Slides
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International Seaways Inc. Fourth Quarter 2025 Earnings Presentation February 26, 2026
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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 2025 for the Company, the Form 10-Q for any subsequent quarters, 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 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 75,600 52,800 42,200 62,900 28,500 Q1-26 79,500 59,300 41,400 67,900 31,500 % 85% 77% 66% 62% 66% Fourth Quarter & FY 2026 Highlights and Recent Developments Total Liquidity of $724 million • $167 million in cash (including short term investments). • $557 million in undrawn revolver capacity. Net Loan to Value:(5) 13% Unencumbered 6x VLCCs with repayment of sale leasebacks using bond proceeds • $250 million of bond proceeds issued in September. • $258 million repaid during Q4 2025. • 31 unencumbered vessels as of December 2025. 2026 Spot Cash Break Even Rate below $15,000 per day(6) Consolidated ownership of Tankers International (TI) • Acquired remaining 50% interest. • Expanded platform with new Suezmax pool. Seaways Gibbs Hill (VLCC) delivered in Q4 2025 (total purchase price: $119 million) Sales of older vessels • 10x sold in 2025 for proceeds of $131 million (average age 18 years). • 7x sold or agreed to sell in 2026 for proceeds of $216 million (average age 17 years). Two of six LR1 newbuilds delivered in 2025 (remaining four delivering in 2026) Contracted Revenue: $210 million excl. profit share; appx. 1.4 yrs avg TC Quarterly Earnings & Q1 2026 Fixtures Strategic Fleet Optimization $1 Billion+ Shareholder Returns since 2020 (4) Healthy Balance Sheet Quarterly Results Net Income: 128m, $2.56/sh Adj. Net Income(1): 122m, $2.45/sh (1) See Appendix for reconciliations to reported results of these non-GAAP measures. (2) As of February 20, 2026. 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) Including share repurchases and the scheduled dividend payment payable March 2026. (5) Fleet value from VesselsValue.com as of December 31, 2025. Net loan to value comprised of: senior debt plus all sale leasebacks less cash divided by fleet value less newbuilding capex. (6) Spot cash break even rate for 2026 includes OPEX, G&A, drydock and capex and debt service composed of mandatory principal payments and interest divided by spot revenue days. See slide 11 for further disclosures. 35.8 49.6 61.6 70.5 127.5 44.6 39.5 50.4 56.9 122.0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net Income Adjusted Net Income Quarterly Spot Fixtures(2) Q1-26 Blended: 71% Fixed at approximately $50,900 per day 4 (1) (3) Declared dividend of $2.15/sh • Largest quarterly dividend declared in Company history. • Represents 87% payout ratio of Q4 2025 adjusted net income. • 25th consecutive quarterly dividend. • 6x consecutive quarters of payout ratio 75% or above. Paid a combined $0.86 per share dividend in December 2025 Extended the $50 million share repurchase program to end of 2026 (from end 2025)
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Market Update: Tanker Demand Drivers ‒ Oil demand forecasted to grow by more 1 mpbd in 2025 and 2026; above 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 continues to create uncertainty, driving disruptions in traditional trade routes and supporting tanker rates ˄ OECD commercial inventories at the bottom of 10-year range ˄ OECD SPR remains low; US indicating a return to previous levels (appx +300m barrels) ‒ Refining margins around 5-year averages Select Forecasts Project Oil Supply Growth Outpacing Demand Strategic Stockpiling May Be Absorbing Incremental Supply 5 Oil Markets Pricing In Near Term Tightness 95 97 99 101 103 105 107 EIA IEA OPEC Supply Demand EIA & IEA ESTIMATE 2026 SUPPLY TO EXCEED DEMAND ICE BRENT FORWARD CURVE STILL BACKWARDED 66 67 68 69 70 71 72 APR 26 MAY 26 JUN 26 JUL 26 AUG 26 SEPT 26 -2.15/bbl 225 450 675 900 1125 1350 1575 2010 2015 2020 2025 2026 SIGNIFICANT INCREASES IN CHINA STORAGE CAPACITY mmpbd $/bbl mb Source: EIA, IEA, OPEC (using supply as avg Q4) Source: ICE Brent as of Feb 24 Source: Fearnleys (Argus)
