Slides
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International Seaways Inc. Third Quarter 2026 Earnings Presentation November 5, 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 Q4-25 75,600 52,800 42,200 62,900 28,500 Q1-26 86,700 68,000 51,400 70,700 37,200 Q2-26 118,900 100,500 69,100 79,200 60,300 Q3-26 154,600 102,500 57,800 51,100 35,400 Q4-26 471,600 300,200 130,000 96,300 55,600 % 60% 47% 73% 56% 50% Third Quarter 2026 Highlights and Recent Developments Total Liquidity of $964 million • $454 million in cash (including short term investments). • $510 million in undrawn revolver capacity. Net Loan to Value:(4) >6% 2026 Spot Cash Break Even Rate below $15,000 per day(5) Acquired Bruton Limited and its four VLCC newbuildings in Q4 2026 • Transaction consideration of approximately 3 million shares and cash Final two of original six LR1 newbuilds delivered in Q3 2026 Contracted four additional LR1 newbuildings • Delivery expected in 2H 2028 • Aggregate price of $244 million Sold a 2012-built Suezmax for net proceeds of $74 million ($53 million gain) Contracted Revenue: $305 million excl. profit share; appx. 2.0 yrs avg TC(3) Record Quarterly Earnings & Q4 2026 Fixtures Strategic Fleet Optimization Record Returns to Shareholders Healthy Balance Sheet Quarterly Results Net Income: 344m, $6.90/sh Adj. Net Income(1): 291m, $5.84/sh (1) See Appendix for reconciliations to reported results of these non-GAAP measures. (2) As of October 28, 2026. Further details on slide 11 (3) As of October 1, 2026; prior to acquisition of Bruton vessels. (4) Fleet value from VesselsValue.com as of September 30, 2026. Net loan to value comprised of: senior debt plus all sale leasebacks 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 payments and interest divided by spot revenue days. See slide 11 for further disclosures. 71 128 286 295 344 57 122 194 295 291 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net Income Adjusted Net Income Quarterly Spot Fixtures(2) Q4-26 Blended: 53% Fixed at approximately $172,300 per day 4 (1) Declared dividend of $5.05/sh • Matched last quarter’s record dividend, the largest in Company history. • Represents above 85% payout ratio of Q3 2026 adjusted net income. • 4th consecutive quarter returning 85%+ of adjusted net income. • 28th consecutive quarterly dividend. Declared dividends of $16.80 per share LTM • Represents 22% Yield (LTM)
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Market Update: Tanker Demand Drivers ˄ Geopolitical environment uncertainty currently creating disruptions in traditional trade routes and supporting tanker rates ˅ Strait of Hormuz closure over long period may impact oil demand, the global economy and tanker demand ˄ Non-OPEC production increase of about 1.0 mpbd YOY mostly from Americas ˄ OECD commercial inventories drawing in near term ˄ OECD SPR lowest in 20 years ˄ Refining margins remain significantly above 5-year averages 5 Source: Clarksons Remarkable demand: 35 Years of History. Then came 2026 Restocking Likely As OECD Inventories at Lowest Levels in 20 years Average weighted crude tankers TCE, dollars per day Million Barrels Source: OPEC/IEA 3500 3700 3900 4100 4300 4500 4700 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 0 100,000 200,000 300,000 400,000 500,000 600,000 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020 2023 2026 0 50,000 100,000 150,000 1990 1995 2000 2005 2010 2015 2020 2025 Max Scale 4x As of Aug-26
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Market Update: Tanker Supply Drivers ‒ Orderbook relative to size of the fleet: 20% ˄ Orderbook not enough to replace over 48% of the fleet that will be over 20 years old by end of delivery schedule ˄ Average age of tanker fleet 14.2 yrs (vs. an average age of 10.1 yrs in November 2016) increasing potential candidates for removal from commercial fleet ‒ Sanction enforcement needed to ramp effect on tanker market ˄ Recycling tanker volumes rose from prior years: 2024: 12x, 0.85mdwt; 2025: 53x, 3.92mdwt; YTD 2026: 47x, 3.57mdwt ‒ 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 Tanker Orders Appear Sufficient As Removal Candidates Increase Substantially Each Year Number of tankers over 10k dwt 6 Number of vessels over 25dwt Source: Clarksons Research 32 295 325 385 306 66 337 395 346 81 2026 2027 2028 2029 2030 Vessels Turning 20 Deliveries Rem. 0% 7% 14% 21% 28% 35% 42% 49% 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 % of Fleet On Order % of Fleet Over 15 yrs old
