Slides
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International Seaways Inc. Third Quarter 2025 Earnings Presentation November 6, 2025
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Disclaimer Forward-Looking Statements During the course of this presentation, the Company (International Seaways, Inc. (INSW)) may make forward-looking statements or provide forward-looking information. All statements other than statements of historical facts should be considered forward-looking statements. Some of these statements include words such as ‘‘outlook,’’ ‘‘believe,’’ ‘‘expect,’’ ‘‘potential,’’ ‘‘continue,’’ “guidance,” ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘could,’’ ‘‘seek,’’ ‘‘predict,’’ ‘‘intend,’’ ‘‘plan,’’ ‘‘estimate,’’ ‘‘anticipate,’’ ‘‘target,’’ ‘‘project,’’ ‘‘forecast,’’ ‘‘shall,’’ ‘‘contemplate’’ or the negative version of those words or other comparable words. Although they reflect INSW’s current expectations, these statements are not guarantees of future performance, but involve a number of risks, uncertainties, and assumptions which are difficult to predict. Some of the factors that may cause actual outcomes and results to differ materially from those expressed in, or implied by, the forward- looking statements include, but are not necessarily limited to, plans to issue dividends, vessel acquisitions and disposals, general economic conditions, competitive pressures, the nature of the Company’s services and their price movements, and the ability to retain key employees. The Company does not undertake to update any forward-looking statements as a result of future developments, new information or otherwise. Non-GAAP Financial Measures Included in this presentation are certain non-GAAP financial measures, including Time Charter Equivalent (“TCE”) revenue, Adjusted Net Income, EBITDA, Adjusted EBITDA and free cash flow, designed to complement the financial information presented in accordance with generally accepted accounting principles in the United States of America because management believes such measures are useful to investors. TCE revenues, which represents shipping revenues less voyage expenses, is a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. 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. EBITDA represents net (loss)/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. Free cash flow represents cash flows from operating activities less mandatory repayments of debt (including those under sale and leaseback agreements) less capital expenditures excluding payments made to acquire a vessel or vessels, which the Company believes is useful to investors in understanding the net cash generated from its core business activities after certain mandatory obligations. We present non-GAAP measures when we believe that the additional information is useful and meaningful to investors.Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. See Appendix for a reconciliation of certain non-GAAP measures to the comparable GAAP measures. This presentation also contains estimates and other information concerning our industry that are based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information. Additional Information You should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2024 for the Company, the Form 10-Q for any subsequent quarters of 2025, and in similar sections of other filings made by the Company with the SEC for additional information regarding the Company, its operations and the risks and uncertainties it faces. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov, or from the Company’s website at www.intlseas.com
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Business Review Lois K. Zabrocky President & CEO