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Market Update: Tanker Supply Drivers ‒ Orderbook relative to size of the fleet: 15%, delivering largely over next 3 years ˄ Orderbook not enough to replace 50% of the fleet that will be over 20 years old by end of delivery schedule (22% 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 9.8 yrs in February 2016) increasing potential candidates for removal from commercial fleet ˄ Sanctioned vessel lists has surpassed vessels on order ˄ Recycling tanker volumes rose from prior years: 2022: 26x, 1.36mdwt; 2023: 8x, 0.26mdwt; 2024: 3x, 0.12mdwt; 2025: 31x, 1.62mdwt ‒ 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 A Rise in Newbuild Ordering in Q4 2025… …But Still Not Enough to Cover Removal Candidates Source: Clarksons Tankers over 10k dwt 6 474 1,066 695 410 134 270 140 173 455 331 491 116 309 228 243 225 213 151 457 714 341 44 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Q1 Q2 Q3 Q4 Total 400 285 656 341 193 171 219 66 VLCC Suezmax Aframax/LR2 Panamax/LR1 Removal Candidates* On Order 1,209 284 Handy/MR *Current fleet’s age at the end of 2029 over 18 years old and/or sanctioned vessels
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Financial Review Jeffrey D. Pribor SVP & CFO
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Q4 2025: Quarterly Results For the three months ended Net Income & Adjusted Net Income(1) TCE Revenues (1) Adjusted EBITDA(1) $ million $ million 94.8 90.7 101.5 107.7 174.8 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 35.8 49.6 61.6 70.5 127.5 44.6 39.5 50.4 56.9 122.0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net Income Adjusted Net Income Spot Earnings(2) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 VLCC $35,600 $33,500 $39,300 $34,800 $75,600 Suezmax $29,700 $30,900 $36,800 $33,300 $52,800 Aframax $31,200 $25,400 $30,700 $28,500 $42,200 LR1 $37,100 $27,400 $32,800 $34,600 $62,900 MR $21,500 $21,400 $18,900 $25,600 $28,500 93 85 99 93 147 97 94 90 99 113191 178 189 192 260 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 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 (1)
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Rollforward of Cash & Liquidity $413m $167m $175m ($19m) ($23m) $2m $36m ($107m) ($6m) ($258m) ($42m) ($4m) $572m $557m $985m $724m 9/30/25 Total Liquidity Adjusted EBITDA Debt Service Drydock & CAPEX Working Capital Vessel Sales Gibbs Hill Purchase LR1 NB Installments SLB Repayment Dividends Other 12/31/25 Total Liquidity Cash Flow Highlights Vessel sales reflect 3x MRs during Q4 2025. Seaways Gibbs Hill (VLCC) Purchase of $107m in Q4 reflects $119m aggregate price less deposit paid in Q3 2025 LR1 NB installments are net of proceeds from the ECA facility Notes to Captions Above SLB repayment of $258m unencumbered 6x VLCCS Debt Services includes $9m of mandatory repayment and $10m of cash interest expense Dividends in Q4 2025 were $0.86 per share. 9 Free Cash Flow $135m(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 (+ ST Investments) $157 $167 Voyage Receivables $186 $178 Other Current Assets $33 $22 Total Current Assets $376 $367 Vessels $2,178 $2,245 Right of Use Assets $21 $7 Pool Working Capital $35 $33 Other Long-Term Assets $26 $16 Total Assets $2,636 $2,669 Dec 31, Dec 31, LIABILITIES & EQUITY AP, Accruals and other current liabilities $66 $70 Current Portion of Lease Liabilities $15 $3 Current Portion of Long-Term Debt $50 $26 Total Current Liabilities $131 $99 Long-Term Debt $638 $541 Long-Term Portion of Lease Liabilities $9 $6 Other Long-Term Liabilities $2 $2 Total Equity $1,856 $2,020 Total Liabilities and Equity $2,636 $2,669 100% of Debt Portfolio is fixed or hedged as of December 31 Ample Cash & Total Liquidity $167m $724m $557m Cash + ST invetments RCF Capcity Total 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 82 Oct 2037 SOFR +110 bps 6.2 BoComm SLB 205 May 2030 4.22% 15.2 Japanese SLBs 41 Apr ‘30 to Dec ‘31 6.00% 6.7 12/31 Debt Balance 578 Weighted Avg Rate (cb 5.60% Notes to Captions Above (a) Combined, the revolving credit capacity of the two facilities reduces by $15.6 million per quarter. (b) The weighted average interest rate assumes a 3 -month SOFR rate of 379 bps. $2.2 Billion of Fleet at Cost/$3.2 Billion in Market Value(1) Quality Debt at 13% of Market Value(1) Balance Sheet $m Key Balance Sheet Figures $m (1) Vessel value as of December 31, 2026, net of newbuilding capex outstanding.
