International Seaways, Inc.

Current report

Risks Related to Our Industry

Current report

International hostilities between Iran and the United States and Israel could adversely affect the tanker industry, which could adversely affect INSW’s business.

Current report

On February 28, 2026, the United States, Israel and Iran began to engage in active hostilities and military action in and around the Arabian Gulf (the “AG”). These operations have continued, damaging the energy infrastructure of the AG region. As of late April 2026, more than 30 merchant vessels had been attacked by Iran in the AG and the Strait of Hormuz (the entrance to the AG), Iran has declared a blockade (while allowing limited vessel passage under certain conditions) and may have mined portions of the AG and the U.S. has declared a blockade of Iran-linked shipping, with vessel traffic through the Strait decreasing by approximately 90-95%, compared with prior periods, largely resulting in a continued closure of the Strait as a practical matter. This is particularly significant to the tanker industry as industry estimates suggest that as much as 20% of oil consumed worldwide moves through the Strait of Hormuz and its closure has had a particularly significant effect on the VLCC tanker fleet. Despite declaration of a two-week ceasefire in early April 2026, which has informally been extended, limited attacks by all three nations have continued, passage currently remains disrupted, and more significant hostilities may resume. The Company has no vessels in the AG and none of these attacks, seizures or sinkings have to date involved the Company’s vessels. These developments have impacted the tanker industry more broadly, including through higher charter rates, increased operating costs (including in particular bunker costs and insurance

Current report

premiums) and market volatility, and have resulted in increases in the Company’s costs. To date, the hostilities have not had a material adverse effect on INSW’s operations, financial condition, results of operations or cash flow. The extent of any future impact will depend on how the situation develops, including the duration of any continued disruption in the Strait of Hormuz and its effect on global energy markets, including with respect to reduced inventory levels which could impact the tanker industry. No assurance can be given that these hostilities (and related consequences) will not have a material adverse effect on INSW’s business, financial condition, results of operations and cash flow in the future.

Previous report

Risks Related to Legal and Regulatory Matters

Previous report

An increase in trade protectionism and regulations issued by the United States to impose significant fees on vessels entering a U.S. port where that vessel was constructed in China or is owned or operated by a Chinese entity, and orders issued by China to impose comparable fees on vessels entering a Chinese port where that vessel was not constructed in China and is owned or operated by a United States controlled entity could adversely impact our results of operation, financial condition and cash flows.

Previous report

Protectionist trade developments, such as increased tariffs on imports, or the perception that they may occur, may have an adverse effect on global economic conditions, and may significantly affect and/or reduce global trade. Governments may increasingly turn to trade barriers to protect their domestic industries against foreign imports or to retaliate against other governments imposing tariffs, potentially depressing shipping demand. The United States government has made statements and taken actions that impact U.S. international trade policies, including imposing new tariffs on imports from Canada, Mexico and China, and those and other countries have imposed, or threatened to impose, retaliatory tariffs on imports from the United States. In addition, the United States issued regulations that became effective on October 14, 2025 that certain vessels that were constructed in China or are owned or operated by a Chinese entity are charged a fee based on their net tonnage upon entering a U.S. port, which fee increases over time. The Company owns 14 vessels that were constructed in China (four of which are below the 55,000 dwt minimum to which the U.S. fees apply), time-charters in one vessel that was constructed in China and bareboat charters in three non-Chinese built vessels from a Chinese financial

Previous report

institution in a financing leasing arrangement. We are currently evaluating the effect that these regulations and orders will have on us, including our results of operations and cash flows, and on our industry generally. China issued orders that became effective on the same date as U.S. regulations that imposed comparable fees on certain vessels that were not constructed in China and that are owned or operated by a United States controlled entity (which includes a company formed in the U.S., where the board is comprised of more than 25% U.S. persons or where the company is more than 25% owned by U.S. persons), upon the entry of such vessels to a Chinese port. While the Chinese order is subject to final interpretation and enforcement, the Company has certain vessels that may be subject to the Chinese order. On November 1, 2025, the United States issued a fact sheet stating that effective on November 10, 2025 the United States would suspend its port fee orders for one year and that China would do the same for its port fee measures. We cannot predict the timing, outcome, or impact of future developments in the U.S., China or other countries’ trade regulations or tariff policy, and any such changes could materially adversely affect our business, financial condition or results of operations.