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$/day VLCC Suez Afra LR1 MR Q4-24 35,600 29,700 31,200 37,100 21,500 Q1-25 33,500 30,900 25,400 27,400 21,400 Q2-25 39,300 36,800 30,700 32,800 18,900 Q3-25 34,800 33,300 28,500 34,600 25,600 Q4-25 64,200 45,700 41,500 42,400 29,000 % 57% 51% 59% 53% 40% Third Quarter 2025 Highlights and Recent Developments Executed $240 million of Korean export agency backed financing for LR1 newbuildings • Debt service: effective 20-year amortization profile & blended margin of 125 bps • $199 million of remaining $230 million outstanding on newbuilds funded by the ECA facility Issued $250 million of senior unsecured bonds in the Norwegian bond market • Coupon rate of 7.125%. • Use of proceeds to repay $258 million of sale leasebacks: unencumbers six vessels. Total Liquidity of $985 million • $413 million in cash (including bond proceeds). • $572 million in undrawn revolver capacity. Net Loan to Value:(4) 13% 2026 Spot Cash Break Even Rate below $15,000 per day(5) Took delivery of the first LR1 Newbuilding, the second arrived in October • Remaining four deliver throughout 2026. • Drew $82 million from the ECA Facility to finance first two vessels. Sales of older vessels • 5x sold in Q3 for proceeds of $67 million (average age 17.7 years). • 3x agreed to sell in Q4 for proceeds of $37 million (average age 18.6 years). Agreed to purchase 2020 built scrubber-fitted VLCC for $119 million • $12 million deposit paid in Q3; delivering in Q4 2025 Contracted Revenue: $229 million excl. profit share; appx. 1.5 yrs avg TC Quarterly Earnings & Q4 2025 Fixtures Strategic Fleet Optimization Consistent Returns to Shareholders Healthy Balance Sheet Quarterly Results Net Income: 71m, $1.42/sh Adj. Net Income(1): 57m, $1.15/sh (1) See Appendix for reconciliations to reported results of these non -GAAP measures. (2) As of October 30, 2025. Further details on slide 11. (3) Reflects vessels under 15 yrs old. In May 2025, the Seaways Raffles was placed into the 15+ Pool in Tankers International. (4) Fleet value from VesselsValue.com as of September 30, 2025. Net loan to value comprised of: senior debt plus all sale lease backs less cash divided by fleet value less newbuilding capex . (5) Spot cash break even rate for 2026 includes OPEX, G&A, drydock and capex and debt service composed of mandatory principal pay ments and interest divided by spot revenue days. See slide 11 for further disclosures. 91.7 35.8 49.6 61.6 70.5 78.2 44.6 39.5 50.4 56.9 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Income Adjusted Net Income Quarterly Spot Fixtures(2) Q4-25 Blended: 47% Fixed at approximately $40,400 per day 4 (1) (3) Consistent payout ratio of 75% of adjusted net income • Declared $0.86/sh dividend represents 75% payout ratio of Q3 2025 adjusted net income. • 24th consecutive quarterly dividend. • 5x consecutive quarters of payout ratio 75% or above. Paid a combined $0.77 per share dividend in September 2025 Extended the $50 million share repurchase program to end of 2026 (from end 2025)
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0.0mbpd 1.5mbpd 3.0mbpd 4.5mbpd 6.0mbpd 7.5mbpd 9.0mbpd 10.5mbpd Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 China India RoW Market Update: Tanker Demand Drivers ‒ Oil demand forecasted to grow by 1 mpbd in 2025 and 2026; aligned with historical CAGR ˄ Oil demand growth largely driven by Asia, which is structurally short crude oil, importing around 30 mbpd ‒ OPEC+ production increases fully unwinding prior cuts of 2.2mbpd ˄ Non-OPEC production about 1.0 mpbd increase YOY ‒ Geopolitical environment persists and strengthening economic forecast support upward revisions of demand ˄ OECD commercial inventories at the bottom of 10-year range ˄ OECD SPR remains low; US indicating a return to previous levels (appx +300m barrels) ˄ Strengthening refining margins in Q3 ahead of seasonal maintenance supportive to tankers Source: OPEC, Vortexa Inventory Levels Well Below Averages: May Support Tanker Demand Near Term Sanctions on Russian/Iranian Barrels Tighten – Pressure on India/China 5 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1200 1300 1400 1500 1600 1700 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019/2022 Average 2019/2022 Average2024 2024 2025 2025 10 Yr Range 10 Yr Range OECD CRUDE INVENTORY OECD PRODUCT INVENTORY CHINA/INDIA IMPORTING MORE THAN 50% OF RUSSIAN/IRANIAN EXPORTS
