International Seaways Responds to Seatankers Group

International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today issued the following statement in response to the public letter released this morning by Famatown Finance Limited (“Seatankers”).

The INSW Board of Directors and management team are committed to delivering value to all INSW shareholders. To that end, we want to address the misleading statements made by Seatankers in its public letter today regarding the Company’s performance, governance and history of engagement with Seatankers.

In light of the Company’s upcoming Annual Meeting, we also want to reiterate the Board’s recommendation that shareholders vote “FOR” all of the Company’s director nominees and protect the value of their investment by also voting “FOR” the ratification of the shareholder rights plan and the other proposals outlined in the Company’s proxy materials.

Here are the facts:

• INSW has a track record of outperformance and delivering strong shareholder returns. Our Board and management team have been executing a balanced capital allocation strategy, which, among other things, has included:
  • A transformational merger in 2021 that added, at the time, 60 vessels to the fleet and gained scale in the MR class, which daily earnings have grown approximately 220% over the last twelve months when compared to the 10 year average and more than any other asset class;
  • Recapitalization of the balance sheet, including refinancing the Company’s largest senior secured facility and repaying over $212 million in debt over the last twelve months, which have resulted in an estimated forward cash break even below $17,000 per day; and
  • A focus on returning capital to shareholders, including returning over $370 million since 2020 and nearly $190 million in 2023 to date.

In large part due to the actions we have taken, INSW delivered record results in 2022, and our momentum has continued in 2023. Our total shareholder returns have outperformed peers over the last year and since our separation from Overseas Shipholding Group, Inc¹ and with our increased scale, diverse and younger fleet and strong financial position, we are well-positioned to capture the upside of the favorable macro trends in the tanker market.