International Seaways : Annual General Meeting 2024 Presentation

International Seaways, Inc.

Annual Meeting of Stockholders

June 12, 2024

Rules of Conduct (1/2)

This is a private business meeting of International Seaways, Inc., and only stockholders as of April 16, 2024 (the "Record Date") or their proxies may attend and participate in the virtual Annual Meeting (in addition to members of the Company's management and board of directors and invited guests). You must have held stock as of the close of business on the Record Date to vote or submit questions while participating in the Annual Meeting.

The Chair of the Annual Meeting will preside over the Annual Meeting and make any and all determinations with respect to the conduct of the Annual Meeting, including, without limitation, the administration and interpretation of these Rules of Conduct.

To vote or submit questions, please login as a stockholder by entering the control number you received with your proxy materials. If you have voted your shares prior to the start of the Annual Meeting, your vote has been received by the Company's inspector of elections and there is no need to vote those shares during the Annual Meeting unless you wish to revoke or change your vote. If you have voted by proxy and wish to change your vote, or if you have not yet voted, you will be given the opportunity to request a ballot and to vote in person.

Welcome to our 2024 Annual Meeting. In fairness to all stockholders in attendance, please observe the following Rules of Conduct.

1. All attendees must register at the registration desk before entering the room or, if attending virtually, you will need the 16-digit control number included on your proxy card or in the instructions that accompanied your proxy materials (or in other communications you may have received from the broker, bank or other nominee in whose name your shares are held).
2. The use of cameras, recording devices or similar equipment to record or take screenshots of the Annual Meeting and discussions thereafter is prohibited without the express written permission of the Company. The redistribution of meeting materials is also prohibited without the express written permission of the Company.
3. The business of the Annual Meeting will, unless otherwise determined by the Chair of the Annual Meeting, be taken up as set forth in the Agenda. We will strictly follow the Agenda as we conduct the Annual Meeting. Questions and comments should be confined to the time allocated for questions in the Agenda.
4. Certain advance notification requirements apply regarding matters submitted by stockholders for a vote at the Annual Meeting, including the nomination of directors. Accordingly, only matters for which notification requirements have been met will be brought before the meeting. No nominations or proposals from stockholders will be accepted or acted upon at this Annual Meeting other than those submitted in accordance with advance notice requirements.
5. We welcome your questions and comments but ask that you not address the meeting until recognized by the Chair or another presiding officer. Upon recognition by the Chair or another presiding officer, the stockholder or proxy holder will be entitled to the floor. Speakers are requested to state their name, city and state of residence and status as a stockholder or proxy holder (and, if a proxy holder, the name of the stockholder you represent).

2

Rules of Conduct (continued 2/2)

1. To allow us to answer questions from as many stockholders as possible, we will limit each stockholder to one question. We ask that questions be succinct and cover only one topic per question. Please confine your comments and questions to matters relevant to all stockholders and be as brief as possible. There will be a time limit of two minutes per question.
2. Questions from multiple stockholders on the same topic or that are otherwise related may be grouped and answered together.
3. Stockholder questions are welcome, but conducting the business set out in the Agenda for the benefit of all stockholders will be paramount and we do not intend to address questions that are irrelevant to the business of the Annual Meeting or relate to a personal matter. The Company does not intend to address any questions that are, among other things:
4. • irrelevant to the business of the Company or to the business of the Annual Meeting;
   • related to material non-public information of the Company;
   • related to personal grievances;
   • derogatory references to individuals or that are otherwise in bad taste;
   • repetitious statements already made by another stockholder;
   • in furtherance of the stockholder's personal or business interests; or
   • out of order or not otherwise suitable for the conduct of the Annual Meeting as determined by the Chair of the Annual Meeting in his reasonable judgment.

The Chair of the Annual Meeting will determine whether questions are out of order. If there are any matters of individual concern to a stockholder and not of general concern to all stockholders, or if a question posed was not otherwise answered, such matters may be raised separately after the Annual Meeting by contacting the Corporate Secretary of the Company.