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Market Update: Tanker Supply Drivers ‒ Orderbook relative to size of the fleet: 14%, delivering over next 4 years ˄ Orderbook not enough to replace 49% of the fleet that will be over 20 years old by end of delivery schedule (20% of tanker fleet is over 20 yrs old & another 28% of the fleet is 15 -19 years old) ˄ Average age of tanker fleet 14.1 yrs (vs. an average age of 9.6 yrs in October 2015) increasing potential candidates for removal from commercial fleet ˄ Sanctioned vessel lists has surpassed vessels on order ˄ Recycling tanker volumes: 3x vs 2024, 2x vs 2023, 0.5x 2022 annual totals (33 vessels, 2.3mdwt thru Sept-25) ‒ Time horizon from order to delivery remains about 3 years (historically about 18 months) ˄ Environmental regulations may increase potential removals from commercial fleet or decrease utilization as vessels slow down to reduce emissions Newbuilding Orders Slowed…. …Despite the disparity in Older Vessels to Deliveries 220 3891,331 734 15-19yrs 20+ yrs 2025 2026 2027 2028 2029+ Sanctioned Compliant Over 2,700 20+ years by end of deliveries and/or currently sanctioned(1) On Order: Under 800 Replacements to Fleet over delivery period Tankers in the Commercial Fleet over 25k dwt, # of vessels Source: Clarksons, Vortexa (1) Graph excludes nearly 50 vessels in ages 0 —14 years that have been sanctioned Tankers over 10k dwt 6 474 1,066 695 410 134 270 140 173 455 331 491 116 309 228 242 225 213 151 457 719 174 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025
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Financial Review Jeffrey D. Pribor SVP & CFO
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Q3 2025: Quarterly Results For the three months ended Net Income & Adjusted Net Income(1) TCE Revenues (1) Adjusted EBITDA(1) $ million $ million 130.0 94.8 90.7 101.5 107.7 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 91.7 35.8 49.6 61.6 70.5 78.2 44.6 39.5 50.4 56.9 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Income Adjusted Net Income Spot Earnings(2) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 VLCC $29,700 $35,600 $33,500 $39,300 $34,800 Suezmax $38,000 $29,700 $30,900 $36,800 $33,300 Aframax $25,100 $31,200 $25,400 $30,700 $28,500 LR1 $46,900 $37,100 $27,400 $32,800 $34,600 MR $29,000 $21,500 $21,400 $18,900 $25,600 99 93 85 99 93 121 97 94 90 99 220 191 178 189 192 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Crude Product Total $ million $ per day (1) See Appendix for reconciliations of these non-GAAP financial measures to reported results. (2) Figures are rounded for the purposes of this presentation. Please refer to the press release for further details. 8
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Rollforward of Cash & Liquidity $149m $413m$108m $13m amort $22m $1m ($12m) $36m $27m $247m $38m$560m $9m interest $67m $12m $572m $790 $985 6/30/25 Total Liquidity Adjusted EBITDA Debt Service Drydock & CAPEX Working Capital Vessel Sales & Purchases LR1 NB Installments Repayment on Revolver NOK Bond Issuance Proceeds Dividends 9/30/25 Total Liquidity Cash Flow Highlights Vessel sales reflect 3x MRs and two LR1s sold during Q3 2025. Deposit for a 2020-built Eco Scrubber fitted VLCC we have agreed to purchase by the end of 2025. Revolver repayment of $27 million is partially offset by capacity reduction of $15 million. Notes to Captions Above Vessel sales of $67 million and deposit for VLCC purchase of $12 million. Paid $36m in installments for newbuild LR1’s under construction; net of financing. NOK Bond of $250 million reflects net of fees. Dividends in Q3 2025 were $0.77 per share. 9 Free Cash Flow $63m(1) (1) See Appendix for reconciliations of these non -GAAP financial measures to reported results. (1)