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Looking Forward Refer to Forward Looking Statements disclaimer on slide 2 Q1 2026 Booked to-Date as of February 20, 2026 Guidance for Q1 and FY 2026 N12M 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. 2,550 1,000 1,625 1,700 650 1,100 4,700 2,600 3,425 20,600 14,725 17,100 2,300 14,800 Crude Fleet Product Fleet Combined Fleet Effect of Fixed Revenue INSW 2026 ESTIMATE OPEX Charter hire G&A Interest Principal DDK & Capex TotalSpot Time Charter Overall $ per day Fixed TCE Fixed TCE Fixed TCE VLCC 86% $78,500 100% $55,700 90% $71,800 VLCC <15 85% $79,500 100% $55,700 90% $72,100 VLCC 15+ 94% $66,500 0% $0 94% $66,500 Suezmax 77% $59,300 100% $37,200 80% $55,100 Aframax/LR2 66% $41,400 100% $39,000 79% $40,200 LR1 62% $67,900 0% $0 62% $67,900 MR 66% $31,500 100% $22,000 72% $29,000 Excludes profit share component on applicable time charters Q1 2026 TD Blended Avg Spot TCE is $50,900/day on 71% of revenue days $ million Q1 2026 FY 2026 REVENUE: Other Revenue (TI) 1 – 2 8 – 9 Existing contracted TC Out Revenue (ex-profit share) 30 – 32 95 – 97 EXPENSES: d Vessel Expenses 59 – 65 240 – 250 Charter Hire Expense 6 – 8 17 – 20 G&A, including TI 15 – 17 60 – 65 Interest Expense 10 – 11 42 – 45 Depreciation 40 – 42 165 – 170 Scheduled debt repayments (ex-voluntary prepayments of debt) 6 – 7 27 – 29 Capex, including drydock, ex. newbuilding costs 10 - 12 70 – 78 The Company is Positioned to Generate Free Cash Flow as our Spot Fixtures are Well Above our Estimated Costs 11
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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 $3.0bn in market cap(1) • Free cash flow generated each quarter is allocated to shareholder returns, de-leveraging and fleet renewal • Total Shareholder Return about 735% since inception; represents over 25% 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 Q4 2025: $724million • 13% Net Loan to Asset Value(3) • 31 vessels in the Fleet are unencumbered on a fully delivered basis • Spot break even rate < $15,000 per day (4) • Oil demand growth steady at historical growth rates • Regional imbalances of crude production, refineries and end-user consumption continue to widen in distance • Worldwide inventories remain low: disruptions to local supply creates further demand for tankers • Fleet growth is limited: 15% of the tanker fleet on order significantly less than 50% of potential removal candidates (1) Average last 30 days. (2) From the period 12/1/2016 to 02/20/26. (3) Fleet value as of December 2025 is net of outstandi ng newbuilding costs. (4) Spot cash break even rate for 2026 incl. OPEX, G&A, drydock and capex and debt service composed of mandatory principal paymen ts and interest divided by spot revenue days.
