International Seaways, Inc.

Current report

Risks Related to Legal and Regulatory Matters

Current report

An increase in trade protectionism and a proposal 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 could adversely impact our results of operation, financial condition and cash flows.

Current 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 U.S. trade representative in April 2025 adopted a proposal under which, beginning in October 2025 certain vessels that were constructed in China or are owned or operated by a Chinese entity would be charged a fee based on their net tonnage upon entering a U.S. port, which fee would increase over time. The Company owns 14 vessels that were constructed in China (four of which fall below the 55,000 dwt scope of the proposal), time charters-in two vessels that were constructed in China and bareboat charters in three non-Chinese built vessels from a Chinese financial institution in a finance leasing arrangement, which is accounted for as a loan. The proposal lacks clarity in its

Current report

application to certain scenarios that may apply to us and it is expected that further guidance on the proposal will be provided before the fees are imposed. We are currently evaluating the effect that the proposal would have on us, including our results of operation and cash flows, and on our industry generally.

Current report

No stock repurchases were made during the three months ended March 31, 2025 other than shares withheld to cover tax withholding liabilities relating to the vesting of outstanding restricted stock units held by certain members of management.

Previous report

The following table summarizes the activity related to repurchases of our equity securities during the three months ended September 30, 2024:

Previous report

As of September 30, 2024, the maximum number of shares that may still be purchased under the program is 485,165 shares, which was determined by dividing the remaining buyback authorization by the September 30, 2024 closing price of the Company’s common stock. Future buybacks under the stock repurchase program will be at the discretion of our Board of Directors and subject to limitations under the Company’s debt facilities.