Exhibit 99.1

INTERNATIONAL SEAWAYS REPORTS

FOURTH QUARTER AND FULL YEAR 2021 RESULTS

New York, NY – March 2, 2022– 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 reported results for the fourth quarter and full year of 2021.

Highlights

Commenting on the year, Lois K. Zabrocky, International Seaways’ President and CEO, said, “2021 was a momentous year for Seaways, as we took deliberate steps to position the Company to create enduring value. We became one of the largest diversified tanker companies following the completion of our transformational merger, which we expect will realize more than $35 million in synergies. Despite significant growth, we maintained a healthy balance sheet, instituting a fleet optimization program to capitalize on firm asset values and diversified our capital structure. We also returned nearly $60 million to shareholders through regular quarterly dividends, a special dividend in connection with our merger and a share repurchase program.”

Ms. Zabrocky added, “As we look ahead, with inventories at the lowest levels since 2014, growing oil demand that we expect to surpass pre-pandemic levels and expectations of increased oil production, we remain optimistic for a stronger rate environment in the second half of 2022. We remain in a strong position to evaluate additional opportunities to create value for our shareholders.”

Jeff Pribor, the Company’s CFO, stated, “Our significant progress enhancing our capital structure and financial flexibility this year has further positioned the Company for long-term success. Complementing our ample cash position and low net loan to value, our diversified fleet of crude and product tankers provides us considerable operating leverage to a rising rate environment. We expect to continue to diversify our capital structure and remain committed to a balanced capital allocation program that maintains our strong balance sheet while returning capital to shareholders.”

Fourth Quarter 2021 Results

Net loss for the fourth quarter of 2021 was $34.0 million, or $0.68 per diluted share, compared to a net loss of $116.9 million, or $4.18 per diluted share, for the fourth quarter of 2020. The decrease in net loss in the fourth quarter of 2021 primarily reflects gain on disposal of vessels in the fourth quarter of 2021 compared to an $85.9 million loss on disposal of vessels and other property, net of impairments in the fourth quarter of 2020, partially offset by merger and integration related costs, costs aggregating $6.6 million associated with the extinguishment of debt, and increased interest expense, principally reflecting debt assumed in the merger.

In addition, equity in income of affiliated companies increased by $16.8 million to $5.3 million from a loss of $11.5 million in 2020. This increase was principally attributable to the recognition of a non-cash $16.4 million deferred tax provision recorded by the FSO Joint Venture in the fourth quarter of 2020 as a result of the execution of 10-year extensions on each of the joint venture’s existing service contracts in October 2020.

Consolidated TCE revenues^(C) for the fourth quarter were $93.0 million, compared to $53.0 million for the fourth quarter of 2020. This increase in TCE revenues, which reflects a significantly larger post-merger fleet, only marginally exceeded the increase in vessel expenses resulting from the larger fleet. Shipping revenues for the fourth quarter were $94.7 million, compared to $56.7 million for the fourth quarter of 2020.

Adjusted EBITDA for the fourth quarter was $11.9 million, compared to a loss of $5.0 million for the fourth quarter of 2020.

Crude Tankers

TCE revenues for the Crude Tankers segment were $42.4 million for the fourth quarter, compared to $44.0 million for the fourth quarter of 2020. This decrease primarily resulted from a decline in fixed time charter activity, particularly from the VLCC sector and lower spot earnings of VLCCs, which averaged $14,326 per day partially offset by an increase of 639 revenue days as a result of the merger and spot earnings from the Suezmax, Aframax and Panamax sectors, with average spot earnings increasing to approximately $13,000, $11,500, and $15,000 per day, respectively. Shipping revenues for the Crude Tankers segment were $44.5 million for the fourth quarter of 2021, compared to $47.0 million for the fourth quarter of 2020.

Product Carriers

TCE revenues for the Product Carriers segment were $50.5 million for the fourth quarter, compared to $8.9 million for the fourth quarter of 2020. This increase is attributable to an increase of 3,373 revenue days as a result of the merger and higher average rates earned by the LR1 and MR fleets, with average spot rates increasing to approximately $17,400 and $11,300 per day, respectively. Shipping revenues for the Product Carriers segment were $50.2 million for the fourth quarter, compared to $9.7 million for the fourth quarter of 2020.

Full Year 2021 Results

Net loss for the full year ended December 31, 2021, was $133.5 million, or $3.48 per diluted share, compared with a net loss of $5.5 million, or $0.20 per diluted share, for the full year ended December 31, 2020. During 2021, the Company incurred $50.7 million of one-time merger and integration related costs due to the Company’s merger with Diamond S, and increased vessel expenses, which were not sufficiently covered with a corresponding increase in TCE revenues despite having a larger post-merger fleet. These costs and expenses were offset by a net gain on disposal of vessels of $9.8 million in 2021 compared with a loss of $100.1 million in 2020.

Equity in income of affiliated companies increased by $17.7 million to $21.8 million from $4.1 million in 2020. This increase was principally attributable to the recognition of a non-cash $16.4 million deferred tax provision recorded by the FSO Joint Venture in the fourth quarter of 2020.

Consolidated TCE revenues for the full year ended December 31, 2021, were $255.9 million, compared to $402.0 million for the full year ended December 31, 2020. Shipping revenues for the full year ended December 31, 2021 were $272.5 million, compared to $421.6 million for the full year ended December 31, 2020.

Adjusted EBITDA for the full year ended December 31, 2021 was $40.4 million, compared to $220.1 million for the full year ended December 31, 2020.

Crude Tankers

TCE revenues for the Crude Tankers segment were $144.3 million for the full year ended December 31, 2021, compared to $318.6 million for the full year ended December 31, 2020.