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Q&A
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Appendix
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Estimated Drydock and CAPEX costs and Out-of-Service Days * Estimates are preliminary, please refer to forward looking statement on pg. 2. ** Capex excludes vessel purchases and newbuildings ($ millions, except days) 2025 Offhire Days Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 VLCC 124 23 19 166 332 Suezmax 4 25 10 10 49 Aframax / LR2 1 8 17 (15) 12 LR1 1 10 82 119 212 MR 213 316 209 90 827 344 382 336 369 1,431 2025 Drydock Costs Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 VLCC $6.9 $3.0 $1.6 $12.3 $23.7 Suezmax 0.1 0.2 0.2 0.4 0.9 Aframax / LR2 - - - - - LR1 (0.2) - 0.9 3.6 4.4 MR 10.1 23.3 17.0 4.7 55.2 $16.9 $26.6 $19.7 $21.0 $84.2 2025 CAPEX Costs Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 VLCC $0.1 $0.4 $0.4 $0.0 $0.9 Suezmax 0.1 0.5 0.1 0.3 1.0 Aframax / LR2 0.1 0.1 0.2 0.1 0.5 LR1 0.1 0.2 0.4 0.2 0.9 MR 0.9 1.1 1.0 0.6 3.6 $1.3 $2.3 $2.1 $1.2 $6.9 2026 Offhire Days (E) Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2026 VLCC 30 86 67 55 238 Suezmax 27 51 23 38 139 Aframax / LR2 6 18 40 42 106 LR1 47 38 50 - 135 MR 6 31 215 89 341 116 224 395 224 959 2026 Drydock Costs (E) Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2026 VLCC $2.7 $ 5.6 $6.0 $7.3 $21.6 Suezmax 0.2 3.4 3.4 2.3 9.2 Aframax / LR2 0.2 - 2.4 3.6 6.2 LR1 1.5 3.1 1.0 3.5 9.1 MR 3.1 - 6.7 10.2 20.1 $7.6 $12.1 $19.6 $26.9 $66.3 2026 CAPEX Costs (E) Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2026 VLCC $0.3 $0.0 $0.0 $0.1 $0.4 Suezmax 0.6 0.1 0.5 0.2 1.4 Aframax / LR2 0.2 0.2 - - 0.4 LR1 0.4 0.2 - - 0.6 MR 1.2 0.3 0.5 0.3 2.3 $2.7 $0.8 1.0 $0.6 $5.1 15
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LR1 Newbuilding Schedule Seaways Bonita (Hull 1812) Seaways Cristobal (Hull 1813) Seaways Delgada (Hull 1814) Seaways Magellan (Hull 1815) Amount Due Per Ship ($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 Q1 2026 Q2 2026 Q3 2026 Q4 2026 N12M Contracted outflows 66.9 48.6 73.0 - $188.5 K-Sure ECA drawdown (42.6) (42.6) (73.0) - (158.2)
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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) In connection with an amendment to the $500m RCF in the first quarter of 2024, the Company extinguished the ING facility. 3) Payments for vessels under construction represent the contractual payments for the LR1 newbuildings. The Company also purcha sed 9 MRs and 1 VLCC during the periods above. 