INSW returned capital to shareholders through a dividend of $ 31.5 million , or $ 1.12 per share . Net loss for the second quarter was $ 18.8 million , or $ 0.67 per diluted share , compared to net income of $ 64.4 million , or $ 2.24 per diluted share , in the second quarter of 2020. Net loss for the current quarter reflects the impact of the disposal of vessels , including impairments , and merger related charges aggregating $ 4.5 million . Net loss excluding these items was $ 14.3 million , or $ 0.51 per diluted share . Cash ( A ) was $ 133.6 million as of June 30 , 2021 ; total liquidity was $ 173.6 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 June 2021 . Has enacted a post - merger asset optimization program which has resulted in : • . The sale of a 2002 - built VLCC which , delivered to buyers in the third quarter , and agreed to sell four 2002 / 2003 - built Panamaxes , as well as agreeing to sell seven MRs acquired in the merger . A full fleet review where INSW is continually exploring the sale of its least efficient or otherwise non - core assets " During the second quarter , Seaways maintained an unrelenting focus on strengthening our industry position and enhancing our ability to create long - term value for stakeholders , " said Lois K. Zabrocky , International Seaways ' President and CEO . " We are excited to have completed our transformational and highly accretive merger with Diamond S last month , solidifying Seaways ' status as an industry bellwether with enhanced scale , capabilities and significant financial strength . With a diversified 100 - vessel fleet of crude and product tankers that provides considerable operating leverage , we are poised to benefit from positive long - term industry fundamentals , as well as near - term developments , notably recovering global oil demand , continued inventory destocking , and increased OPEC production . " Ms. Zabrocky continued , “ Our strategic focus remains on achieving the highest operational standards , executing our disciplined and balanced approach to capital allocation and preserving our financial strength , while concentrating on achieving the considerable economies of scale that have been made possible by the merger . By combining two leading U.S. - based tanker owners with first - rate teams and high - quality fleets , we have further strengthened our commitment to operational excellence , sustainability and meeting the evolving needs of leading energy companies . As we move forward , we will also continue to prioritize returning capital to shareholders , as highlighted by our recent merger - related $ 31.5 million , or $ 1.12 per share , special dividend , our regular quarterly dividend , as well as our outstanding $ 50 million share repurchase authorization . Of note , we have now paid over $ 70 million to shareholders since 2020 in the form of stock buybacks and dividends . " Jeff Pribor , the Company's CFO , added , “ Our completed merger is highly accretive to earnings and cash flow , and we continue to expect cost synergies in excess of $ 23 million and revenue synergies of $ 9 million to be fully realizable within 2022. Importantly , our significant pro forma cash and liquidity positions , as well as our overall balance sheet strength and ongoing support from our industry leading banking group , will continue to serve us well in a challenging rate environment . "