1. The Chair of the Annual Meeting may answer the question directly or invite another Company representative or the Company's independent registered public accountants to respond.
2. Banners, posters, buttons, leaflets, articles of clothing or other methods of presenting information other than orally as provided under these Rules of Conduct are not permitted.
3. The violation of these Rules of Conduct will be considered cause for expulsion from the Annual Meeting. In the event of disorder, the Chair of the Annual Meeting may immediately adjourn the meeting and declare the polls open for such period of time as he may determine to receive votes on items of business properly brought before the Annual Meeting.
4. In the event of a technical malfunction that disrupts the Annual Meeting, the Chair of the Annual Meeting may recess the Annual Meeting, or take such other action that the Chairman of the Annual Meeting determines is appropriate in light of the circumstances.

Thank you for your cooperation and for joining the Company at the Annual Meeting.

3

Agenda

1. Welcome Remarks and Introduction of Directors and Management Team
2. Call to Order and Opening of Polls
3. Introduction of Items to be Presented to Stockholders
4. 1. Election of Directors
   2. Ratification of Appointment of Independent Registered Public Accountants
   3. Advisory Vote to Approve Named Executive Officer Compensation
5. Closing of Polls
6. Adjournment of Formal Meeting
7. Remarks by Lois K. Zabrocky, President and CEO
8. Questions and Answers
9. Conclusion of Meeting

4

Business Review

Lois K. Zabrocky

President & CEO

5

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, 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, free cash flow and total leverage ratios, 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. Total leverage ratios are calculated as total debt divided by Adjusted EBITDA. 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 2023 for the Company, 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

Core Objectives Met in 2023

Capitalized on Significant Operating Leverage

2023 Earnings Surpassed Prior Records

Adjusted EBITDA(1)

723.8

					549.1
		164.7	220.1
117.0
68.3
			40.4
2017	2018	2019	2020	2021	2022	2023

Fleet Optimization

Capturing Today's Asset Values with Vessel Sales

& Opportunistic Purchases/Orders in Key Classes

Fleet on the water

On order

							2	3
						6			6
3	3	3	4	1	4
74					73				76
Dec 2022 DF VLCC	3x MR	Order	TC-In	Dec-23	6x MR	LR1 NB	3x MR	PF Jun
	NB	sales	LR1s	Expiry		Purch	option	sales	2024

Significantly Strengthened Balance Sheet

Balance Sheet Metrics Best in Our History

			Dec 2021		Dec 2022		Dec 2023		Mar 2024
Total Liquidity	$m	240	541	601	626
Net Debt	$m	998	939	547	488
Net LTV	%	45%	24%	17%	14%
Break Even	$/day	17,200	17,400	14,500	13,600
Fleet count	#	71	74	73	73

(excl newbuild orders)

Return to Shareholders

Over 25% CAGR Since Inception

Total Shareholder Return(2)

600%
				INSW		Peers
525%
450%
375%
300%
225%
150%
75%
0%
2016	2017	2018	2019	2020	2021	2022	2023

1. The Company believes that following non-GAAP financial measures may provide certain investors with additional information that will better enable them to evaluate the Company's performance. A reconciliation to reported GAAP is provided in the appendix.
2. Source: Bloomberg. Data thru 5/31/2024. Total shareholder return defined as compound total return, with dividends reinvested on the ex-date. Further details can be found in the appendix.

Tanker Demand

Seaborne Transportation Supported by Structural Imbalances of Crude Oil Production, Refinery Throughput & Product Demand

MBPD

EUROPE

SHORT CRUDE

SHORT PRODUCTS

RUSSIA++ includes all former Soviet Union

LONG CRUDE

LONG PRODUCTS

																																																						5.7	5.4	5.3	5.3
										(8.2) (8.1) (8.2) (7.8)
												(8.8) (9.1) (9.0) (8.9)
										2022 2023 2024 2025			2022 2023 2024 2025					2022 2023 2024 2025
								AMERICAS																			MIDDLE EAST
		LONG CRUDE			SHORT PRODUCTS															LONG CRUDE						FLAT PRODUCTS
	11.7	12.9	13.7																													18.0	17.2	15.8	16.0
	9.4																																																																		0.1			0.0
										(8.8)
																				(8.9)
																		(9.0)																																											(0.4)
																																																						(0.6)
										(9.1)
	2022 2023 2024 2025
	2022 2023 2024 2025											2022 2023 2024 2025						2022 2023 2024 2025
																																									AFRICA
																																	LONG CRUDE					SHORT PRODUCTS
										4.4	4.9	4.6	4.4

1.6 1.7 1.5 1.7

2022 2023 2024 2025

ASIA

SHORT CRUDE

SHORT PRODUCTS

(22.8) (24.1) (24.3) (24.9)

(6.2) (6.8) (7.6) (7.9)

2022 2023 2024 2025

2022 2023 2024 2025

									(2.5) (2.7) (2.5) (2.6)
2022 2023 2024 2025	2022 2023 2024 2025

Source: IEA

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Tanker Supply

Tankers on Order Will Not Replace the Fleet that May Age Out of the Commercial Fleet » Little Availability to Order Due to Other Shipping Sectors

All Charts Reflect Oil Tankers over 10k DWT

Vessels On Order Not Replacing Older Fleet

0-4 yrs	5-9 yrs	10+ yrs	15+ yrs	On Order
				% Fleet

			244	285
	185	194	5%
VLCC
				46
				14%
Suezmax		145	188	198
111		91
				467
				13%
Afra/LR2	184	243	251
		154

		264	8%
Pana/LR1		110
	62
18		36
		985	9%
Handy/MR	430	460
317	190

While Tanker Orders Have Risen…

100 mdwt			Dwt		# Vessels																																								1,200
80 mdwt																																																					1,000
																																																			800
60 mdwt
																																																			600
40 mdwt
																																																							400
20 mdwt
0 mdwt																																																										200
																																																									0
	1996				2000	2004	2008	2012				2016	2020		2024

….Limited Near-Term Scheduled Deliveries

Tankers Gas Bulk Containers

Vessel #

1,200

1,000

800

600

400

200

0

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027+

Source: Clarksons

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Investment Highlights

		•	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 $3.1bn in market cap(1)
Disciplined Capital Allocator		•	Invested approximately $2bn in assets at low points in the cycle (valued at over $3.7bn today)
	•	In 2023, returned over $320m to shareholders, prepaid $300m in incremental debt and ordered 4x LR1s (2x
			additional in April 2024) for niche pool plus took delivery of dual-fuel VLCCs placed on long term time charters
		•	Total Shareholder Return over 575% since inception(2)
		•	Majority independent and diverse board
Industry Leader in ESG		•	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
Hybrid Operating Model		•	Focused on safety and environmental performance
	•	Sector leading commercial pools, many with INSW ownership
focused on safety & flexibility
		•	Ability to scale up and down quickly with the tanker cycles
		•	Liquidity at Q1 2024: $626 million
		•	14% Net Loan to Asset Value(3)
Quality Capital Structure		•	Net debt is less than recycle value
		•	36 vessels in the Fleet are unencumbered
		•	Spot break even rate is below $13,600 per day(4)
		•	Regional imbalances of crude oil and refined products: low worldwide inventories and oil reserves, expanding
Compelling Tanker Fundamentals			distances between growth in oil production, refinery throughput and end-user oil demand
	•	Limited fleet growth: Orderbook is less than 9% of current fleet, asset prices are elevated, pending regulatory
			changes and shipyards at capacity with other shipping sectors

1. Average Last 30 days
2. Thru 5/31/2024

(3)	Fleet value from VesselsValue.com as of March 31, 2024. Net loan to value comprised of: senior debt plus all sale leasebacks less cash divided by fleet value less newbuilding capex.	10
(4)	Estimate for next 12 months; composed of sum of vessel expenses, G&A, charterhire costs, debt service costs, DDK&Capex less profit from vessels chartered out (above expenses) divided by spot revenue days.