17 TCE Revenue $000s Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 FY 2024 Time charter equivalent revenues 190,640 178,342 188,822 192,468 259,982 819,614 933,103 Add: Voyage expenses 3,973 5,052 6,819 3,920 7,897 23,688 18,510 Shipping revenues 194,613 183,394 195,641 196,388 267,879 843,302 951,613 Free Cash Flow $000s Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 FY 2024 Net cash provided by operating activities (1) 93,622 69,947 85,779 78,325 146,001 380,052 547,138 Repayments of debt (1) - - - - - - (39,851) Payments on sale and leaseback financing and finance leases (1) (12,463) (12,242) (12,397) (12,742) (8,616) (45,997) (49,294) Less: optional prepayments and repayments due to vessel sales (2) - - - - - - 20,313 Expenditures for vessels, vessel improvements, vessels under construction (1) (67,205) (82,973) (17,905) (87,668) (151,934) (340,480) (283,794) Expenditures for other property (1) (506) (376) (177) (74) (814) (1,441) (1,386) Less: payments for vessels under construction and vessel purchases (3) 64,778 81,673 15,617 85,543 150,771 333,604 274,728 Free cash flow 78,226 56,029 70,917 63,384 135,408 325,738 467,854
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Adjusted EBITDA and Net Income Reconciliation: Quarters Adjusted EBITDA $000s Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net income 35,823 49,565 61,646 70,546 127,504 Income tax benefit (1,083) - - - (411) Interest expense 11,895 11,452 9,761 9,623 11,868 Depreciation and amortization 39,466 39,705 41,349 41,170 41,362 EBITDA 86,101 100,722 112,756 121,339 180,323 Write-off of deferred financing costs - - - - 1,761 Loss on extinguishment of debt - - - - 315 Loss/(gain) on disposal of vessels, net 8,745 (10,021) (11,229) (13,658) (7,629) Provision for settlement of multi-employer pension plan obligations - - - - - Adjusted EBITDA 94,846 90,701 101,527 107,681 174,770 18 Adjusted Net Income $000s Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net income 35,823 49,565 61,646 70,546 127,504 Third-party debt modification fees - - - - - Write-off of deferred financing costs - - - - 1,761 Loss on extinguishment of debt - - - - 315 Loss/(gain) on disposal of vessels, net 8,745 (10,021) (11,229) (13,658) (7,629) Provision for settlement of multi-employer pension plan obligations - - - - - Adjusted Net Income 44,568 39,544 50,417 56,888 121,951
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Adjusted EBITDA and Net Income Reconciliation: Annual Adjusted EBITDA $000s 2021 2022 2023 2024 2025 Net income (134,660) 387,891 556,446 416,724 309,261 Income tax (benefit)/provision 1,618 88 3,878 (1,084) (411) Interest expense 36,796 57,721 65,759 49,703 42,704 Depreciation and amortization 86,674 110,388 129,038 149,440 163,586 Noncontrolling interest (174) - - - - EBITDA (9,746) 556,088 755,121 614,783 515,140 Amortization of time charter contracts acquired 2,428 842 - - - Third-party debt modification fees 110 1,158 568 168 - Loss on sale of investment in affiliated companies - 9,378 - - - Merger and integration related costs 50,740 - - - - Gain on disposal of vessels, net (9,753) (19,647) (35,934) (32,657) (42,537) Write-off of deferred financing costs 2,113 1,266 2,686 - 1,716 Loss on extinguishment of debt 4,465 - 1,323 - 315 Provision for settlement of multi-employer pension plan obligations - - - 1,019 - Adjusted EBITDA 40,357 549,085 723,764 583,313 474,679 19 Adjusted Net Income $000s 2021 2022 2023 2024 2025 Net income (134,660) 387,891 556,446 416,724 309,261 Third-party debt modification fees 110 1,158 568 168 - Loss on sale of investment in affiliated companies - 9,378 - - - Merger and integration related costs 50,740 - - - - Gain on disposal of vessels, net (9,753) (19,647) (35,934) (32,657) (42,537) Write-off of deferred financing costs 2,113 1,266 2,686 - 1,716 Loss on extinguishment of debt 4,465 - 1,323 - 315 Provision for settlement of multi-employer pension plan obligations - - - 1,019 - Adjusted Net Income (86,985) 380,046 525,089 385,254 268,800
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Time Charter-Out ($m): Time Charter-Ins: Lightering: 5 workboats that redeliver between June 2026 and June 2027 – Charter Hire expense for Q1 2026 : $3.7 million Vessel Rate Charter Expiry 2026 2027 2028 2029 2030 Total 2008-Built MR $21,350 MAR-26 1.5 1.5 2011-Built MR $22,500 MAR-26 1.9 1.9 2009-Built MR $21,500 APR-26 2.5 2.5 2017-Built Suezmax $34,750 APR-26 3.2 3.2 2009-Built MR $21,500 MAY-26 2.7 2.7 2017-Built Aframax $40,000 JUN-26 6.2 6.2 2012-Built Suezmax $40,000 OCT-26 11.4 11.4 2009-Built MR $23,500 JAN-27 8.6 0.6 9.2 2009-Built MR $23,500 FEB-27 8.6 0.9 9.5 2014-Built LR2 $40,000 APR-27 14.6 4.0 18.6 2023-Built DF VLCC * $31,000 FEB-30 11.3 11.3 11.3 11.4 1.2 46.5 2023-Built DF VLCC * $31,000 MAR-30 11.3 11.3 11.3 11.3 2.3 47.6 2023-Built DF VLCC * $31,000 APR-30 11.3 11.3 11.4 11.3 3.6 48.8 95.1 39.4 34.0 34.0 7.1 209.6 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 Q1 2026 Expense 2026 Expense LR1 TC-In 2009 March 2026 $3.2m $3.2m * Excludes 50/50 profit share, if applicable Differences in annual or yearly totals may be due to rounding 20
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INSW Fleet Overview as of February 20, 2026 (1) Vessel is currently time charter (out). (2) Agreed to sell – delivering Q1 2026 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(2) Owned Built DWT Shipyard SEAWAYS ENDEAVOR(1) VLCC BB-In 2023 299,365 DSME SEAWAYS EAGLE LR1 OWNED 2011 74,997 Sundong SEAWAYS ENTERPRISE(1) VLCC BB-In 2023 299,568 DSME SEAWAYS LEYTE LR1 OWNED 2011 73,944 SPP SEAWAYS EXCELSIOR(1) VLCC BB-In 2023 299,468 DSME SEAWAYS SAMAR LR1 OWNED 2011 73,920 SPP SEAWAYS GIBBS HILL VLCC OWNED 2020 299,942 Hyundai Samho SEAWAYS GUAYAQUIL LR1 OWNED 2009 74,999 Hyundai Mipo SEAWAYS LIBERTY VLCC OWNED 2016 300,973 Shanghai Waigaoqiao PELAGIC TURBOT LR1 TC-In 2009 73,394 Dalian Shipyard SEAWAYS TRITON VLCC OWNED 2016 300,933 Shanghai Waigaoqiao SEAWAYS KENOSHA MR OWNED 2016 50,082 Samsung (Ningbo) SEAWAYS CAPE HENRY VLCC OWNED 2016 300,932 Shanghai Waigaoqiao SEAWAYS LOOKOUT MR OWNED 2015 50,136 Samsung (Ningbo) SEAWAYS