Exhibit 99.1

INTERNATIONAL SEAWAYS REPORTS

FOURTH QUARTER AND FULL YEAR 2024 RESULTS

New York, NY – February 27, 2025– International Seaways, Inc. (NYSE: INSW) (the “Company,” “Seaways,” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today reported results for the fourth quarter and full year of 2024.

HIGHLIGHTS & RECENT DEVELOPMENTS

Annual and Quarterly Results:

Fleet Optimization Program:

Robust Balance Sheet:

Returns to Shareholders:

“We delivered another strong year of financial results and took advantage of a solid rate environment to further advance Seaways’ balanced capital allocation strategy,” said Lois K. Zabrocky, International Seaways President and CEO. “For the second consecutive year, we returned over $300 million to shareholders, primarily through dividends, representing 12% yield on our average market capitalization over the year. Carrying this momentum forward, we’ve declared a combined dividend for the first quarter of $0.70 per share, which represents over 75% of adjusted net income for the second consecutive quarter.”

Ms. Zabrocky added, “Seaways continues to be opportunistic with fleet renewal across our variety of asset classes with acquisitions of modern, eco tonnage and divestitures of older vessels, exemplified by our most recent vessel swap. With a healthy balance sheet, we are committed to disciplined growth while returning significant value to shareholders. Looking ahead, we are optimistic about the market’s direction, supported by favorable supply-demand dynamics, higher ton-mile demand and continued disruptions due to geopolitical uncertainty.”

Jeff Pribor, the Company’s CFO stated, “We are pleased with our success enhancing our capital structure during the year by converting our term loans into revolving capacity, which saved more than $80 million per year in mandatory debt repayments and increased our free cash flow. With total liquidity of over $630 million and one of the lowest net-loan-to-value ratios in the industry at 15.5%, we believe we are ideally positioned to build on our track record of balanced and disciplined capital allocation, investing in the fleet opportunistically, maintaining a healthy balance sheet and continuing to return capital to shareholders.”

FOURTH QUARTER 2024 RESULTS

Net income for the fourth quarter of 2024 was approximately $36 million, or $0.72 per diluted share, compared to net income of $132 million, or $2.68 per diluted share, for the fourth quarter of 2023. The decrease was primarily driven by a decrease in TCE revenues(1) higher depreciation and amortization as a result of changes in the fleet, and a non-cash impairment charge of $9 million in connection with the swap compared to $25 million in gains on vessel sales in the fourth quarter of 2023.

Shipping revenues for the fourth quarter were $195 million, compared to $251 million for the fourth quarter of 2023. Consolidated TCE revenues(1) for the fourth quarter were $191 million, compared to $248 million for the fourth quarter of 2023.

Adjusted EBITDA(1) for the fourth quarter was $95 million, compared to $159 million for the fourth quarter of 2023.

Crude Tankers

Shipping revenues for the Crude Tankers segment were $96 million for the fourth quarter of 2024, compared to $125 million for the fourth quarter of 2023. TCE revenues(1) were $93 million for the fourth quarter, compared to $123 million for the fourth quarter of 2023. This decrease was attributable to lower spot rates as the average spot earnings of the VLCC, Suezmax and Aframax sectors were approximately $35,600, $29,700 and $31,200 per day, respectively, compared with approximately $43,000, $47,300 and $44,000 per day, respectively, during the fourth quarter of 2023.

Product Carriers

Shipping revenues for the Product Carriers segment were $99 million for the fourth quarter of 2024, compared to $126 million for the fourth quarter of 2023. TCE revenues(1) were $97 million for the fourth quarter, compared to $125 million for the fourth quarter of 2023. This decrease is primarily attributable to a decline in LR1 and MR spot earnings to approximately $37,100 and $21,500 per day, respectively, from approximately $46,200, and $31,500 per day, respectively in the fourth quarter of 2023.

FULL YEAR 2024 RESULTS

Net income for the year ended December 31, 2024, was $417 million, or $8.38 per diluted share, compared to net income of $556 million, or $11.25 per diluted share, for the year ended December 31, 2023. Adjusted net income(1) for the year ended December 31, 2024, was $385 million, or $7.75 per diluted share, compared to $525 million, or $10.62 per diluted share for the year ended December 31, 2023.

Shipping revenues for the year ended December 31, 2024, were $952 million, compared to $1,072 million for the year ended December 31, 2023. Consolidated TCE(1) revenues for the year ended December 31, 2024, were $933 million, compared to $1,056 million for the year ended December 31, 2023.