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Strong Financial Position 10 Seaways maintains a healthy balance sheet to support free cash flow generation and opportunistic growth opportunities. ASSETS 2024 2025 Cash and Cash Equivalents $157 $413 Voyage Receivables $186 $155 Other Current Assets $33 $24 Total Current Assets $376 $592 Vessels $2,178 $2,125 Right of Use Assets $21 $10 Pool Working Capital $35 $34 Other Long-Term Assets $26 $29 Total Assets $2,636 $2,790 Dec 31, Sep 30, LIABILITIES & EQUITY AP, Accruals and other current liabilities $66 $50 Current Portion of Lease Liabilities $15 $6 Current Portion of Long-Term Debt $50 $282 Total Current Liabilities $131 $338 Long-Term Debt $638 $510 Long-Term Portion of Lease Liabilities $9 $6 Other Long-Term Liabilities $2 $2 Total Equity $1,856 $1,934 Total Liabilities and Equity $2,636 $2,790 Over 81% of Debt Portfolio is fixed or hedged as of September 30 Ample Cash & Total Liquidity $413m $985m $727m$572m $258m Cash RCF Capcity Total Liquidity PF OCY PF Liquidity Facility Name Principal Maturity Rate 2026 Amort NOK Bond 250 Sep 2030 7.13% - $500m RCF (a) - Jan 2030 SOFR +190 bps - $160m RCF (a) - Mar 2029 SOFR +197.5 bps - K-SURE ECA 41 Sep 2037 SOFR +110 bps 6.2 BoComm SLB 209 May 2030 4.22% 15.2 Ocean Yield SLB (b) 261 Nov 2031 SOFR +405 bps n/a Japanese SLBs 43 Apr ‘30 to Dec ‘31 6.00% 6.5 9/30 Debt Balance 804 Weighted Avg Rate (c) 6.44% Proforma adjustments Timing Repayment of OCY SLB (261) Oct/Nov 2025 K-SURE ECA (fully delivered) 199 Through Q3 2026 Mandatory Repayments (33) Q4 & 2026 End 2026 Proforma Debt 709 Notes to Captions Above (a) Combined, the revolving credit capacity of the two facilities reduces by $15.6 million per quarter. (b) Interest rate includes a SOFR CAS of 26 bps. (c) The weighted average interest rate assumes a 3 -month SOFR rate of 432 bps. $2.1 Billion of Fleet at Cost/$3.0 Billion in Market Value(2) Quality Debt at 13% of Market Value(1) Balance Sheet $m Key Balance Sheet Figures $m (1)Includes net bond proceeds of $247 million (2) Vessel value as of September 30 2025, net of newbuilding capex outstanding. (1)
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Looking Forward Refer to Forward Looking Statements disclaimer on slide 2 Q4 2025 Booked to-Date as of October 30, 2025 Guidance for Q4 and FY 2026 2026 Estimated Spot Break Even (1) $ per day (1) INSW Daily OPEX excludes DDK deviation bunkers, insurance claims, one-off expenses, as well as newbuildings and newbuilding financing. Break evens are basis Capacity Days on spot vessels, which represents calendar days less an indust ry standard OH of 4 days per annum. SOFR assumption based on the Bloomberg forward curve is an average of 330 bps over the period. 2,330 970 1,510 1,640 680 1,060 4,120 2,080 2,890 19,690 14,210 16,390 1,900 14,490 Crude Fleet Product Fleet Combined Fleet Effect of Fixed Revenue INSW 2026 ESTIMATE OPEX Charter hire G&A Interest Principal DDK & Capex Total Spot Time Charter Overall $ per day Fixed TCE Fixed TCE Fixed TCE VLCC 58% $62,700 100% $39,900 70% $53,300 VLCC <15 57% $64,200 100% $39,900 71% $53,500 VLCC 15+ 63% $53,700 0% $0 63% $53,700 Suezmax 51% $45,700 100% $34,300 55% $44,100 Aframax/LR2 59% $41,500 100% $39,000 76% $40,200 LR1 53% $42,400 0% $0 53% $42,400 MR 40% $29,000 100% $22,000 50% $26,600 Excludes profit share component on applicable time charters Q4 2025 TD Blended Avg Spot TCE is $40,400/day on 47% of revenue days $ million Q4 2025 FY 2026 REVENUE: Existing contracted TC Out Revenue (ex-profit share) 30 – 32 82 – 84 EXPENSES: d Vessel Expenses 59 – 65 265 – 275 Charter Hire Expense 6 – 8 17 – 20 G&A 13 – 15 50 – 52 Interest Expense 11 – 13 42 – 44 Depreciation 40 – 42 175 – 180 Scheduled debt repayments (ex-voluntary prepayments of debt) 7 – 8 27 – 29 Capex, including drydock, ex. newbuilding costs 15 - 17 74 – 76 Estimated Q4 2025 Off hire days are 359. See Appendix for more detail. The Company is Positioned to Generate Free Cash Flow as our Spot Fixtures are Well Above our Estimated Costs 11 Our prior presentations of the spot cash breakeven rate were based on the next-twelve-months period. On that basis, our estimated rate is approximately $13,500 per day. The chart below presents our estimated spot breakeven rate for the year ending December 31, 2026. The variance between the two periods primarily reflects higher drydocking costs in the fourth quarter of 2026 compared with the fourth quarter of 2025 and an increase due to the roll-off of time charter profits as those contracts expire.