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Financial Review Jeffrey D. Pribor SVP & CFO
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Q3 2026: Record Quarterly Results For the three months ended September 30, 2026 Net Income & Adjusted Net Income(1) TCE Revenues (1) Adjusted EBITDA(1) $ million $ million 107.7 174.8 243.6 345.2 344.5 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 70.5 127.5 286.1 294.9 344.2 56.9 122.0 194.1 295.0 291.4 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net Income Adjusted Net Income Spot Earnings(2) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 VLCC $34,800 $75,600 $86,700 $118,900 $154,600 Suezmax $33,300 $52,800 $68,000 $100,500 $102,500 Aframax $28,500 $42,200 $51,400 $69,100 $57,800 LR1 $34,600 $62,900 $70,700 $79,200 $51,100 MR $25,600 $28,500 $37,200 $60,300 $35,400 Blended Avg Spot Rate $29,400 $43,200 $55,600 $79,000 $67,700 93 147 184 253 32199 113 133 181 122 192 260 317 434 443 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Crude Product $ 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) Profit Share
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Rollforward of Cash & Liquidity $409m $454m $454m $345m ($17m) ($30m) ($64m) $74m ($4m) ($250m) ($9m) $526m ($16m) $510m $935m $964m 6/30/26 Total Liquidity Adjusted EBITDA Debt Service Drydock & CAPEX Working Capital Vessel Sales LR1 NB Installments Dividends Other RCF Capacity 9/30/26 Total Liquidity Cash Flow Highlights LR1 NB installments are net of proceeds from the ECA facility and fees. Dividends in Q3 2026 were $5.05 per share. Other primarily includes repayment of TI borrowing base facility Notes to Captions Above Debt Service includes $7m of mandatory repayment and $10m of cash interest expense. Working capital build is expected in periods of rapid strengthening of market conditions as voyage duration lengthens and payment is naturally delayed until voyage completion. RCF capacity decreases by approximately $15m per quarter going forward 9 Free Cash Flow $234m(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 2025 2026 Cash and Cash Equivalents (+ ST Investments) $167 $454 Voyage Receivables $178 $382 Other Current Assets $22 $61 Total Current Assets $367 $897 Vessels $2,245 $2,227 Right of Use Assets $7 $5 Pool Working Capital $33 $23 Other Long-Term Assets $16 $21 Total Assets $2,669 $3,173 Dec 31, Sep 30, LIABILITIES & EQUITY AP, Accruals and other current liabilities $70 $98 Current Portion of Lease Liabilities $3 $1 Current Portion of Long-Term Debt $26 $35 Total Current Liabilities $99 $134 Long-Term Debt $541 $665 Long-Term Portion of Lease Liabilities $6 $6 Other Long-Term Liabilities $2 $2 Total Equity $2,020 $2,366 Total Liabilities and Equity $2,669 $3,173 93% of Debt Portfolio is fixed or hedged as of September 30 Ample Cash & Total Liquidity $454m $964m $510m Cash + ST invetments RCF Capcity Total Liquidity Facility Name Principal Maturity Rate 2027 Amort NOK Bond 250 Sep 2030 7.13% - $500m RCF (a) - Jan 2030 SOFR +190 bps - $160m RCF (a) - Mar 2029 SOFR +198 bps - K-SURE ECA 236 Sep 2038 SOFR +110 bps 12.0 BoComm SLB 194 May 2030 4.22% 15.9 Japanese SLBs 37 Apr ‘30 to Dec ‘31 6.00% 6.9 9/30 Debt Balance 716 Weighted Avg Rate (b) 5.59% Notes (a) Combined, the revolving credit capacity of the two facilities reduces by $15.0 million per quarter. (b) The weighted average interest rate assumes a 3 -month SOFR rate of 363 bps. Debt Summary excludes Borrowing Base Facility associated with T.I.’s Suezmax pool. 2027 Amort excludes $9 million from Bruto n SLBs. $2.2 Billion of Fleet at Cost/$4.9 Billion in Market Value(1) Quality Debt at 5% of Market Value(1) Balance Sheet $m Key Balance Sheet Figures $m (1) Vessel value as of September 30, 2026, net of newbuilding capex outstanding.