Adjusted EBITDA(1) for the year ended December 31, 2024 was $583 million, compared to $724 million for the year ended December 31, 2023.

Crude Tankers

Shipping revenues for the Crude Tankers segment were $451 million for the year ended December 31, 2024, compared to $524 million for the year ended December 31, 2023. TCE revenues(1) for the Crude Tankers segment were $437 million for the year ended December 31, 2024, compared to $512 million for the year ended December 31, 2023.

Product Carriers

Shipping revenues for the Product Carriers segment were $500 million for the year ended December 31, 2024, compared to $548 million for the year ended December 31, 2023.TCE revenues(1) for the Product Carriers segment were $496 million for the year ended December 31, 2024, compared to $543 million for the year ended December 31, 2023.

FLEET OPTIMIZATION PROGRAM

During the fourth quarter of 2024, the Company agreed to deliver two VLCCs and $3 million in cash in exchange for three MRs through a series of individual vessel sales and purchase agreements with the same counterparty. Due to the timing of the agreements, the Company paid $53 million for deposits and the delivery of one MR vessel. During the first quarter of 2025, the remaining vessels were delivered and the Company received net proceeds of $50 million.

During 2024, the Company also took delivery of six modern MR vessels for an aggregate consideration of $232 million. In connection with the acquisitions, the Company issued 623,778 common shares to the sellers, representing 15% of the aggregate consideration with the remaining funding provided by cash on hand.

During 2024, the Company sold three additional vessels for aggregate net proceeds of $72 million. In connection with vessel sales, the Company recorded gains of $41 million in aggregate during 2024.

During 2024, the Company entered into three time charter agreements on two 2009-built MRs and a 2014-built LR2. As of January 1, 2025, the Company has 14 vessels on time charter agreements with an average duration of approximately 2.2 years and total future contracted revenues through expiry of approximately $310 million, excluding any applicable profit share.

The Company has contracts to build six scrubber-fitted, dual-fuel (LNG) ready, LR1 vessels in Korea with K Shipbuilding Co, Ltd at a total price of approximately $359 million. As of December 31, 2024, the Company has approximately $323 million in remaining construction commitments, which are expected to be paid through a combination of long-term financing and available liquidity. The vessels are contracted to be delivered beginning in the third quarter of 2025 through the third quarter of 2026. These vessels are expected to deliver into our niche Panamax International Pool, which has consistently outperformed the market.

BALANCE SHEET ENHANCEMENTS

During the fourth quarter of 2024, the Company borrowed $70 million under its revolving credit facilities in connection with the timing of required payments for the vessel swap transaction described above and prepaid $20 million as part of its balanced capital allocation strategy. The Company also repaid $12 million in mandatory repayments required under its existing debt facilities and sale leaseback arrangements. For the year ended December 31, 2024, the Company repaid $89 million of mandatory debt payments.

In April 2024, the Company amended and extended the $750 Million Facility, under which the Company had a remaining term loan balance of $95 million and undrawn revolver capacity of $257 million prior to closing. The new agreement consists of a $500 million revolving credit facility (the “$500 Million RCF”) that matures in January 2030. Prior to executing the agreement, the Company prepaid the outstanding balance on the ING Credit Facility of $20 million and included the collateral vessel in the $500 Million RCF. The $500 Million RCF saves approximately $20 million per quarter in mandatory debt repayments and reduces future interest expense through a margin reduction of over 85 basis points.

Aggregate undrawn revolving capacity was $475 million at December 31, 2024.

In the first quarter of 2025, the Company prepaid $102 million of the $500 Million RCF composed of $70 million temporarily borrowed for timing differences in connection with the swap and $32 million of prepayments that maintain undrawn revolving credit capacity at $560 million.

RETURNS TO SHAREHOLDERS

In December 2024, the Company paid a combined dividend of $1.20 per share of common stock, composed of a regular quarterly dividend of $0.12 per share of common stock and a supplemental dividend of $1.08 per share.

During 2024, the Company paid combined dividends of $5.77 per share, which represents a dividend yield of 12% based on the average share price over the same period.

On February 26, 2025, the Company’s Board of Directors declared a combined dividend of $0.70 per share of common stock, composed of a regular quarterly dividend of $0.12 per share of common stock and a supplemental dividend of $0.58 per share of common stock. Both dividends will be paid on March 28, 2025, to shareholders with a record date at the close of business on March 14, 2025.

