• It's like a global airline such as Delta or American Airlines, but instead of carrying people or air cargo, its fleet of ships transports crude oil and refined fuels across the world's oceans.
• Imagine a global freight railway company like Union Pacific, but operating on the high seas with a fleet of massive tankers transporting crude oil and fuels, rather than cargo trains on land.

• Crude Tanker Shipping Services: Provides global maritime transportation for crude oil.
• Product Tanker Shipping Services: Offers global maritime transportation for refined petroleum products such as gasoline, diesel, and jet fuel.

International Seaways (INSW) sells primarily to other companies, not individuals. Based on their public filings, including their most recent 10-K report, International Seaways serves a diverse customer base and does not have any single major customer that accounts for 10% or more of its total revenues.

Their customers are broadly categorized as:

• Major oil companies
• National oil companies
• Reputable trading companies
• Refining companies

Due to the nature of their business in the global tanker market, chartering arrangements are often short-term, and their customer base is distributed across numerous entities within these categories. Specific names of these companies are not individually disclosed as major customers because none meet the threshold of representing a significant concentration of revenue.

• Hanwha Ocean (Symbol: 042660)

Lois K. Zabrocky, President and Chief Executive Officer

Lois K. Zabrocky has served as President and Chief Executive Officer of International Seaways since its spin-off from Overseas Shipholding Group (OSG) in November 2016. She joined OSG in 1992 and held various senior management positions, including Senior Vice President for OSG's International Flag strategic business unit, where she was responsible for commercial management and oversight of fleet operations. She also served as Chief Commercial Officer for OSG's international flag crude, products, and gas businesses. Earlier in her career, she was Head of the International Product Carrier and Gas Strategic Business Units, successfully expanding the fleet from 26 to 50 modern vessels. Ms. Zabrocky also served as Vice President responsible for commercial operations of Aframax International, a pool of 35 Aframax tankers, which saw significant growth and profitability under her leadership. She began her maritime career as a third mate aboard a U.S. flag chemical tanker. Ms. Zabrocky currently serves on the Board of ITOPF Limited and Tidewater, Inc.

Jeffrey D. Pribor, Senior Vice President and Chief Financial Officer

Jeffrey D. Pribor joined International Seaways in November 2016. Before joining International Seaways, he was Global Head of Maritime Investment Banking at Jefferies & Company, Inc. Mr. Pribor previously served as Executive Vice President and Chief Financial Officer of General Maritime Corporation from September 2004 to February 2013. During his tenure at General Maritime, he was involved in significant financial events, including a successful hostile takeover defense, a leveraged recapitalization that included a $500 million special dividend to shareholders, and a major financial restructuring. This restructuring involved replacing existing secured debt and securing a $200 million new money equity investment from Oaktree Capital Partners, indicating experience with private equity-backed companies. Prior to General Maritime, he was Managing Director and President of DnB NOR Markets, Inc. from 2002 to 2004, Managing Director and Group Head of Transportation Banking at ABN AMRO, Inc. from 2001 to 2002, and Managing Director and Sector Head of Transportation and Logistics investment banking for ING Barings from 1996 to 2001. He also spent over 10 years in the mergers and acquisitions group at Merrill Lynch.

James D. Small III, Chief Administrative Officer, Senior Vice President, Secretary and General Counsel

James D. Small III has nearly 30 years of experience in transactional, governance, and other legal matters. Before his current role at International Seaways, he served as Senior Vice President, Secretary, and General Counsel of Overseas Shipholding Group, a position he assumed in March 2015. Prior to that, Mr. Small was a counsel at Cleary Gottlieb Steen & Hamilton LLP, specializing in corporate and financing transactions, U.S. securities law, mergers and acquisitions, and corporate governance.

Derek Solon, Senior Vice President and Chief Commercial Officer

Derek Solon served as Vice President, Commercial of OSG since 2014 before taking on his current role at International Seaways.

William Nugent, Senior Vice President and Chief Technical and Sustainability Officer

William Nugent has served as Senior Vice President and Chief Technical and Sustainability Officer since 2014.

The rapid acceleration of global decarbonization efforts and the widespread adoption of alternative energy sources and technologies pose an emerging threat to International Seaways. Increasingly ambitious government policies worldwide, coupled with advancements in electric vehicles, renewable energy infrastructure, and the development of sustainable fuels, could lead to a faster-than-anticipated decline in global demand for crude oil and refined petroleum products. This accelerated shift in energy consumption patterns has the potential to significantly reduce the long-term need for tanker services, potentially rendering parts of INSW's existing fleet prematurely obsolete, creating sustained oversupply in the shipping market, and materially impairing the value of their assets.