The decline of $174.3 million was primarily due to the impact of significantly lower average rates in the VLCC, Suezmax, Aframax and Panamax sectors, with average spot rates decreasing to approximately $13,600, $12,600, $10,800 and $13,300 per day, respectively, aggregating approximately $186.8 million. Also contributing to the decrease was a 1,065-day decrease in VLCC, Panamax and Aframax revenue days, primarily driven by vessel sales, which had the effect of decreasing TCE revenues by $42.2 million. The declines were partially offset by a $59.8 million days-based increase in the Suezmax fleet, reflecting the Company’s acquisition of 13 Suezmaxes as part of the merger.

Shipping revenues for the Crude Tankers segment were $156.3 million for the full year ended December 31, 2021, compared to $334.8 million for the full year ended December 31, 2020.

Product Carriers

TCE revenues for the Product Carriers segment were $111.6 million for the full year ended December 31, 2021, compared to $83.4 million for the full year ended December 31, 2020.

The increase of $28.2 million was primarily the result of a net 5,431-day increase in MR revenue days, aggregating $85.1 million, as the Company acquired 44 MRs in conjunction with the merger, seven of which were sold during the third quarter of 2021. Additionally, there was a $5.0 million days-based increase in the LR1 fleet, which reflected (i) the purchase of a 2009-built LR1 that was delivered to the Company in February 2020, (ii) the delivery of two time chartered-in 2008-built LR1s to the Company between August and October 2021, and (iii) 109 fewer off-hire days in the current year, partially offset by (iv) the redelivery of a 2006-built LR1 to its owners at the expiry of its two-year charter in August 2021. Partially offsetting the days-based increase in TCE revenues were lower period-over-period average daily blended rates earned by the LR1 and MR fleets, which accounted for a decrease in TCE revenues of approximately $67.1 million. Average spot rates fell during 2021 to approximately $14,800 and $10,500 per day for the LR1 and MR fleets, respectively.

Shipping revenues for the Product Carriers segment were $116.3 million for the full year ended December 31, 2021, compared to $86.9 million for the full year ended December 31, 2020.

Share Repurchases

During the fourth quarter of 2021, the Company repurchased and retired 1,077,070 shares of its common stock in open-market purchases at an average price of $15.44 per share, for a total cost of $16.7 million.

Completed Liquidity Enhancing Financing

The Company executed a number of liquidity enhancing and financial diversification initiatives during the fourth quarter and subsequent to year end:

Vessel Sales & Recycling

During the fourth quarter of 2021, the Company sold two Handysize product carriers built between 2006 and 2007, three 2002-built Panamaxes, and a 2006-built Suezmax. Two of the three Panamaxes sold in the fourth quarter were sold to be recycled in compliance with the Hong Kong Convention, adding to a total of four vessels recycled during 2021 by the Company.

In January 2022, the Company entered into memoranda of agreements for the sale of a 2010-built MR and the purchase of a 2011-built LR1 with the same counterparty. The LR1 is expected to replace the MR as collateral in the respective debt facility and the net cost to the Company is expected to be approximately $3 million. The transaction is expected to be completed by March 2022.

In February 2022, the Company agreed to sell a 2004-built Panamax, expected to deliver to the buyer for recycling compliant with the Hong Kong Convention in the second quarter of 2022.

Payment of Regular Cash Dividend

The Company’s Board of Directors declared a regular quarterly dividend of $0.06 per share of common stock on February 28, 2022. The dividend will be paid on March 28, 2022 to shareholders of record at the close of business on March 14, 2022.

Conference Call

The Company will host a conference call to discuss its fourth quarter and full year 2021 results at 9:00 a.m. Eastern Time (“ET”) on Wednesday, March 2, 2022. To access the call, participants should dial (844) 200-6205 for domestic callers and (929) 526-1599 for international callers. 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 9, 2022 by dialing (866) 813-9403 for domestic callers and +44 204 525 0658 for international callers, and entering Access Code 027713.

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 86 vessels, including 13 VLCCs (including three newbuildings), 13 Suezmaxes, five Aframaxes/LR2s, eight Panamaxes/LR1s, 41 MR tankers and four Handysize tankers. Through joint ventures, it has ownership interests in two floating storage and offloading service vessels. 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 (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 the consequences of the Company’s merger with Diamond S and plans to issue dividends, its prospects, including statements regarding vessel acquisitions, 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 2021 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

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 year ended December 31, 2021 and the comparable periods of 2020. Revenue days in the quarter ended December 31, 2021 totaled 6,643 compared with 2,631 in the prior year quarter. 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 $575 and $610 per day for the three months ended December 31, 2021 and 2020, respectively and approximately $610 and $668 per day for the years ended December 31, 2021 and 2020, respectively.

Revenue days in the above tables exclude days related to full service lighterings and days for which recoveries were recorded under the Company’s loss of hire insurance policies.

During the 2021 and 2020 periods, each of the Company’s LR1s participated in the Panamax International Pool and transported crude oil cargoes exclusively.

Excludes transitional voyages in the spot market prior to delivering to the pool for Suezmaxes and while not operating in a commercial pool for MRs acquired through the merger.

Fleet Information

As of December 31, 2021, INSW’s fleet totaled 86 vessels, including three newbuilds and 83 operating vessels, of which 69 were owned, 12 were chartered in, and two FSOs were held through joint ventures.

(1)  Includes both bareboat charters and time 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) EBITDA and Adjusted EBITDA

EBITDA represents net (loss)/income before interest expense, income taxes, depreciation and amortization expense and noncontrolling interest. 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 loss as reflected in the condensed consolidated statements of operations, to EBITDA and Adjusted EBITDA:

^(B) Cash

^(C) 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: