International Seaways, Inc.

Previous wording

This Management’s Discussion and Analysis, which should be read in conjunction with our accompanying condensed consolidated financial statements and notes thereto, provides a discussion and analysis of our business, current developments, financial condition, cash flows and results of operations as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025. It is organized as follows:

Current wording

This Management’s Discussion and Analysis, which should be read in conjunction with our accompanying condensed consolidated financial statements and notes thereto, provides a discussion and analysis of our business, current developments, financial condition, cash flows and results of operations as of September 30, 2026 and for the three and nine months ended September 30, 2026 and 2025. It is organized as follows:

Previous wording

We are a provider of ocean transportation services for crude oil and refined petroleum products. We operate our vessels in the International Flag market. Our business includes two reportable segments: Crude Tankers and Product Carriers. For both the three and six months ended June 30, 2026 we derived 58% of our time charter equivalent (“TCE”) revenues from our Crude Tankers segment compared with 52% and 50% for the three and six months ended June 30, 2025, respectively. Revenues from our Product Carriers segment constituted the balance of our TCE revenues in the 2026 and 2025 periods.

Current wording

We are a provider of ocean transportation services for crude oil and refined petroleum products. We operate our vessels in the International Flag market. Our business includes two reportable segments: Crude Tankers and Product Carriers. For the three and nine months ended September 30, 2026 we derived 73% and 64%, respectively, of our time charter equivalent (“TCE”) revenues from our Crude Tankers segment compared with 48% and 49% for the three and nine months ended September 30, 2025, respectively. Revenues from our Product Carriers segment constituted the balance of our TCE revenues in the 2026 and 2025 periods.

Previous wording

As of June 30, 2026, our operating fleet, which includes VLCC, Suezmax and Aframax crude tankers and LR2, LR1 and MR product carriers, consisted of 64 wholly-owned or lease financed vessels aggregating 7.6 million deadweight tons (“dwt”). In addition to our operating fleet of 64 vessels, four LR1 newbuilds are scheduled for delivery to the Company between the third quarter of 2026 and fourth quarter of 2028, bringing the total operating and newbuild fleet to 68 vessels. On July 1, 2026, the Company entered into contracts to build an additional two LR1 vessels, which are expected to be delivered in the second half of 2028. In addition to the Company’s operating fleet, Tankers International Suezmax Limited (“TISL”), a variable interest entity that is consolidated by the Company, has one Suezmax tanker time chartered-in from a third-party under its pool participation agreement as of June 30, 2026. See Note 8, “Variable Interest Entities (“VIEs”)” to the accompanying condensed consolidated financial statements for additional information on consolidated and unconsolidated VIEs.

Current wording

As of September 30, 2026, our operating fleet, which includes VLCC, Suezmax and Aframax crude tankers and LR2, LR1 and MR product carriers, consisted of 65 wholly-owned or lease financed vessels aggregating 7.6 million deadweight tons (“dwt”). In addition to our operating fleet of 65 vessels, four LR1 newbuilds are scheduled for delivery to the Company between the third and fourth quarters of 2028, bringing the total operating and newbuild fleet to 69 vessels. In addition to the Company’s operating fleet, Tankers International Suezmax Limited (“TISL”), a variable interest entity that is consolidated by the Company, has three Suezmax tankers time chartered-in from a third-party under its pool participation agreement as of September 30, 2026. See Note 8, “Variable Interest Entities (“VIEs”)” to the accompanying condensed consolidated financial statements for additional information on consolidated and unconsolidated VIEs.

Previous wording

Rates for the transportation of crude oil and refined petroleum products from which the Company earns a substantial majority of its revenues are determined by market forces such as the supply and demand for oil, the distance that cargoes must be transported, and the number of vessels expected to be available at the time such cargoes need to be transported. The demand for oil shipments is significantly affected by the state of the global economy, levels of U.S. domestic and international production and OPEC exports. The number of vessels available to transport cargo is affected by newbuilding deliveries and by the removal of existing vessels from service, principally through storage, recycling or conversions.

Current wording

number of vessels expected to be available at the time such cargoes need to be transported. The demand for oil shipments is significantly affected by the state of the global economy, levels of U.S. domestic and international production and OPEC exports. The number of vessels available to transport cargo is affected by newbuilding deliveries and by the removal of existing vessels from service, principally through storage, recycling or conversions.

Previous wording

The outbreak of war in the Middle East between Iran and the U.S. and Israel in late February 2026, and the seizures and attacks on vessels travelling through the Red Sea, the Gulf of Aden and the Arabian Gulf, and the effective closure of the Strait of Hormuz, have caused supply disruptions in the oil and gas markets and significant volatility in energy prices and spot charter hire rates. The sharp increase in oil prices and concerns that the supply of crude oil and petroleum products may be significantly constrained for some period of time has led a number of countries to impose export restrictions on certain oil and petroleum products. Also, while charter rates for crude tankers and product carriers initially increased and remain high following the disruption to shipping in the Middle East areas noted above, it is unlikely that the charter rates will remain at these historically high levels. We also expect the voyage expenses of the commercial pools in which we participate to be high in the near-term due to high bunker costs and being subject to additional war risks insurance premiums when the pool’s vessels transit through or call to any ports or areas or the waters of any country bordering the Arabian Gulf or the Red Sea. To date, these geopolitical developments 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 any continued disruption in the Strait of Hormuz and the surrounding region and its effect on global energy markets, including the restoration, and timing thereof, of damage to the existing energy infrastructure.