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Disciplined Capital Allocator Hybrid Operating Model Quality Capital Structure Compelling Tanker Fundamentals Industry Leader in Sustainability Investment Highlights 12 • Transformed company approximately $0.4bn market cap at time of spin-off in 2016 through today into one of the top 3 US publicly traded tanker companies by DWT with nearly $1.9bn in market cap(1) • Free cash flow generated each quarter is allocated to shareholder returns, de-leveraging and fleet renewal • Total Shareholder Return about 500% since inception; represents over 22% CAGR(2) • Majority independent board with varied backgrounds • Consistently at the top of Webber Research ESG rankings • Commitment to environment demonstrated by $288m dual -fuel VLCC order • Sustainability covenants in debt portfolio feature incentives to reduce our carbon footprint and focus on safety • Focused on safety and environmental performance • Sector leading commercial pools, many with INSW ownership • Ability to scale up and down quickly with the tanker cycles • Liquidity at Q3 2025: $985 million; $727 million pro forma for purchase options on 6 SLBs paid in Nov -25 • 13% Net Loan to Asset Value(3) • 31 vessels in the Fleet are unencumbered on a fully delivered basis • Spot break even rate < $15,000 per day (4) • Oil demand growth steady at historical growth rates • Regional imbalances of crude production, refineries and end-user consumption continue to widen in distance • Worldwide inventories remain low: disruptions to local supply creates further demand for tankers • Fleet growth is limited: 14% of the tanker fleet on order significantly less than 49% of potential removal candidates (1) Average last 30 days. (2) From the period 12/1/2016 to 11/4/25. (3) Fleet value as of September 2025 is net of outstandi ng newbuilding costs. (4) Spot cash break even rate for 2026 incl. OPEX, G&A, drydock and capex and debt service composed of mandatory principal paymen ts and interest divided by spot revenue days.
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Q&A
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Appendix
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Estimated Drydock and CAPEX costs and Out-of-Service Days * Estimates are preliminary, please refer to forward looking statement on pg. 2. ** Capex excludes vessel purchases and newbuildings ($ millions, except days) 2025 Offhire Days Q1 2025 A Q2 2025 A Q3 2025 A Q4 2025 FY 2025 FY 2026 (E) VLCC 124 23 19 176 342 238 Suezmax 4 25 10 25 64 135 Aframax / LR2 1 8 17 - 27 106 LR1 1 10 82 104 197 100 MR 213 316 209 54 791 475 344 382 336 359 1,421 1,054 2025 Drydock Costs Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 FY 2026 (E) VLCC $6.9 $ 3.0 $1.6 $3.6 $15.0 $22.3 Suezmax 0.1 0.2 0.2 1.1 1.6 9.0 Aframax / LR2 - - - - - 6.2 LR1 (0.2) - 0.9 1.6 2.4 9.4 MR 10.1 23.3 17.0 4.8 55.3 26.1 $16.9 $26.6 $19.7 $11.1 $74.3 $73.0 2025 CAPEX Costs Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 FY 2026 (E) VLCC $0.0 $0.3 $0.4 $0.3 $1.1 $0.0 Suezmax 0.1 0.5 0.1 0.8 1.4 0.8 Aframax / LR2 0.1 - 0.2 0.2 0.5 0.2 LR1 0.1 0.1 0.4 0.5 1.1 0.1 MR 1.0 1.0 1.1 2.7 5.9 0.5 $1.3 $2.0 $2.1 $4.6 $9.9 $1.6 15