During 2024, the Company repurchased and retired 501,646 shares of its common stock in open market purchases, at an average price of $49.81 for an aggregate cost of approximately $25 million.

In November 2024, the Company’s Board of Directors authorized an increase to $50 million for the share repurchase program that expires at the end of 2025.

(1) This is a non-GAAP financial measure used throughout this press release; please refer to the section “Reconciliation to Non-GAAP Financial Information” for explanations of our non-GAAP financial measures and the reconciliations of reported GAAP to non-GAAP financial measures.

CONFERENCE CALL

The Company will host a conference call to discuss its fourth quarter and full year 2024 results at 9:00 a.m. Eastern Time on Thursday, February 27, 2025. To access the call, participants should dial (833) 470-1428 for domestic callers and (929) 526-1599 for international callers and entering 121343. Please dial in ten minutes prior to the start of the call. A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at https://www.intlseas.com.

An audio replay of the conference call will be available until March 6, 2025, by dialing (866) 813-9403 for domestic callers and +44 204 525 0658 for international callers, and entering Access Code 472302.

ABOUT INTERNATIONAL SEAWAYS, INC.

International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 84 vessels, including 11 VLCCs, 13 Suezmaxes, five Aframaxes/LR2s, 14 LR1s (including six newbuildings), and 41 MR tankers. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.

Forward-Looking Statements

This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the U.S. Securities and Exchange Commission (the “SEC”), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to plans to issue dividends, the Company’s prospects, including statements regarding vessel acquisitions and disposals, expected synergies, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2024 for the Company and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.

Investor Relations & Media Contact:

Tom Trovato, International Seaways, Inc.

(212) 578-1602

ttrovato@intlseas.com

Category: Earnings

Consolidated Statements of Operations

($ in thousands, except per share amounts)

Consolidated Balance Sheets 

($ in thousands)

Consolidated Statements of Cash Flows            

($ in thousands)

Spot and Fixed TCE Rates Achieved and Revenue Days

The following tables provides a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three months and fiscal year ended December 31, 2024 and the comparable periods of 2023. Revenue days in the quarter ended December 31, 2024 totaled 6,697 compared with 6,471 in the prior year quarter. Revenue days in the year ended December 31, 2024 totaled 25,904 compared with 26,292 in the prior year. A summary fleet list by vessel class can be found later in this press release. The information in these tables excludes commercial pool fees/commissions averaging approximately $764 and $853 per day for the three months ended December 31, 2024 and 2023, respectively, and approximately $902 and $861 per day for the years ended December 31, 2024 and 2023, respectively.

Revenue days in the above tables exclude days related to full service lighterings. In addition, during 2024 and 2023, certain of the Company’s vessels were employed on transitional voyages, which are excluded from the table above.

During the 2024 and 2023 periods, each of the Company’s LR1s participated in the Panamax International Pool and transported crude oil cargoes exclusively.

Fleet Information

As of February 27, 2025, INSW’s fleet totaled 84 vessels, of which 69 were owned and 15 were chartered in.

(1) Includes bareboat charters, but excludes vessels chartered in where the duration of the charter was one year or less at inception.

Reconciliation to Non-GAAP Financial Information

The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures may provide certain investors with additional information that will better enable them to evaluate the Company’s performance. Accordingly, these non-GAAP measures are intended to provide supplemental information, and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.

(A) Adjusted Net Income

Adjusted net income consists of Net Income adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. This measure does not represent or substitute net income or any other financial item that is determined in accordance with GAAP. While Adjusted net income is frequently used as a measure of operating results and performance, it may not be necessarily comparable with other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income, as reflected in the consolidated statement of operations, to Adjusted net income:

(B) EBITDA and Adjusted EBITDA

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 do not represent, and should not be a substitute for, net income or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and performance, neither of them is necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income as reflected in the condensed consolidated statements of operations, to EBITDA and Adjusted EBITDA:

(C) Cash

(D) Free Cash Flow

Free cash flow represents cash flows from operating activities, less mandatory repayments of debt (including those under sale and leaseback agreements) less capital expenditures excluding payments made to acquire a vessel or vessels, which the Company believes is useful to investors in understanding the net cash generated from its core business activities after certain mandatory obligations. 

(E) Time Charter Equivalent (TCE) Revenues

Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. Time charter equivalent revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow: