International Seaways (INSW) Investor presentation summary

Strategic transformation and capital allocation

• Market capitalization grew from $0.4bn in 2016 to $4.0bn, ranking among the top 3 US tanker companies by DWT.

• Over $1 billion returned to shareholders since 2020, with an 85% dividend payout ratio and a $50m repurchase program.

• Fleet renewal involved purchasing 92 vessels for $3.0bn and selling 73 vessels plus 2 JVs for $1.4bn.

• Spot break-even rate reduced to under $15,000 per day, with 25 unencumbered vessels.

• Liquidity at Q1 2026 reached $918 million, with less than 7% net loan to asset value.

Financial performance and outlook

• Q1 2026 net income was $286.1m, with adjusted EBITDA of $243.6m and TCE revenues of $317m.

• Spot earnings for VLCCs reached $86,700/day, Suezmax $68,000/day, Aframax $51,400/day, LR1 $70,700/day, and MR $37,200/day.

• Q2 2026 booked spot TCE averages $102,500/day on 45% of revenue days.

• Estimated spot break-even for the next 12 months is below $15,000/day.

• Free cash flow generation is expected to remain strong as spot fixtures exceed estimated costs.

Fleet and operating model

• Operates a balanced fleet of 66 vessels, diversified across crude and product tankers, with significant pool employment to increase spot exposure.

• Hybrid operating model leverages in-house expertise and third-party management for scalability and cost efficiency.

• Ownership stakes in five of six pools reduce daily costs and provide access to major charterers.

• Fleet improvements include dual-fuel newbuilds and advanced hull coatings for sustainability.

• Active fleet renewal strategy has reduced average fleet age from 12.1 years in 2016 to 7.8 years in 2026.