Current wording

The outbreak of war in the Middle East between Iran and the U.S. and Israel in late February 2026, and the seizures and attacks on vessels travelling through the Red Sea, the Gulf of Aden, the Arabian Gulf, and the Strait of Hormuz, have caused supply disruptions and changes in trading patterns in the oil and gas markets and significant volatility in energy prices and spot charter hire rates. The sharp increase in oil prices and concerns that the supply of crude oil and petroleum products may be significantly constrained for some period of time have led a number of countries to impose export restrictions on certain oil and petroleum products. Also, while charter rates for crude tankers and product carriers have increased significantly and remain historically high following the extended disruption to shipping in the Middle East areas noted above, it is unlikely that the charter rates will remain at these historically high levels. We also expect the voyage expenses of the commercial pools in which we participate to be high in the near-term due to high bunker costs and being subject to additional war risks insurance premiums when the pool’s vessels transit through or call to any ports or areas or the waters of any country bordering the Arabian Gulf or the Red Sea. To date, these geopolitical developments 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 any continued disruption of transit through the Strait of Hormuz and the surrounding region and its effect on global energy markets, including the need to restock inventories and the timing of the restoration of damaged energy infrastructure.

Previous wording

Our revenues are derived primarily from spot market voyage charters and our vessels are predominantly employed in the spot market via market-leading commercial pools. We derived approximately 80% and 81% of our total TCE revenues in the spot market for the three and six months ended June 30, 2026, respectively, compared with 82% and 81% for the three and six months ended June 30, 2025, respectively. The future minimum revenues, before reduction for brokerage commissions, expected to be received on non-cancelable time charters for three VLCCs, three Suezmaxes, one Aframax, one LR2, and five MRs, as of June 30, 2026 are as follows:

Current wording

Our revenues are derived primarily from spot market voyage charters and our vessels are predominantly employed in the spot market via market-leading commercial pools. We derived approximately 75% and 79% of our total TCE revenues in the spot market for the three and nine months ended September 30, 2026, respectively, compared with 81% for both the three and nine months ended September 30, 2025. The future minimum revenues, before reduction for brokerage commissions, expected to be received on non-cancelable time charters for three VLCCs, four Suezmaxes, one LR2, and three MRs, as of September 30, 2026 are as follows:

Previous wording

The International Energy Agency (“IEA”) estimates global oil consumption for the second quarter of 2026 at 99.1 million barrels per day (“b/d”), down 4.7% from the same quarter in 2025. The estimate for global oil consumption for 2026 is 103.5 million b/d, a decrease of 1.0% from 2025 levels. OECD demand in 2026 is estimated to decrease by 0.9% to 45.5 million b/d, while non-OECD demand is estimated to decrease by 1.0% to 58.0 million b/d.

Current wording

The International Energy Agency (“IEA”) estimates global oil consumption for the third quarter of 2026 at 102.4 million barrels per day (“b/d”), down 3.4% from the same quarter in 2025. The estimate for global oil consumption for 2026 is 102.4 million b/d, a decrease of 2.5% from 2025 levels. OECD demand in 2026 is estimated to decrease by 1.7% to 45.5 million b/d, while non-OECD demand is estimated to decrease by 3.2% to 56.8 million b/d.

Previous wording

Global oil production in the second quarter of 2026 was 97.2 million b/d, a decrease of 6.4 million b/d from the second quarter of 2025, and a decrease of 5.9 million b/d from the first quarter of 2026 due to effects related to the closure of the Strait of Hormuz. OPEC crude oil production averaged 20 million b/d in the second quarter of 2026, a decrease of 5.9 million b/d from the first quarter of 2026, and a decrease of 7.0 million b/d from the second quarter of 2025. Non-OPEC production increased by 4.5 million b/d to 75.9 million b/d in the second quarter of 2026 compared with the second quarter of 2025. Oil production in the U.S. of 13.9 million b/d in the second quarter of 2026 increased by 4.7% from the first quarter of 2026 and by 3.5% from the second quarter of 2025.

Current wording

Global oil production in the third quarter of 2026 was 105.5 million b/d, a decrease of 5.8 million b/d from the third quarter of 2025, and a decrease of 4.0 million b/d from the second quarter of 2026 due to effects related to the continued disruption of transit through the Strait of Hormuz. OPEC crude oil production averaged 24.3 million b/d in the third quarter of 2026, a decrease of 3.6 million b/d from the third quarter of 2025, and a decrease of 4.3 million b/d from the second quarter of 2026. Non-OPEC production decreased by 0.5 million b/d to 77.5 million b/d in the third quarter of 2026 compared with the third quarter of 2025. Oil production in the U.S. of 13.9 million b/d in the third quarter of 2026 decreased by 0.2% from the second quarter of 2026 and increased by 1.6% from the third quarter of 2025.

Previous wording

U.S. refinery throughput decreased by 0.4 million b/d to 16.2 million b/d in the second quarter of 2026 compared with the first quarter of 2026.

Current wording

U.S. refinery throughput increased by 1.2 million b/d to 17.4 million b/d in the third quarter of 2026 compared with the second quarter of 2026.

Previous wording

U.S. crude oil imports in the second quarter of 2026 increased by 3.7% to 6.3 million b/d compared with the second quarter of 2025, with imports from OPEC countries increasing by 0.3 million b/d and imports from non-OPEC countries remaining flat. China’s crude oil imports in June were estimated to be 6.4 million b/d, a dramatic decrease from earlier levels due to the impact of the closure of the Strait of Hormuz and subsequent usage of local crude stocks to mitigate the decreased imports.

Current wording

U.S. crude oil imports in the third quarter of 2026 decreased by 1.6% to 6.2 million b/d compared with the third quarter of 2025. China’s crude oil imports in September were estimated to be 9.0 million b/d, down 21.5% from September 2025. Total 2026 imports through September averaged 9.6 million b/d, down 15.3% from the same period in 2025 due to the impact of the disruption of transit through the Strait of Hormuz.

Previous wording

OECD commercial crude inventories in the second quarter of 2026 decreased by 3.1%, or 33 million barrels, compared with the first quarter of 2026. OECD commercial product inventories in the second quarter of 2026 decreased by 2.4%, or 36 million barrels, compared with the first quarter of 2026. Additionally, OECD government-controlled crude and product inventories decreased by 11.9%, or 148 million barrels in the aggregate, between the first and second quarters of 2026. These movements in stock levels are largely as a result of the closure of the Strait of Hormuz and the impact this is having on the global oil market.

Current wording

OECD government-controlled and commercial crude and product inventories in the third quarter of 2026 decreased by 6.0%, or 247 million barrels in the aggregate, compared with the third quarter of 2025. Such decrease was primarily driven by a 16.7% or 207 million barrel reduction in government-controlled stocks. These movements in stock levels are largely as a result of the continued disruption of transit through the Strait of Hormuz and the impact this is having on the global oil market.

Previous wording

During the second quarter of 2026, the tanker fleet of vessels over 10,000 dwt increased, net of vessels recycled, by 9.2 million dwt. The crude fleet increased by 6.8 million dwt, with VLCCs, Suezmaxes and Aframaxes increasing by 2.2 million dwt, 2.2 million dwt and 2.4 million dwt, respectively. The product carrier fleet increased by 2.4 million dwt, with LR1s increasing by 0.4 million dwt and MRs increasing by 2.0 million dwt. Year-over-year, the size of the tanker fleet increased by 27.2 million dwt with the increases of 5.9

Current wording

During the third quarter of 2026, the tanker fleet of vessels over 10,000 dwt increased, net of vessels recycled, by 9.6 million dwt. The crude fleet increased by 7.2 million dwt, with VLCCs, Suezmaxes and Aframaxes increasing by 3.1 million dwt, 1.9 million dwt and 2.3 million dwt, respectively. The product carrier fleet increased by 2.4 million dwt, with LR1s increasing by 0.4 million dwt and MRs increasing by 1.9 million dwt. Year-over-year, the size of the tanker fleet increased by 31.7 million dwt with the increases of 8.7 million dwt, 5.6 million dwt, 8.4 million dwt, 1.3 million dwt and 7.7 million dwt in the VLCCs, Suezmax, Aframax, LR1 and MR fleets, respectively.

Previous wording

During the second quarter of 2026, the tanker orderbook increased by 19.8 million dwt from the first quarter of 2026. The crude tanker orderbook increased by 19.8 million dwt. The VLCC, Suezmax and Aframax orderbooks increased by 16.6 million dwt, 1.6 million dwt and 1.6 million dwt, respectively. The product carrier orderbook increased by 0.1 million dwt, with the LR1 orderbook decreasing by 0.2 million dwt and the MR orderbook increasing by 0.2 million dwt. Year-over-year, the total tanker orderbook increased by 73.5 million dwt, with increases in VLCC, Suezmaxes and Aframaxes of 57.6 million dwt, 12.4 million dwt and 4.7 million dwt, respectively. The LR1 and MR orderbooks decreased by 0.9 million dwt and 0.3 million dwt, respectively.

Current wording

During the third quarter of 2026, the tanker orderbook increased by 3.5 million dwt from the second quarter of 2026. The crude tanker orderbook increased by 2.3 million dwt. The VLCC and Aframax orderbooks increased by 1.9 million dwt and 0.7 million dwt, respectively, while the Suezmax orderbook decreased by 0.3 million dwt. The product carrier orderbook increased by 1.2 million dwt, with the LR1 and MR orderbooks increasing by 0.3 million dwt and 0.9 million dwt, respectively. Year-over-year, the total tanker orderbook increased by 81.0 million dwt, with increases in VLCC, Suezmaxes, Aframaxes, LR1s and MRs of 57.6 million dwt, 12.3 million dwt, 7.3 million dwt, 0.1 million dwt and 3.7 million dwt, respectively.

Previous wording

Tanker rates continued the strong trend from the first quarter across the board. When and as conditions normalize, while it is unlikely these rates are sustainable, we would expect tanker markets to benefit from the rebalancing of trade flows and the replenishment of inventories.

Current wording

Tanker rates continued the strong trend from the second quarter across the board. When and as conditions normalize, while it is unlikely these rates are sustainable, we would expect tanker markets to benefit from the rebalancing of trade flows and the replenishment of inventories.

Previous wording

During the second quarter of 2026, income from vessel operations increased by $232.0 million to $301.3 million from $69.4 million in the second quarter of 2025. Such increase resulted principally from significantly higher TCE revenues, partially offset by a $11.3 million decrease in gains from vessel sales, as no vessels were sold during the current quarter.

Current wording

During the third quarter of 2026, income from vessel operations increased by $272.6 million to $351.3 million from $78.7 million in the third quarter of 2025. Such increase resulted principally from significantly higher TCE revenues and $39.2 million in incremental gains on vessel sales recognized in the current quarter, partially offset by a $14.1 million increase in charter hire expense principally related to third party participant vessels in TISL, the Suezmax tankers pool formed in March 2026 (as described in Note 8, “Variable Interest Entities,” to the accompanying condensed consolidated financial statements).

Previous wording

TCE revenues in the second quarter of 2026 increased by $245.4 million, or 130%, to $434.2 million from $188.8 million in the second quarter of 2025. This increase reflects (i) an aggregate $267.6 million rates-based increase resulting from higher average daily rates earned across the Company’s fleet sectors, partially offset by (ii) a $16.8 million days-based reduction in the MR sector, which reflects the Company selling several of the older vessels in its fleet, as detailed below in the “Product Carriers” discussion.

Current wording

TCE revenues in the third quarter of 2026 increased by $250.1 million, or 130%, to $442.6 million from $192.5 million in the third quarter of 2025. This increase reflects an aggregate $260.6 million rates-based increase resulting from higher average daily rates earned across the Company’s fleet sectors, partially offset by a $10.3 million days-based net reduction in the Product Carriers segment driven by the Company selling several of the older vessels in its fleet, as detailed below in the “Product Carriers” discussion.

Previous wording

During the first half of 2026, income from vessel operations increased by $461.4 million to $589.9 million from $128.5 million in the first half of 2025. Such increase resulted principally from a $384.3 million increase in TCE revenues, a $9.8 million decrease in vessel expenses and $66.9 million in incremental gains on the vessel sales recognized in the first half of 2026.

Current wording

During the first nine months of 2026, income from vessel operations increased by $734.0 million to $941.2 million from $207.2 million in the first nine months of 2025. Such increase resulted principally from a $634.4 million increase in TCE revenues and $106.0 million in incremental gains on the vessel sales recognized in the first nine months of 2026, partially offset by an $18.2 million increase in charter hire expense principally related to third party participant vessels in the TISL pool.

Previous wording

The $384.3 million, or 105%, increase in TCE revenuesto $751.4 million in the first half of 2026 compared to TCE revenues of $367.2 million in the first half of 2025 was attributable to(i) an aggregate $424.4 million rates-based increase resulting from higher average daily rates earned across INSW’s fleet sectors, partially offset by (ii) a $41.0 million days-based decline in earnings from our MR, LR1 and VLCC fleets, primarily as a result of sales of older vessels, as further detailed below.

Current wording

The $634.4 million, or 113%, increase in TCE revenuesto $1,194.0 million in the first nine months of 2026 compared to TCE revenues of $559.6 million in the first nine months of 2025 was attributable toan aggregate $685.9 million rates-based increase resulting from higher average daily rates earned across INSW’s fleet sectors, partially offset by a $50.6 million days-based decline in earnings from our MR fleet, primarily as a result of sales of older vessels, as further detailed below.

Previous wording

The following tables provide a breakdown of TCE rates achieved for the three and six months ended June 30, 2026 and 2025, between spot and fixed earnings and the related revenue days. The information in this table is based, in part, on information provided by the commercial pools in which the segment’s vessels participate and excludes commercial pool fees/commissions averaging approximately $1,978 and $960 per day for the three months ended June 30, 2026 and 2025, respectively, and $1,828 and $1,036 per day for the six months ended June 30, 2026 and 2025, respectively, as well as activity in the Crude Tankers Lightering business and revenue and revenue days for which recoveries were recorded by the Company under its loss of hire insurance policies. The fixed earnings rates in the table are net of broker/address commissions.

Current wording

The following tables provide a breakdown of TCE rates achieved for the three and nine months ended September 30, 2026 and 2025, between spot and fixed earnings and the related revenue days. The information in this table is based, in part, on information provided by the commercial pools in which the segment’s vessels participate and excludes commercial pool fees/commissions averaging approximately $1,423 and $1,295 per day for the three months ended September 30, 2026 and 2025, respectively, and $1,688 and $1,113 per day for the nine months ended September 30, 2026 and 2025, respectively, as well as activity in the Crude Tankers Lightering business and revenue and revenue days for which recoveries were recorded by the Company under its loss of hire insurance policies. The fixed earnings rates in the table are net of broker/address commissions.

Previous wording

During the second quarter of 2026, TCE revenues for the Crude Tankers segment increased by $154.5 million, or 156%, to $253.4 million from $98.9 million in the second quarter of 2025. Such increase principally resulted from (i) an aggregate rates-based increase in the VLCC, Suezmax and Aframax sectors of $157.3 million which resulted from the very strong rate environment during the current quarter as described in the “Operations and Oil Tanker Markets” section above, as well as due to significantly higher profit-sharing results recognized under the VLCC time charters, and (ii) a $3.8 million increase in the Crude Tankers Lightering business. Partially offsetting the TCE revenue increases described above was a $6.8 million days-based decrease in the VLCC sector, which reflects 90 more off-hire days in the current period and a decrease in fleet days relating to the net impact of the sales of one 2010-built VLCC and one 2012-built VLCC during the first quarter of 2026, partially offset by the Company’s acquisition of a 2020-built VLCC in November 2025.

Current wording

During the third quarter of 2026, TCE revenues for the Crude Tankers segment increased by $228.2 million, or 245%, to $321.1 million from $93.0 million in the third quarter of 2025. Such increase principally resulted from an aggregate rates-based increase in the VLCC, Suezmax and Aframax sectors of $228.1 million which reflected the very strong rate environment during the current quarter as described in the “Operations and Oil Tanker Markets” section above, as well as significantly higher profit-sharing results recognized under the VLCC time charters.

Previous wording

​Charter hire expenses increased by $10.6 million quarter-over-quarter primarily because charter hire expense for the second quarter of 2026 included hire due to a third party participant of TISL, the Suezmax tankers pool formed in March 2026 (as described in Note 8, “Variable Interest Entities,” to the accompanying condensed consolidated financial statements). Additionally, charter hire expense in

Current wording

​Charter hire expenses increased by $17.4 million quarter-over-quarter primarily because charter hire expense for the third quarter of 2026 included hire due to third party participant vessels in TISL.

Previous wording

During the first six months of 2026, TCE revenues for the Crude Tankers segment increased by $254.1 million, or 138%, to $437.6 million from $183.5 million in the first six months of 2025. Such increase principally resulted from (i) an aggregate rates-based increase in the VLCC, Suezmax and Aframax fleets of $256.1 million due to higher average daily blended rates in these sectors, and (ii) a $1.6 million increase in the Crude Tankers Lightering business. Partially offsetting these increases was a $3.5 million days-based decline in the VLCC sector, which reflected the impact of the sales and purchases in the VLCC fleet described above.

Current wording

During the first nine months of 2026, TCE revenues for the Crude Tankers segment increased by $482.3 million, or 174%, to $758.8 million from $276.5 million in the first nine months of 2025. Such increase principally resulted from an aggregate rates-based increase in the VLCC, Suezmax and Aframax fleets of $484.3 million due to higher average daily blended rates in these sectors.

Previous wording

the Crude Tankers Lightering business increased by $0.9 million, which reflects incremental chartered-in Aframax days for two full-service jobs completed during the current period and increased daily rates on a portion of its chartered-in workboat fleet.

Current wording

​Charter hire expenses increased by $29.6 million period-over-period primarily due to the inclusion of hire due to third-party participant vessels in TISL, as described above. Additionally, charter hire expense in the Crude Tankers Lightering business increased by $1.5 million, which reflects incremental chartered-in Aframax days for full-service jobs completed during the current nine-month period and increased daily rates on certain of its chartered-in workboat fleet.

Previous wording

Excluding depreciation and amortization and general and administrative expenses, operating income for the Crude Tankers Lightering business was $5.9 million for the second quarter of 2026 compared with $2.8 million for the second quarter of 2025. The increase reflects growth in quarter-over-quarter activity levels, with 133 service support-only lighterings and two full-service lightering jobs being performed during the second quarter of 2026 compared with 93 service support-only lighterings and one full-service lightering job being performed during the second quarter of 2025.

Current wording

Excluding depreciation and amortization and general and administrative expenses, operating income for the Crude Tankers Lightering business was $8.3 million for the first nine months of 2026 compared with $7.4 million for the first nine months of 2025. Consistent with the discussion of the quarter-over-quarter increase above, the increase for the first nine months of 2026 reflects an increase in period-over-period activity levels, with 308 service support-only lighterings and three full-service lightering jobs being performed during the 2026 period compared with 267 service support-only lighterings and two full-service lightering jobs during the comparable 2025 period.

Previous wording

The following tables provide a breakdown of TCE rates achieved for the three and six months ended June 30, 2026 and 2025, between spot and fixed earnings and the related revenue days. The information in this table is based, in part, on information provided by the commercial pools in which the segment’s vessels participate and excludes commercial pool fees/commissions averaging approximately $875 and $778 per day for the three months ended June 30, 2026 and 2025, respectively, and $844 and $773 per day for the six months ended June 30, 2026 and 2025, respectively, as well as revenue and revenue days for which recoveries were

Current wording

The following tables provide a breakdown of TCE rates achieved for the three and nine months ended September 30, 2026 and 2025, between spot and fixed earnings and the related revenue days. The information in this table is based, in part, on information provided by the commercial pools in which the segment’s vessels participate and excludes commercial pool fees/commissions averaging approximately $904 and $822 per day for the three months ended September 30, 2026 and 2025, respectively, and $865 and $788 per day for the nine months ended September 30, 2026 and 2025, respectively, as well as revenue and revenue days for which recoveries

Previous wording

recorded by the Company under its loss of hire insurance policies. The fixed earnings rates in the table are net of broker/address commissions.

Current wording

were recorded by the Company under its loss of hire insurance policies. The fixed earnings rates in the table are net of broker/address commissions.

Previous wording

During the second quarter of 2026, TCE revenues for the Product Carriers segment increased by $91.0 million, or 101%, to $180.8 million from $89.9 million in the second quarter of 2025. The increase in TCE revenues was primarily as a result of an aggregate $110.3 million rates-based increase in the LR1 and MR sectors due to higher average daily blended rates earned in the current quarter. Such increase was partially offset by (i) a $16.8 million days-based decrease in the MR sector, which reflects the net impact of the Company’s sale of 13 MRs between June 2025 and March 2026, and 268 fewer off-hire days in the current quarter, and (ii) a $1.9 million days-based decrease in the LR1 sector, which resulted primarily from a 140-day quarter-over-quarter decrease in time chartered-in LR1 days, 83 more off-hire days during the current quarter, and the sale of two 2006-built LR1s during the third quarter of 2025, substantially offset by the Company taking delivery of four dual-fuel ready LNG newbuild LR1s between September 2025 and April 2026.

Current wording

During the third quarter of 2026, TCE revenues for the Product Carriers segment increased by $21.9 million, or 22%, to $121.4 million from $99.5 million in the third quarter of 2025. The increase in TCE revenues was primarily as a result of (i) an aggregate $32.5 million rates-based increase in the LR1 and MR sectors due to higher average daily blended rates earned in the current quarter, and (ii) an $8.6 million days-based increase in the LR1 sector, which resulted primarily from the Company taking delivery of six dual-fuel ready LNG newbuild LR1s between September 2025 and September 2026 and 73 fewer off-hire days during the current quarter, partially offset by the impact of the sale of two 2006-built LR1s during the third quarter of 2025 and a 92-day quarter-over-quarter decrease in time chartered-in LR1 days. Such increases were partially offset by a $18.9 million days-based decrease in the MR sector, which reflects the net impact of the Company’s sale of 11 MRs between July 2025 and March 2026, and 107 fewer off-hire days in the current quarter.

Previous wording

Vessel expenses decreased by $3.2 million to $34.2 million in the second quarter of 2026 from $37.4 million in the second quarter of 2025. Such decrease principally reflects the sales of the MRs referenced above, partially offset by the net vessel acquisitions in the LR1 fleet detailed above. Charter hire expenses decreased by $5.0 million to $0.9 million in the current quarter from $6.0 million in the second quarter of 2025 as a result of the decrease in time chartered-in LR1s noted above. Depreciation and amortization decreased

Current wording

Vessel expenses decreased by $2.3 million to $33.6 million in the third quarter of 2026 from $36.0 million in the third quarter of 2025. Such decrease principally reflects the sales of the MRs partially offset by the net vessel acquisitions in the LR1 fleet described above. Charter hire expenses decreased from $3.3 million in the third quarter of 2025 to nil in the current quarter as a result of the decrease in time chartered-in LR1s noted above.

Previous wording

During the first half of 2026, TCE revenues for the Product Carriers segment increased by $130.2 million, or 71%, to $313.8 million from $183.6 million in the first half of 2025. The growth in TCE revenues was primarily as a result of (i) an aggregate $168.1 million rates-based increase in the LR1 and MR sectors due to higher average daily blended rates earned in the current period, partially offset by (ii) a $31.7 million days-based decrease in the MR sector, which reflects the MR sales described above, partially offset by 424 fewer off-hire days in the current period and the acquisition of two MRs in January 2025 and (iii) a $5.7 million days-based decrease in the LR1 sector, which resulted primarily from a 230-day decrease in time chartered-in days and 147 more off-hire days in the current period, partially offset by the net increases to the LR1 fleet which resulted from the vessel sale and purchase transactions described above.

Current wording

During the first nine months of 2026, TCE revenues for the Product Carriers segment increased by $152.1 million, or 54%, to $435.2 million from $283.1 million in the first nine months of 2025. The growth in TCE revenues was primarily as a result of an aggregate $201.7 million rates-based increase in the LR1 and MR sectors due to higher average daily blended rates earned in the current period, partially offset by a $50.6 million days-based decrease in the MR sector, which reflects the net impact of (i) the MR sales described above and two incremental MR sales in June 2025, and (ii) 532 fewer off-hire days in the current period and the acquisition of two MRs in January 2025.

Previous wording

Vessel expenses decreased by $11.2 million to $64.8 million in the first six months of 2026 from $76.0 million in the first six months of 2025. Such decrease was principally attributable to the net sales in our MR fleet referenced above, partially offset by the net additions in the LR1 fleet. Charter hire expenses decreased by $8.2 million to $4.1 million in the current period from $12.3 million in the prior year’s period, primarily as a result of the period-over-period decrease in time chartered-in LR1 days described above.

Current wording

Vessel expenses decreased by $13.5 million to $98.5 million in the first nine months of 2026 from $112.0 million in the first nine months of 2025. Such decrease was principally attributable to the net sales in our MR fleet referenced above, partially offset by the net additions in the LR1 fleet. Charter hire expenses decreased by $11.4 million to $4.1 million in the current period from $15.6 million in the prior year’s period, primarily as a result of a 321-day period-over-period decrease in time chartered-in LR1 days.

Previous wording

Other operating revenues totaling $2.4 million and $4.3 million during the three and six months ended June 30, 2026, respectively, represents fees earned by the Company’s wholly owned subsidiaries – Tankers (UK) Agencies Limited (“TUKA”) and Tankers (UK) Suezmax Agencies Limited (“TUKSA”) for commercial management services rendered to vessel owners participating in the VLCC and Suezmax tanker pools operated by Tankers International Limited (“TIL”) and TISL, respectively. See Note 8, “Variable Interest Entities (“VIEs”),” to the accompanying condensed consolidated financial statements for additional information on consolidated and unconsolidated VIEs.

Current wording

Other operating revenues totaling $2.2 million and $6.6 million during the three and nine months ended September 30, 2026, respectively, represent fees earned by the Company’s wholly owned subsidiaries – Tankers (UK) Agencies Limited (“TUKA”) and Tankers (UK) Suezmax Agencies Limited (“TUKSA”) for commercial management services rendered to vessel owners participating in the VLCC and Suezmax tanker pools operated by Tankers International Limited (“TIL”) and TISL, respectively. See Note 8, “Variable Interest Entities (“VIEs”),” to the accompanying condensed consolidated financial statements for additional information on consolidated and unconsolidated VIEs.

Previous wording

During the second quarter of 2026, general and administrative expenses increased by $4.4 million to $16.6 million from $12.2 million in the second quarter of 2025. The primary drivers for the quarter-over-quarter increase were the consolidation of the operating expenses of TUKA and TUKSA aggregating $3.3 million and $0.5 million in costs incurred in connection with the adoption of the Second A&R Rights Agreement. The costs incurred by TUKA and TUKSA are substantially recovered by the Company through pool management fees charged to TIL and TISL, as discussed in the “Other Operating Revenues” section above.

Current wording

During the third quarter of 2026, general and administrative expenses increased by $7.8 million to $19.6 million from $11.8 million in the third quarter of 2025. The primary drivers for the quarter-over-quarter increase were (i) the consolidation of the operating expenses of TUKA and TUKSA aggregating $3.1 million, (ii) a $2.5 million increase in legal and consulting fees, (iii) a $1.5 million increase in compensation and benefits costs (excluding any amounts relating to TUKA and TUKSA employees), (iv) a $0.5 million increase in recurring operational costs associated with the Company’s subsidiaries being domiciled in Bermuda beginning in the fourth quarter of 2025, and (v) $0.2 million in post-acquisition costs incurred in connection with the integration of TUKA. The costs incurred by TUKA and TUKSA are substantially recovered by the Company through pool management fees charged to TIL and TISL, as discussed in the “Other Operating Revenues” section above.

Previous wording

For the six months ended June 30, 2026, general and administrative expenses increased by $0.5 million to $25.9 million from $25.4 million for the same period in 2025. The increase reflects the consolidation of the operating expenses of TUKA aggregating $5.4 million and $0.5 million in costs incurred in connection with the adoption of the Second A&R Rights Agreement. Such increases were largely offset by a $5.4 million decrease in legal fees, which in part reflected the recovery of $4.8 million in damages awarded to the Company by an arbitration tribunal in England in connection with a commercial dispute that arose in 2023. See Note 15, “Contingencies,” to the accompanying condensed consolidated financial statements for additional information.

Current wording

For the nine months ended September 30, 2026, general and administrative expenses increased by $8.4 million to $45.6 million from $37.2 million for the same period in 2025. The increase reflects (i) the consolidation of the operating expenses of TUKA aggregating $8.5 million, (ii) a $1.2 million increase in operational costs associated with the Company’s subsidiaries being domiciled in Bermuda, (iii) $0.5 million in costs incurred in connection with the adoption of the Second A&R Rights Agreement, and (iv) a similar increase in compensation and benefits costs as described above. Such increases were largely offset by a $4.2 million decrease in legal and consulting fees, which in part reflected the recovery of $4.8 million in damages awarded to the Company by an arbitration tribunal in England in connection with a commercial dispute that arose in 2023. See Note 15, “Contingencies,” to the accompanying condensed consolidated financial statements for additional information.

Previous wording

Other income, which is primarily comprised of interest income earned on invested cash, was $4.1 million and $6.8 million for the three and six months ended June 30, 2026, respectively, compared with $2.0 million and $3.9 million for the three and six months ended June 30, 2025. The period-over-period increase in interest income reflects the impact of higher average balances of invested cash during the three and six months ended June 30, 2026.