International Seaways (INSW) primarily operates in two main business segments: crude oil transportation and product transportation (refined petroleum products).

• Crude Oil Transportation: The global crude oil tanker market was valued at approximately USD 179.86 billion in 2025 and is projected to reach USD 244.71 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of about 3.48% from 2025 to 2034. Other estimates place the global crude oil carrier market at USD 263.73 billion in 2024, with a projection to reach USD 391.72 billion by 2035 at a CAGR of 3.66% from 2025 to 2035. The global crude oil tankers market size was recorded at $189.6 billion by the end of 2025 and is expected to reach $254.532 billion by 2033, growing at a CAGR of 3.75% during 2025 to 2033.

• Product Transportation (Refined Petroleum Products): The broader tanker shipping market, which includes crude oil tankers and product tankers, was valued at USD 237.6 billion in 2024 and is projected to reach USD 273.9 billion by 2032, growing at a CAGR of 2.9% during the forecast period from 2026 to 2032. The oil tankers segment, encompassing both crude oil and petroleum products, is estimated to witness significant growth.

1. Favorable Tanker Market Fundamentals and Rates: International Seaways anticipates healthy oil demand growth, projected at 1 million barrels per day for the current and upcoming year. This, coupled with compelling supply-side fundamentals such as slowing orders for new vessels and a significant portion of the global fleet aging, is expected to boost tanker utilization and charter rates. Geopolitical intensity and sanctions are also noted as ongoing influences contributing to favorable market conditions. The company reported a blended average spot Time Charter Equivalent (TCE) of approximately $40,400 per day fleet-wide for the fourth quarter, indicating strong potential for cash flow generation.
2. Fleet Modernization and Strategic Growth: The company is actively engaged in a fleet renewal strategy, which includes taking delivery of new LR1 vessels and a 2020-built VLCC, while simultaneously selling older vessels. This modernization effort aims to enhance the efficiency and competitiveness of its fleet, positioning International Seaways to capitalize on market opportunities and command higher charter rates in a tightening global vessel supply environment.
3. Stable Contracted Revenue: International Seaways has a solid base of future contracted revenue from its time charter book, totaling over $230 million with an average duration of approximately 1.5 years. This provides a predictable and steady income stream that contributes to overall revenue stability.
4. Strong Financial Health and Disciplined Capital Allocation: The company's robust financial position, highlighted by total liquidity of $985 million at the end of the third quarter of 2025, enables it to pursue strategic investments and maintain operational resilience. A disciplined approach to capital allocation, including initiatives like the extension of its share repurchase program through 2026 and a recent bond issuance for fleet modernization, supports long-term revenue generation by ensuring financial flexibility for fleet investments and strategic initiatives.

Share Repurchases

• International Seaways completed the repurchase of 2,632,939 shares for $75.64 million under a buyback program announced in 2020.
• The company's $50 million share repurchase program was extended from the end of 2025 to the end of 2026.

Share Issuance

• In October 2025, International Seaways closed a private placement transaction receiving $23.75 million in funding through the issuance of non-convertible debt.
• In September 2025, the company successfully issued $250 million of senior unsecured bonds maturing in 2030 in the Norwegian bond market.
• During 2024, the company issued 623,778 common shares as 15% of the aggregate consideration for acquisitions.

Inbound Investments

• In October 2025, International Seaways received $23.75 million in funding from a private placement of non-convertible debt involving four investors.
• The company successfully placed $250 million of senior unsecured bonds in the Norwegian bond market in September 2025, with proceeds intended for refinancing existing sale-leaseback arrangements and general corporate purposes.

Outbound Investments

• International Seaways has not made any investments or acquisitions in other companies.

Capital Expenditures

• The aggregate contract price for six LR1 newbuilding vessels under construction in Korea is approximately $359 million, with approximately $230 million in remaining construction costs as of September 30, 2025, expected to be drawn from an ECA Credit Facility.
• In August 2025, the company agreed to purchase a 2020-built, scrubber-fitted VLCC for $119 million, with $12 million paid in the third quarter of 2025 and the remainder expected to be funded by vessel sales and liquidity.
• During the third quarter of 2025, International Seaways took delivery of the Seaways Alacran, the first of six LR1 newbuildings, and plans to take delivery of a 2020-built VLCC in the fourth quarter.