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LR1 Newbuilding Schedule Seaways Bonita (Hull 1812) Seaways Cristobal (Hull 1813) Seaways Delgada (Hull 1814) Seaways Magellan (Hull 1815) Amount Due Per Ship ($M) Signing OCT-23 OCT-23 APR-24 APR-24 First Payment Due JUL-24 JUL-24 OCT-24 OCT-24 3.040 Payment after steel cutting MAR-25 MAY-25 SEP-25 SEP-25 3.040 Payment after keel laying AUG-25 SEP-25 JAN-26 JAN-26 12.160 Payment after launching NOV-25 JAN-26 MAY-26 MAY-26 6.080 Payment upon delivery MAR-26 APR-26 SEP-26 SEP-26 36.480 60.800 16 $m Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 N12M Contracted outflows 41.2 66.9 48.6 73.0 - $229.7 K-Sure ECA drawdown (40.7) (42.6) (42.6) (73.0) - (198.9)
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TCE Revenue and Free Cash Flow Reconciliation 1) Reflects current period balance on the face of the Consolidated Statement of Cash Flows less the prior quarter’s balance on the face of the Consolidated Statement of Cash Flows. Expenditures of vessels includes security deposits for vessel exchange tran sactions. 2) Payments for vessels under construction represent the contractual payments for the LR1 newbuildings. The Company also purcha sed 9 MRs during the periods above. 17 Free Cash Flow $000s Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net cash provided by operating activities (1) 129,135 93,622 69,947 85,779 78,325 Repayments of debt (1) - - - - - Payments on sale and leaseback financing and finance leases (1) (12,506) (12,463) (12,242) (12,397) (12,742) Expenditures for vessels, vessel improvements, vessels under construction (1) (13,714) (67,205) (82,973) (17,905) (87,668) Expenditures for other property (1) (79) (506) (376) (177) (74) Less: payments for vessels under construction and vessel purchases (2) 11,854 64,778 81,673 15,617 85,543 Free cash flow 114,690 78,226 56,029 70,917 63,384 TCE Revenue $000s Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Time charter equivalent revenues 219,687 190,640 178,342 188,822 192,468 Add: Voyage expenses 5,503 3,973 5,052 6,819 3,920 Shipping revenues 225,190 194,613 183,394 195,641 196,388
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Adjusted EBITDA and Net Income Reconciliation Adjusted EBITDA $000s Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net income 91,688 35,823 49,565 61,646 70,546 Income tax (benefit)/provision (1) (1,083) - - - Interest expense 12,496 11,895 11,452 9,761 9,623 Depreciation and amortization 39,304 39,466 39,705 41,349 41,170 EBITDA 143,487 86,101 100,722 112,756 121,339 Third-party debt modification fees - - - - - (Gain)/loss on disposal of vessels, net (13,499) 8,745 (10,021) (11,229) (13,658) Provision for settlement of multi-employer pension