Current wording

Other income, which is primarily comprised of interest income earned on invested cash, was $4.8 million and $11.5 million for the three and nine months ended September 30, 2026, respectively, compared with $1.5 million and $5.4 million for the three and nine months ended September 30, 2025. The period-over-period increase in interest income reflects the impact of higher average balances of invested cash during the three and nine months ended September 30, 2026.

Previous wording

Interest expense increased during the three months ended June 30,026 compared to the corresponding 2025 period as a result of an increase in the average outstanding principal balance outstanding, principally related to draws under the ECA Credit Facility in connection with the delivery of the first 4 LR1 newbuildings.

Current wording

Interest expense increased during the three months ended September 30, 2026 compared to the corresponding 2025 period as a result of an increase in the average outstanding principal balance outstanding, principally related to draws under the ECA Credit Facility in connection with the delivery of six LR1 newbuildings.

Previous wording

Interest expense decreased during the six months ended June 30, 2026 compared to the corresponding 2025 period as a result of (i) a reduction in the average outstanding principal balance under the Company’s floating rate debt facilities, due to voluntary repayments of certain of such facilities, (ii) the repayment in full of the OCY Lease Financing in November 2025, and (iii) the decline of SOFR rates during the first half of 2026 compared to the first half of 2025. See Note 10, “Debt,” in the accompanying condensed consolidated financial statements for further information on the Company’s debt facilities.

Current wording

Interest expense increased marginally during the nine months ended September 30, 2026 compared to the corresponding 2025 period. See Note 10, “Debt,” in the accompanying condensed consolidated financial statements for further information on the Company’s debt facilities.

Previous wording

The Company qualifies for an exemption from U.S. federal income taxes under Section 883 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) and U.S. Treasury Department regulations for the 2026 calendar year, as less than 50 percent of the total value of the Company’s stock was held by one or more shareholders who own 5% or more of the Company’s stock for more than half of the days of 2026. There can be no assurance at this time that INSW will continue to qualify for the Section 883 exemption beyond calendar year 2026. Should the Company not qualify for the exemption in the future, INSW will be subject to U.S. federal income taxation of 4% of its U.S. source shipping income on a gross basis without the benefit of deductions. Shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the U.S. will be considered to be 50% derived from sources within the United States. Shipping income attributable to transportation that both begins and ends in the U.S. would be considered to be 100% derived from sources within the United States, but INSW does not and cannot engage in transportation that gives rise to such income, except pursuant to any applicable waiver given by the U.S. government.

Current wording

The Company qualifies for an exemption from U.S. federal income taxes under Section 883 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) and U.S. Treasury Department regulations for the 2026 calendar year, as less than 50 percent of the total value of the Company’s stock was held by one or more shareholders who own 5% or more of the Company’s stock for more than half of the days of 2026. There can be no assurance at this time that INSW will continue to qualify for the Section 883 exemption beyond calendar year 2026. Should the Company not qualify for the exemption in the future, INSW will be subject to U.S. federal income taxation of 4% of its U.S. source shipping income on a gross basis without the benefit of deductions. Shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the U.S. will be considered to be 50% derived from sources within the United States. Shipping income attributable to transportation that both begins and ends in the U.S. would be considered to be 100% derived from sources within the United States, but INSW cannot engage in transportation that gives rise to such income, except pursuant to any applicable waiver given by the U.S. government.

Previous wording

EBITDA represents net 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. EBITDA and Adjusted EBITDA are presented to provide investors with meaningful additional information that management uses to monitor ongoing operating results and evaluate trends over comparative periods. EBITDA and Adjusted EBITDA do not represent, and should not be considered a substitute for, net income or cash flows from operations determined in accordance with GAAP. EBITDA and Adjusted EBITDA have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results reported under GAAP. Some of the limitations are:

Current wording

EBITDA and Adjusted EBITDA are presented to provide investors with meaningful additional information that management uses to monitor ongoing operating results and evaluate trends over comparative periods. EBITDA and Adjusted EBITDA do not represent, and should not be considered a substitute for, net income or cash flows from operations determined in accordance with GAAP. EBITDA and Adjusted EBITDA have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results reported under GAAP. Some of the limitations are:

Previous wording

As of June 30, 2026, we had total liquidity on a consolidated basis of $935.1 million comprised of $409.4 million of cash and short-term investments and $525.7 million of undrawn revolver capacity.

Current wording

As of September 30, 2026, we had total liquidity on a consolidated basis of $963.9 million comprised of $453.6 million of cash and short-term investments and $510.3 million of undrawn revolver capacity.

Previous wording

Working capital at June 30, 2026 and December 31, 2025 was $651.5 million and $268.2 million, respectively. Current assets are highly liquid, consisting principally of cash, interest-bearing deposits, receivables and inventories. Current liabilities include current installments of long-term debt of $39.2 million and $25.8 million at June 30, 2026 and December 31, 2025, respectively.

Current wording

Working capital at September 30, 2026 and December 31, 2025 was $761.7 million and $268.2 million, respectively. Current assets are highly liquid, consisting principally of cash, interest-bearing deposits, receivables and inventories. Current liabilities include current installments of long-term debt of $34.6 million and $25.8 million at September 30, 2026 and December 31, 2025, respectively.