DIAMOND HEAD VLCC OWNED 2016 300,781 Shanghai Waigaoqiao SEAWAYS KOLBERG MR OWNED 2015 50,108 Samsung (Ningbo) SEAWAYS HENDRICKS VLCC OWNED 2016 300,757 Shanghai Waigaoqiao SEAWAYS JEJU MR OWNED 2015 49,999 Samsung (Ningbo) SEAWAYS TYBEE VLCC OWNED 2015 300,703 Shanghai Waigaoqiao SEAWAYS CASTLE HILL MR OWNED 2015 49,990 SPP SEAWAYS KILIMANJARO(2) VLCC OWNED 2012 296,520 Dalian SEAWAYS LOMA MR OWNED 2015 49,990 SPP SEAWAYS RAFFLES(2) VLCC OWNED 2010 317,858 Hyundai HI SEAWAYS STAMFORD MR OWNED 2015 49,990 SPP SEAWAYS HATTERAS Suezmax OWNED 2017 158,432 Hyundai Samho HI SEAWAYS CAPE MAY MR OWNED 2015 49,990 SPP SEAWAYS MONTAUK(1) Suezmax OWNED 2017 158,432 Hyundai Samho HI SEAWAYS WHEAT MR OWNED 2015 49,990 SPP TRINITY Suezmax OWNED 2016 158,734 Hyundai Heavy SEAWAYS WATCH HILL MR OWNED 2015 49,990 SPP SAN JACINTO Suezmax OWNED 2016 158,658 Hyundai Heavy SEAWAYS WARWICK MR OWNED 2015 49,990 SPP LOIRE Suezmax OWNED 2016 157,463 New Times SEAWAYS LONSDALE MR OWNED 2014 49,990 SPP SEAWAYS RED Suezmax OWNED 2012 159,068 Hyundai Heavy SEAWAYS DWARKA MR OWNED 2014 49,990 SPP SEAWAYS RIO GRANDE(1) Suezmax OWNED 2012 159,056 Hyundai Heavy SEAWAYS ATHENS MR BB-In 2012 50,342 SPP SEAWAYS SAN SABA Suezmax OWNED 2012 159,018 Hyundai Heavy SEAWAYS MILOS(1) MR BB-In 2011 50,378 SPP SEAWAYS FRIO Suezmax OWNED 2012 159,000 Hyundai Heavy SEAWAYS KYTHNOS MR BB-In 2010 50,284 SPP SEAWAYS COLORADO Suezmax OWNED 2012 158,615 Samsung SEAWAYS MELINA MR BB-In 2010 51,483 STX SEAWAYS BRAZOS Suezmax OWNED 2012 158,537 Samsung SEAWAYS WAVE(1) MR OWNED 2009 51,549 STX SEAWAYS SABINE Suezmax OWNED 2012 158,493 Samsung SEAWAYS CREST(1) MR OWNED 2009 51,510 STX SEAWAYS PECOS Suezmax OWNED 2012 158,465 Samsung SEAWAYS MUSE(1) MR OWNED 2009 51,498 STX SEAWAYS REYES(1) Aframax OWNED 2017 113,689 Daehan SEAWAYS MIRAGE(1) MR OWNED 2009 51,476 STX SEAWAYS REDWOOD Aframax OWNED 2013 112,792 SPP SEAWAYS OAK MR OWNED 2009 51,260 STX SEAWAYS YELLOWSTONE Aframax OWNED 2009 112,989 New Times SEAWAYS SKOPELOS MR OWNED 2009 50,221 SPP SEAWAYS YOSEMITE Aframax OWNED 2009 112,905 New Times SEAWAYS MOMENT MR OWNED 2009 49,999 Hyundai Mipo SEAWAYS SHENANDOAH(1) LR2 OWNED 2014 112,691 SPP SEAWAYS MYSTERY MR OWNED 2009 49,999 Hyundai Mipo SEAWAYS ALACRAN LR1 OWNED 2025 74,382 K Shipbuilding SEAWAYS POLARIS MR OWNED 2009 49,999 Hyundai Mipo SEAWAYS BALBOA LR1 OWNED 2025 74,305 K Shipbuilding SEAWAYS MADELEINE(2) MR OWNED 2008 49,999 Hyundai Mipo SEAWAYS BONITA (HULL S-1812) LR1 OWNED 2026 74,400 K Shipbuilding SEAWAYS SPIRIT MR OWNED 2008 49,999 Hyundai Mipo SEAWAYS CRISTOBALL (HULL S-1813) LR1 OWNED 2026 74,400 K Shipbuilding SEAWAYS GRACE(2) MR OWNED 2008 49,999 Hyundai Mipo SEAWAYS DELGADA (HULL S-1814) LR1 OWNED 2026 74,400 K Shipbuilding SEAWAYS LILY(1) MR OWNED 2008 49,999 Hyundai Mipo SEAWAYS MAGELLAN (HULL S-1815) LR1 OWNED 2026 74,400 K Shipbuilding SEAWAYS HERCULES(2) MR OWNED 2007 47,786 Hyundai Mipo 21