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International Seaways , Inc. Exhibit 99.1 PRESS RELEASE INTERNATIONAL SEAWAYS REPORTS THIRD QUARTER 2021 RESULTS New York , NY - November 9 , 2021 – International Seaways , Inc. ( NYSE : INSW ) ( the “ Company ” or “ INSW " ) , the largest U.S. based publicly - traded tanker company , today reported results for the third quarter of 2021 . Highlights • • • • • • • Completed the previously announced merger with Diamond S Shipping Inc. ( NYSE : DSSI ) , “ Diamond S ” , creating one of the largest U.S. - listed diversified tanker companies . The transaction significantly enhanced INSW's scale in both the crude and clean product markets and is expected to generate approximately $ 32 million in cost and revenue synergies , expected to be realized within 2022. Integrated the business and personnel of Diamond S to create a leading global maritime energy transportation platform . Continued our track record of returning capital to shareholders : O O Pre - merger special dividend of $ 31.5 million , or $ 1.12 per share . Regular quarterly cash dividend of $ 0.06 per share in September 2021 . Net loss for the third quarter was $ 67.4 million , or $ 1.44 per diluted share , compared to net income of $ 14.0 million , or $ 0.50 per diluted share , in the third quarter of 2020. Net loss for the quarter reflects the impact of the disposal of vessels , including impairments , and merger related charges aggregating $ 38.0 million . Net loss excluding these items was $ 29.4 million , or $ 0.63 per diluted share . Despite the challenging tanker market environment , generated approximately $ 8 million in Adjusted EBITDA ( A ) for the quarter before the impact of the disposal of vessels , including impairments and one - time merger related charges . Enacted a post - merger asset optimization program which has resulted in the sale of a 2002 - built VLCC , a 2002 - built Panamax , a 2003 - built Panamax , and seven MRs acquired in the merger , and the agreement to sell three additional 2002 - built Panamaxes and a 2007 - built Handysize product carrier . Post quarter - end , announced a liquidity enhancing refinancing of six VLCCs : 0 0 Transaction funded in early November 2021 and resulted in gross financing of approximately $ 375 million . The capital was used to repay and terminate the current $ 228 million Sinosure Credit Facility , with the balance intended to generate incremental available liquidity of approximately $ 150 million . Cash ( B ) was $ 132.6 million as of September 30 , 2021 ; total liquidity was $ 172.6 million , including $ 40 million of undrawn revolver capacity . 0 Pro forma for the announced refinancing , total liquidity is over $ 300 million Demonstrated INSW's continued commitment to industry sustainability efforts through enforcement of responsible recycling standards on the end - of - life disposed assets and the previously announced commencement of the construction of next generation fueled vessels . " Despite the challenging tanker environment , we continue to take important steps to position Seaways as the global leader in maritime energy transportation . With our expanded footprint , we are ideally positioned to capitalize on a tanker market recovery during a time when global oil demand is growing , inventory destocking is nearing completion , refinery margins are improving and OPEC production is increasing , ” said Lois K. Zabrocky , International Seaways ' President and CEO . " We are pleased to have completed our transformational and highly accretive merger with Diamond S in the third quarter and are in a strong position to draw on our enhanced scale , capabilities and operating leverage to take advantage of the recovery in tanker demand . The integration process and post - merger asset optimization program continues to proceed as planned , and we will continue to create lasting value for all of our stakeholders . "