plan obligations 44 - - - - Adjusted EBITDA 130,032 94,846 90,701 101,527 107,681 18 Adjusted Net Income $000s Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net income 91,688 35,823 49,565 61,646 70,546 Third-party debt modification fees - - - - - (Gain)/loss on disposal of vessels, net (13,499) 8,745 (10,021) (11,229) (13,658) Provision for settlement of multi-employer pension plan obligations 44 - - - - Adjusted Net Income 78,233 44,568 39,544 50,417 56,888
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Time Charter-Out ($m): Time Charter-Ins: Lightering: 5 workboats that redeliver between December 2025 and June 2027 – Charter Hire expense for Q4 2025 : $3.8 million Vessel Rate Charter Expiry 2025 2026 2027 2028 2029 2030 Total 2008-Built MR(1) $20,000 OCT-25 0.0 0.0 2008-Built MR $20,000 OCT-25 0.4 0.4 2008-Built MR $21,350 JAN-26 2.0 0.5 2.5 2011-Built MR $22,500 MAR-26 2.1 1.9 4.0 2009-Built MR $21,500 APR-26 2.0 2.5 4.5 2017-Built Suezmax $34,750 MAY-26 3.2 3.2 6.4 2009-Built MR $21,500 MAY-26 2.0 2.7 4.7 2017-Built Aframax $40,000 JUN-26 3.7 6.2 9.9 2009-Built MR $23,500 JAN-27 2.2 8.6 0.6 11.4 2009-Built MR $23,500 FEB-27 2.2 8.6 0.9 11.7 2014-Built LR2 $40,000 APR-27 3.7 14.6 4.0 22.2 2023-Built DF VLCC * $31,000 FEB-30 2.9 11.3 11.3 11.3 11.3 1.2 49.4 2023-Built DF VLCC * $31,000 MAR-30 2.9 11.3 11.3 11.3 11.3 2.3 50.4 2023-Built DF VLCC * $31,000 APR-30 2.9 11.3 11.3 11.3 11.3 3.6 51.7 31.9 82.8 39.4 34.0 33.9 7.1 229.2 Chartered In/Out Fleet (1) Impacted by rounding since it includes 2 days of TC earnings. Please refer to Forward Looking Statements disclaimer on slide 2 Vessel Type Type Built Charter Expiry Q4 2025 Expense 2026 Expense LR1 TC-In 2009 March 2026 $3.2m $2.6m * Excludes 50/50 profit share, if applicable Differences in annual or yearly totals may be due to rounding 19
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INSW Fleet Overview as of October 31, 2025 (1) Vessel is currently time charter (out). (2) Agreed to sell – delivering Q4 2025 The Company excludes TC-In vessels from fleet count when the time charter expires within one year at inception. Name Class Owned Built DWT Shipyard Name Class Owned Built DWT Shipyard SEAWAYS ENDEAVOR(1) VLCC BB-In 2023 299,365 DSME SEAWAYS GUAYAQUIL LR1 OWNED 2009 74,999 Hyundai Mipo SEAWAYS ENTERPRISE(1) VLCC BB-In 2023 299,568 DSME PELAGIC TURBOT LR1 TC-In 2009 73,394 Dalian Shipyard SEAWAYS EXCELSIOR(1) VLCC BB-In 2023 299,468 DSME SEAWAYS KENOSHA MR OWNED 2016 50,082 Samsung (Ningbo) SEAWAYS LIBERTY VLCC BB-In 2016 300,973 Shanghai Waigaoqiao SEAWAYS LOOKOUT MR OWNED 2015 50,136 Samsung (Ningbo) SEAWAYS TRITON VLCC BB-In 2016 300,933 Shanghai Waigaoqiao SEAWAYS KOLBERG MR OWNED 2015 50,108 Samsung (Ningbo) SEAWAYS CAPE HENRY VLCC BB-In 2016 300,932 Shanghai Waigaoqiao SEAWAYS JEJU MR OWNED 2015 49,999 Samsung (Ningbo) SEAWAYS DIAMOND HEAD VLCC BB-In 2016 300,781 Shanghai Waigaoqiao SEAWAYS CASTLE HILL MR OWNED 2015 49,990 SPP SEAWAYS HENDRICKS VLCC