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Looking Forward Refer to Forward Looking Statements disclaimer on slide 2 Q4 2026 Booked to-Date as of October 28, 2026 Guidance for Q4 and FY 2027 estimates N12M Estimated Spot Break Even (2) $ per day (1) Free cash flow is a non-GAAP financial measure. See appendix for reconciliations of non -GAAP financial measures to reported res ults. (2) 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 industry standard OH of 4 days per annum. SOFR assumption based on the Bloomberg forward curve is an average of 363 bps over the period. 4,200 950 2,100 2,900 650 1,475 6,850 2,900 4,350 26,250 15,200 19,225 4,250 14,975 Crude Fleet Product Fleet Combined Fleet Effect of Fixed Revenue All-In INSW Forward 12 Mos ESTIMATE OPEX Charter hire G&A Interest Principal DDK & Capex TotalSpot Time Charter Overall $ per day Fixed TCE Fixed TCE Fixed TCE VLCC 60% $471,600 100% $476,300 72% $473,500 Suezmax 47% $300,200 100% $46,400 62% $183,300 Aframax/LR2 73% $130,000 100% $39,500 78% $106,600 LR1 56% $96,300 0% $0 56% $96,300 MR 50% $55,600 100% $23,200 55% $49,400 Excludes profit share component on applicable time charters Q4 2026 TD Blended Avg Spot TCE is $172,300/day on 53% of revenue days The Company is Positioned to Generate Free Cash Flow(1) as our Spot Fixtures are Well Above our Estimated Costs 11 $ million, includes acquisition of Bruton Limited Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 2027 REVENUE: Other operating revenues (TI) 3 – 4 2 – 4 2 – 4 2 – 4 2 – 4 7 – 10 Existing contracted TC out revenue (ex-profit share) 40 – 44 44 – 48 40 – 44 30 – 34 26 – 30 148 – 156 EXPENSES: Vessel expenses 63 – 68 67 – 70 67 – 70 67 – 70 67 – 70 268 – 280 Charter hire expense (ex-TI Suez participants) 3 – 4 4 – 5 4 – 5 4 – 5 4 – 5 16 – 20 G&A, including TI 16 – 18 14 – 16 14 – 16 14 – 16 14 – 16 56 – 64 Interest expense (cash) 9 – 11 9 – 11 10 – 12 12 – 14 14 – 16 45 – 53 Depreciation 44 – 45 45 – 47 50 – 52 52 – 54 54 – 56 201 – 209 Scheduled debt repayments (ex-voluntary prepayments of debt) 9 – 11 11 – 12 9 – 11 11 – 12 11 – 12 42 – 47 Capex, including drydock, ex. newbuilding costs 11 - 14 23 - 27 48 - 52 29 - 33 9 - 13 109 – 125 Excl. profit sharing
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Celebrating 10 Years 12 Active Fleet Renewal & Growth 60% 100% 140% 180% 220% 260% 300% Dec-16 May-17 Oct-17 Mar-18 Aug-18 Jan-19 Jun-19 Nov-19 Apr-20 Sep-20 Feb-21 Jul-21 Dec-21 May-22 Oct-22 Mar-23 Aug-23 Jan-24 Jun-24 Nov-24 Apr-25 Sep-25 Feb-26 Jul-26 3x Eco MR Swap Seaways’ heatmap of purchasesClarksons Tanker Secondhand Price Index 2x Resale Suezmax 1x 2010 VLCC 6x ‘15/’16 VLCC 3x Newbuild VLCC 64x DSSI Merger 14 crude, 50 product 6x Newbuild LR1 6x Eco MRs 1x Eco VLCC Seaways vessel sales 4x NB LR1s @ Original 6x Prices 100 Vessels Purchased for $4.2bn 70 + 2JVs Vessels Sold for $1.5bn Acquired using all or portion of INSW shares 4x VLCCs BRUT acquis. 