International Seaways, Inc.

In addition to the other information set forth below in this Quarterly Report, you should carefully consider the factors discussed in Part I, Item 1A. “Risk Factors” in our 2025 Form 10-K. The risks described in that document are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. The risk factor set forth below updates and should be read together with the risk factors in our 2025 Form 10-K:

Risks Related to Our Industry

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

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

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.

No stock repurchases were made during the three months ended March 31, 2026 other than shares withheld to cover tax withholding liabilities relating to the vesting of outstanding restricted stock units or the exercise of stock options held by employees and certain members of management.

See Note 11, “Capital Stock and Stock Compensation,” to the accompanying condensed consolidated financial statements for additional information about the stock repurchase plan and a description of shares withheld to cover the cost of stock options exercised by certain members of management and tax withholding liabilities relating to the vesting of previously-granted equity awards to certain members of management, which is incorporated by reference in this Part II, Item 2.

Not applicable.