BB-In 2016 300,757 Shanghai Waigaoqiao SEAWAYS LOMA MR OWNED 2015 49,990 SPP SEAWAYS TYBEE VLCC BB-In 2015 300,703 Shanghai Waigaoqiao SEAWAYS STAMFORD MR OWNED 2015 49,990 SPP SEAWAYS KILIMANJARO VLCC OWNED 2012 296,520 Dalian SEAWAYS CAPE MAY MR OWNED 2015 49,990 SPP SEAWAYS RAFFLES VLCC OWNED 2010 317,858 Hyundai HI SEAWAYS WHEAT MR OWNED 2015 49,990 SPP SEAWAYS HATTERAS Suezmax OWNED 2017 158,432 Hyundai Samho HI SEAWAYS WATCH HILL MR OWNED 2015 49,990 SPP SEAWAYS MONTAUK(1) Suezmax OWNED 2017 158,432 Hyundai Samho HI SEAWAYS WARWICK MR OWNED 2015 49,990 SPP TRINITY Suezmax OWNED 2016 158,734 Hyundai Heavy SEAWAYS LONSDALE MR OWNED 2014 49,990 SPP SAN JACINTO Suezmax OWNED 2016 158,658 Hyundai Heavy SEAWAYS DWARKA MR OWNED 2014 49,990 SPP LOIRE Suezmax OWNED 2016 157,463 New Times SEAWAYS ATHENS MR BB-In 2012 50,342 SPP SEAWAYS RED Suezmax OWNED 2012 159,068 Hyundai Heavy SEAWAYS MILOS(1) MR BB-In 2011 50,378 SPP SEAWAYS RIO GRANDE Suezmax OWNED 2012 159,056 Hyundai Heavy SEAWAYS KYTHNOS MR BB-In 2010 50,284 SPP SEAWAYS SAN SABA Suezmax OWNED 2012 159,018 Hyundai Heavy ALPINE MELINA MR BB-In 2010 51,483 STX SEAWAYS FRIO Suezmax OWNED 2012 159,000 Hyundai Heavy SEAWAYS WAVE(1) MR OWNED 2009 51,549 STX SEAWAYS COLORADO Suezmax OWNED 2012 158,615 Samsung SEAWAYS CREST(1) MR OWNED 2009 51,510 STX SEAWAYS BRAZOS Suezmax OWNED 2012 158,537 Samsung SEAWAYS MUSE(1) MR OWNED 2009 51,498 STX SEAWAYS SABINE Suezmax OWNED 2012 158,493 Samsung SEAWAYS MIRAGE(1) MR OWNED 2009 51,476 STX SEAWAYS PECOS Suezmax OWNED 2012 158,465 Samsung SEAWAYS OAK MR OWNED 2009 51,260 STX SEAWAYS REYES(1) Aframax OWNED 2017 113,689 Daehan SEAWAYS SKOPELOS MR OWNED 2009 50,221 SPP SEAWAYS REDWOOD Aframax OWNED 2013 112,792 SPP SEAWAYS MOMENT MR OWNED 2009 49,999 Hyundai Mipo SEAWAYS YELLOWSTONE Aframax OWNED 2009 112,989 New Times SEAWAYS MYSTERY MR OWNED 2009 49,999 Hyundai Mipo SEAWAYS YOSEMITE Aframax OWNED 2009 112,905 New Times SEAWAYS POLARIS MR OWNED 2009 49,999 Hyundai Mipo SEAWAYS SHENANDOAH(1) LR2 OWNED 2014 112,691 SPP SEAWAYS MADELEINE MR OWNED 2008 49,999 Hyundai Mipo SEAWAYS ALACRAN LR1 OWNED 2025 73,600 K Shipbuilding ALPINE MATHILDE MR OWNED 2008 49,999 Hyundai Mipo SEAWAYS BALBOA LR1 OWNED 2025 73,600 K Shipbuilding SEAWAYS GRACE MR OWNED 2008 49,999 Hyundai Mipo SEAWAYS BONITA (HULL S-1812) LR1 OWNED 2026 73,600 K Shipbuilding SEAWAYS LILY(1) MR OWNED 2008 49,999 Hyundai Mipo SEAWAYS CRISTOBALL (HULL S-1813) LR1 OWNED 2026 73,600 K Shipbuilding SEAWAYS OLIVE MR OWNED 2008 49,999 Hyundai Mipo SEAWAYS DELGADA (HULL S-1814) LR1 OWNED 2026 73,600 K Shipbuilding SEAWAYS STAR MR OWNED 2008 49,999 Hyundai Mipo SEAWAYS MAGELLAN (HULL S-1815) LR1 OWNED 2026 73,600 K Shipbuilding SEAWAYS HURON(2) MR OWNED 2007 47,872 Hyundai Mipo SEAWAYS EAGLE LR1 OWNED 2011 74,997 Sundong SEAWAYS HERCULES MR OWNED 2007 47,786 Hyundai Mipo SEAWAYS LEYTE LR1 OWNED 2011 73,944 SPP SEAWAYS GALLE(2) MR OWNED 2007 47,782 Hyundai Mipo SEAWAYS SAMAR LR1 OWNED 2011 73,920 SPP 20