40% 46% 6% Dec 2016 Dec 2021 Sept 2026 Net LTV 92 99 454 140 510 92 239 964 Dec 2016 Dec 2021 Sept 2026 Liquidity Cash Undrawn RCF 0% 250% 500% 750% 1000% 1250% 1500% 2016 2018 2019 2020 2021 2022 2023 2025 2026 INSW Peers TSR: 30% Compounded Annual Return Meaningful Transformation of the Balance Sheet Substantial Shareholder Returns
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Disciplined Capital Allocator Hybrid Operating Model Quality Capital Structure Compelling Tanker Fundamentals Industry Leader in Sustainability Investment Highlights 13 • Transformed company from 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 $5.6bn in market cap(1) • Over $1.5bn in returns to shareholders since the start of 2020 • Total Shareholder Return almost 1,300% since inception; represents more than 30% 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 2026: $964m • <6% Net Loan to Asset Value(3) • 26 vessels in the Fleet are unencumbered • Spot break even rate < $15,000 per day (4) • Oil demand growth steady at historical growth rates • Regional imbalances of crude production, refineries and end-user consumption continue to widen in distance • Worldwide inventories remain low: disruptions to local supply creates further demand for tankers • Fleet growth is limited: 20% of the oil tanker fleet on order significantly less than potential removal candidates (48%) (1) Average last 30 days. (2) From the period 12/1/2016 to 11/4/26. (3) Fleet value as of September 30, 2026 is net of outstanding newbuilding costs. (4) Spot cash break even rate for 2026 incl. OPEX, G&A, drydock and capex and debt service composed of mandatory principal paymen ts and interest divided by spot revenue days.
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Q&A
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Appendix
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Estimated Drydock and CAPEX costs and Out-of-Service Days * Estimates are preliminary, please refer to forward looking statement on pg. 2. ** Capex excludes vessel purchases and newbuildings ($ millions, except days) 2026 Offhire Days Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2026 VLCC 28 114 86 - 227 Suezmax 13 111 13 35 172 Aframax / LR2 4 27 6 - 37 LR1 66 92 9 15 182 MR 57 48 101 89 295 167 391 215 139 913 2026 Drydock Costs Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2026 VLCC $5.9 $ 6.4 $17.3 $ - $29.6 Suezmax 0.9 6.5 3.0 1.9 12.3 Aframax / LR2 - - 0.3 - 0.3 LR1 5.2 3.0 2.2 - 10.4 MR 1.8 3.6 5.5 0.8 11.7 $13.9 $19.5 $28.3 $2.7 $64.4 2026 CAPEX Costs Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2026 VLCC $0.1 $0.1 $0.1 $0.3 $0.6 Suezmax 0.1 0.1 0.3 0.5 1.0 Aframax / LR2 - - 0.0 0.2 0.3 LR1 (0.3) 0.5 0.1 0.2 0.4 MR 0.7 0.4 0.2 1.3 2.5 $0.6 $1.1 $0.7 $2.5 $4.9 16 2027 Offhire Days Q1 2027 Q2 2027 Q3 2027 Q4 2027 FY 2027 VLCC - - - - - Suezmax 108 113 102 - 323 Aframax / LR2 94 45 - - 139 LR1 23 39 - - 62 MR 146 142 5 22 315 371 339 107 22 839 2027 Drydock Costs Q1 2027 Q2 2027 Q3 2027 Q4 2027 FY 2027 VLCC $ - $ - $ - $ - $ - Suezmax 6.9 16.7 17.2 4.4 45.2 Aframax / LR2 4.0 8.1 1.3 - 13.5 LR1 - 2.9 1.3 - 4.2 MR 9.3 16.9 5.1 0.6 31.9 $20.2 $44.6 $24.9 $5.1 $94.7 2027 CAPEX Costs Q1 2027 Q2 2027 Q3 2027 Q4 2027 FY 2027 VLCC $ - $ - $ - $ - $ - Suezmax 0.4 0.8 1.4 1.1 3.6 Aframax / LR2 0.1 0.1 - - 0.2 LR1 - - - - - MR 0.3 0.2 0.2 0.5 1.1 $0.8 $1.1 $1.6 $1.6 $4.9
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LR1 Newbuilding Schedule Signing First Payment Due Payment after steel cutting Payment after keel laying Payment after launching Payment upon delivery 17 $m Q4 2026 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Contracted outflows 24.4 6.1 24.4 18.3 18.3 79.3 73.2 Hull 1816 Hull 1817 Amount Due Per Ship ($M) Hull 1818 Hull 1819 Amount Due Per Ship ($M) MAY-26 MAY-26 JUL-26 JUL-26 NOV-26 NOV-26 6.080 DEC-26 DEC-26 6.120 AUG-27 OCT-27 6.080 OCT-27 NOV-27 6.120 DEC-27 FEB-28 6.080 FEB-28 MAR-28 6.120 APR-28 JUN-28 6.080 JUN-28 JUL-28 6.120 JUL-28 OCT-28 36.480 SEP-28 NOV-28 36.720 60.800 61.200
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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. 2) Payments for vessels under construction represent the contractual payments for the LR1 newbuildings. The Company also purcha sed 1x VLCC during the periods above. 18 TCE Revenue $000s Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Shipping revenues 196,388 267,879 325,476 467,287 483,202 Less: Voyage expenses (3,920) (7,897) (8,231) (33,100) (40,645) Time charter equivalent revenues 192,468 259,982 317,245 434,187 442,557 Free Cash Flow $000s Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net cash provided by operating activities (1) 78,325 146,001 141,061 267,679 243,015 Repayments of nonrevolving credit facility debt (1) - - (1,019) (1,018) (2,085) Payments on sale and leaseback financing and finance leases (1) (12,742) (8,616) (5,293) (5,372) (5,488) Expenditures for vessels, vessel improvements, vessels under construction (1) (87,668) (151,934) (70,655) (52,218) (76,436) Expenditures for other property (1) (74) (814) (319) (67) (655) Less: payments for vessels under construction and vessel purchases (2) 85,543 150,771 69,449 51,650 75,701 Free cash flow 63,384 135,408 133,224 260,654 234,052
