International Seaways, Inc.

FLEET OPTIMIZATION

During the fourth quarter, the Company executed a series of transactions to acquire Bruton for approximately three million shares and cash. The Company expects to complete the settlement of the total consideration with Bruton shareholders on or about November 11, 2026. Bruton has one 2026-built, scrubber-fitted, dual-fuel (LNG) VLCC on the water and three VLCC newbuildings scheduled for delivery in November 2026, August 2027 and October 2027. As of October 31, 2026, the remaining construction installments total $279 million with sale leaseback financing agreements in place for up to 90% of the vessels’ construction price. Gross debt outstanding under these agreements is approximately $170 million as of October 31, 2026. The VLCC currently on the water is contracted at $95,000 per day for a firm period ending April 2027. The second scrubber-fitted, dual-fuel (LNG) VLCC scheduled for delivery in November 2026 has secured a 12 month time charter at a rate of $107,000 per day.

During the third quarter, the Company took delivery ofSeaways Magellan andSeaways Delgada, completing its six-vessel LR1 newbuilding program at an aggregate contract price of approximately $359 million. The Company drew approximately $73 million under its Korean export agency-backed facility (the “ECA Credit Facility”) in connection with these deliveries. The Company has also contracted for four additional scrubber-fitted, dual-fuel (LNG) ready LR1 vessels, scheduled for delivery in the second half of 2028, at an aggregate contract price of $244 million. The Company expects to finance these vessels through a combination of long-term financing and available liquidity and had made no installment payments as of September 30, 2026. All ten vessels are expected to trade in the Panamax International Pool, which has consistently outperformed the market.

During the third quarter, the Company entered into two time charter agreements with an average duration of three years. As of October 1, 2026, the Company has 11 vessels on time charter agreements with an average duration of 2.0 years and total future contracted revenues through expiry of approximately $305 million, excluding any applicable profit share.

During the third quarter, the Company sold a 2012-built Suezmax for $74 million, net of commissions and fees. In the nine months ended September 30, 2026, the Company sold eight vessels for aggregate proceeds of approximately $290 million, net of positioning, commissions and fees. The vessels were among the oldest remaining in the fleet with an average age of 17 years. The Company recognized gains of approximately $141 million in connection with the sale of these vessels.