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Adjusted EBITDA and Adjusted Net Income Reconciliation Adjusted EBITDA $000s Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net income 70,546 127,504 286,143 294,925 344,238 Income tax (benefit)/provision - (411) - (1) 446 Interest expense 9,623 11,868 8,959 10,561 11,396 Depreciation and amortization 41,170 41,362 40,567 39,689 41,283 EBITDA 121,339 180,323 335,669 345,174 397,363 Write-off of deferred financing costs - 1,761 - - - Loss on extinguishment of debt - 315 - - - (Gain)/loss on disposal of vessels, net (13,658) (7,629) (88,171) 43 (52,817) Holding gain on previously held equity interest - - (3,919) - - Adjusted EBITDA 107,681 174,770 243,579 345,217 344,546 19 Adjusted Net Income $000s Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net income 70,546 127,504 286,143 294,925 344,238 Write-off of deferred financing costs - 1,761 - - - Loss on extinguishment of debt - 315 - - - (Gain)/loss on disposal of vessels, net (13,658) (7,629) (88,171) 43 (52,817) Holding gain on previously held equity interest - - (3,919) - - Adjusted Net Income 56,888 121,951 194,053 294,968 294,421
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Time Charter-Out ($m): Lightering: 5 workboats that redeliver between October 2026 and July 2028 – Charter Hire expense for Q4 2026 : $3.3 million Vessel Rate Charter Expiry 2026 2027 2028 2029 2030 Total 2012-Built Suezmax $40,000 DEC-26 3.6 3.6 2009-Built MR $23,500 JAN-27 2.1 0.6 2.7 2009-Built MR $23,500 FEB-27 2.1 0.9 3.1 2014-Built LR2 $40,000 APR-27 3.7 4.0 7.6 2012-Built Suezmax $40,250 JAN-29 3.7 14.7 14.7 1.1 34.2 2017-Built Suezmax $43,450 MAY-29 4.0 15.9 15.9 6.0 41.8 2015-Built MR $23,500 JUL-29 2.2 8.6 8.6 4.9 24.3 2016-Built Suezmax $68,000 SEP-29 4.1 24.8 24.9 16.7 70.5 2023-Built DF VLCC * $31,000 FEB-30 2.9 11.3 11.3 11.4 1.2 38.0 2023-Built DF VLCC * $31,000 MAR-30 2.9 11.3 11.3 11.3 2.3 39.1 2023-Built DF VLCC * $31,000 APR-30 2.9 11.3 11.4 11.3 3.6 40.4 34.4 103.4 98.0 62.6 7.1 305.4 Chartered In/Out Fleet Please refer to Forward Looking Statements disclaimer on slide 2 * Excludes 50/50 profit share, if applicable & newly acquired Bruton vessels Differences in annual or yearly totals may be due to rounding 20
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INSW Fleet Overview as of November 3, 2026 (1) Vessel is currently or expected to deliver into a time charter (out). 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 MOUNT VISION(1) VLCC BB-In 2026 300,000 New Times HULL S- 1816 LR1 TBD 2028 74,400 K Shipbuilding MOUNT HORIZON(1) VLCC BB-In 2026 300,000 New Times HULL S- 1817 LR1 TBD 2028 74,400 K Shipbuilding MOUNT FRONTIER VLCC BB-In 2027 300,000 New Times HULL S- 1818 LR1 TBD 2028 74,400 K Shipbuilding MOUNT SUMMIT VLCC BB-In 2027 300,000 New Times HULL S- 1819 LR1 TBD 2028 74,400 K Shipbuilding 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 SEAWAYS KENOSHA MR OWNED 2016 50,082 Samsung (Ningbo) SEAWAYS TRITON VLCC OWNED 2016 300,933 Shanghai Waigaoqiao SEAWAYS LOOKOUT MR OWNED 2015 50,136 Samsung (Ningbo) SEAWAYS CAPE HENRY VLCC OWNED 2016 300,932 Shanghai Waigaoqiao SEAWAYS KOLBERG MR OWNED 2015 50,108 Samsung (Ningbo) SEAWAYS DIAMOND HEAD VLCC OWNED 2016 300,781 Shanghai Waigaoqiao SEAWAYS JEJU MR OWNED 2015 49,999 Samsung (Ningbo) SEAWAYS HENDRICKS VLCC OWNED 2016 300,757 Shanghai Waigaoqiao SEAWAYS CASTLE HILL(1) MR OWNED 2015 49,990 SPP SEAWAYS TYBEE VLCC OWNED 2015 300,703 Shanghai Waigaoqiao SEAWAYS LOMA MR OWNED 2015 49,990 SPP SEAWAYS HATTERAS Suezmax OWNED 2017 158,432 Hyundai Samho HI SEAWAYS STAMFORD MR OWNED 2015 49,990 SPP SEAWAYS MONTAUK(1) Suezmax OWNED 2017 158,432 Hyundai Samho HI SEAWAYS CAPE MAY MR OWNED 2015 49,990 SPP SEAWAYS TRINITY Suezmax OWNED 2016 158,734 Hyundai Heavy SEAWAYS WHEAT MR OWNED 2015 49,990 SPP SEAWAYS SAN JACINTO Suezmax OWNED 2016 158,658 Hyundai Heavy SEAWAYS WATCH HILL MR OWNED 2015 49,990 SPP SEAWAYS LOIRE(1) Suezmax OWNED 2016 157,463 New Times SEAWAYS WARWICK MR OWNED 2015 49,990 SPP SEAWAYS RED Suezmax OWNED 2012 159,068 Hyundai Heavy SEAWAYS LONSDALE MR OWNED 2014 49,990 SPP SEAWAYS RIO GRANDE(1) Suezmax OWNED 2012 159,056 Hyundai Heavy SEAWAYS DWARKA MR OWNED 2014 49,990 SPP SEAWAYS SAN SABA Suezmax OWNED 2012 159,018 Hyundai Heavy SEAWAYS ATHENS MR BB-In 2012 50,342 SPP SEAWAYS FRIO Suezmax OWNED 2012 159,000 Hyundai Heavy SEAWAYS MILOS MR BB-In 2011 50,378 SPP SEAWAYS COLORADO(1) Suezmax OWNED 2012 158,615 Samsung SEAWAYS KYTHNOS MR BB-In 2010 50,284 SPP SEAWAYS BRAZOS Suezmax OWNED 2012 158,537 Samsung SEAWAYS MELINA MR BB-In 2010 51,483 STX SEAWAYS PECOS Suezmax OWNED 2012 158,465 Samsung SEAWAYS WAVE MR OWNED 2009 51,549 STX SEAWAYS REYES Aframax OWNED 2017 113,689 Daehan SEAWAYS CREST(1) MR OWNED 2009 51,510 STX SEAWAYS REDWOOD Aframax OWNED 2013 112,792 SPP SEAWAYS MUSE MR OWNED 2009 51,498 STX SEAWAYS YELLOWSTONE Aframax OWNED 2009 112,989 New Times SEAWAYS MIRAGE(1) MR OWNED 2009 51,476 STX SEAWAYS YOSEMITE Aframax OWNED 2009 112,905 New Times SEAWAYS OAK MR OWNED 2009 51,260 STX SEAWAYS SHENANDOAH(1) LR2 OWNED 2014 112,691 SPP SEAWAYS SKOPELOS MR OWNED 2009 50,221 SPP SEAWAYS ALACRAN LR1 OWNED 2025 74,382 K Shipbuilding SEAWAYS MOMENT MR OWNED 2009 49,999 Hyundai Mipo SEAWAYS BALBOA LR1 OWNED 2025 74,305 K Shipbuilding SEAWAYS MYSTERY MR OWNED 2009 49,999 Hyundai Mipo SEAWAYS BONITA LR1 OWNED 2026 74,400 K Shipbuilding SEAWAYS POLARIS MR OWNED 2009 49,999 Hyundai Mipo SEAWAYS CRISTOBAL LR1 OWNED 2026 74,400 K Shipbuilding SEAWAYS SPIRIT MR OWNED 2008 49,999 Hyundai Mipo SEAWAYS DELGADA LR1 OWNED 2026 74,400 K Shipbuilding SEAWAYS LILY MR OWNED 2008 49,999 Hyundai Mipo SEAWAYS MAGELLAN LR1 OWNED 2026 74,400 K Shipbuilding 21