Exhibit 99.1

INTERNATIONAL SEAWAYS REPORTS

FIRST QUARTER 2022 RESULTS

New York, NY – May 4, 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 first quarter of 2022.

HIGHLIGHTS & RECENT DEVELOPMENTS

“Following a year of significant growth, we continued to advance strategic objectives in the first quarter, further solidifying our balance sheet and optimizing our fleet by selling older tonnage in a rising price environment,” said Lois K. Zabrocky, International Seaways’ President and CEO. “With both near-term catalysts driving tanker rates higher and longer-term positive market fundamentals fully intact based on historically low inventories, growing oil demand that is anticipated to return to pre-pandemic levels, and expectations of increased oil production in the second half of the year, we remain optimistic that our expanded scale, capabilities, and substantial operating leverage will serve us well as the rate environment improves.”

Ms. Zabrocky added, “We have further strengthened Seaways’ industry position ahead of a market rebound and believe we are ideally positioned with our sizable, diversified fleet of crude and product tankers. Our financial strength has been bolstered by the success of our ongoing fleet optimization program and financing activities that have unlocked value for shareholders.”

Jeff Pribor, the Company’s CFO stated, “We continue to advance initiatives that support a diversified capital structure and financial flexibility for the benefit of shareholders. Returning capital is a top priority, as evidenced by the nearly $100 million we have returned since the start of 2020, including our regular quarterly dividend in the first quarter. Going forward, we expect to pursue additional opportunities to strengthen our financial position and further implement our disciplined and accretive capital allocation strategy.”

FIRST QUARTER 2022 RESULTS

Net loss for the first quarter of 2022 was $13.0 million, or $0.26 per diluted share, compared to a net loss of $13.4 million, or $0.48 per diluted share, for the first quarter of 2021. The results in the first quarter of 2022 reflected a significant increase in revenue days as a result of the merger that were mostly offset by higher operating expenses (vessel expenses, depreciation and amortization, general and administrative expenses) and interest expense, reflecting the debt assumed in the merger that closed in the third quarter of 2021.

Consolidated TCE revenues^(C) for the first quarter were $98.0 million, compared to $45.2 million for the first quarter of 2021. This increase in TCE revenue reflects an increase of approximately 3,800 revenue days of the significantly larger post-merger fleet. Shipping revenues for the first quarter were $101.5 million, compared to $46.8 million for the first quarter of 2021.

Adjusted EBITDA^(A) for the first quarter was $26.0 million, compared to $10.7 million for the first quarter of 2021.

Crude Tankers

TCE revenues for the Crude Tankers segment were $36.5 million for the first quarter, compared to $35.9 million for the first quarter of 2021. This increase was primarily attributable to an increase of approximately 400 revenue days as a result of changes fleet composition from the merger and our fleet optimization program. Shipping revenues for the Crude Tankers segment were $39.6 million for the first quarter of 2022, compared to $37.5 million for the first quarter of 2021.

Product Carriers

TCE revenues for the Product Carriers segment were $61.5 million for the first quarter, compared to $9.2 million for the first quarter of 2021. This increase is attributable to an increase of over 3,400 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 $20,300 and $14,000 per day, respectively. Shipping revenues for the Product Carriers segment were $61.9 million for the first quarter, compared to $9.2 million for the first quarter of 2021.

BALANCE SHEET ENHANCEMENTS

The Company executed a number of liquidity enhancing and financial diversification initiatives during the first four months of 2022:

VESSEL SALES & RECYCLING

During the first quarter of 2022, the Company sold a 2010-built MR and purchased a 2011-built LR1 with the same counterparty. The transaction resulted in a net cost to the Company of approximately $3.0 million. The LR1 replaced the MR as collateral in the $525 million debt facility.

During 2022, the Company agreed to sell two Panamaxes, built between 2002 and 2004, delivered to the buyers in April 2022 for recycling compliant with the Hong Kong Convention. Proceeds of approximately $8.1 million on one of these vessels were received prior to the end of the first quarter.

In April 2022, the Company sold a 2006-built Handysize product carrier, which resulted in proceeds, net of debt repayment of $6.1 million. The remaining three 2006-built Handysize product carriers were agreed to be sold in the second quarter for net proceeds of approximately $17.8 million.

The Company also agreed to sell a 2008-built MR in the second quarter, which is expected to generate proceeds, net of debt repayment, of approximately $10.3 million.

CONFERENCE CALL

The Company will host a conference call to discuss its first quarter 2022 results at 8:30 a.m. Eastern Time (“ET”) on Wednesday, May 4, 2022. To access the call, participants should dial (833) 329-1696 for domestic callers and (639) 380-0031 for international callers and entering 8498434. 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 May 11, 2022 by dialing (800) 585-8367 for domestic callers and (416) 621-4642 for international callers, and entering Access Code 3876019.

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 13 VLCCs (including three newbuildings), 13 Suezmaxes, five Aframaxes/LR2s, eight Panamaxes/LR1s, 40 MR tankers and three 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, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, 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 ended March 31, 2022 and the comparable period of 2021. Revenue days in the quarter ended March 31, 2022 totaled 6,645 compared with 2,809 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 $661 and $620 per day for the three months ended March 31, 2022 and 2021, respectively.

Revenue days in the above tables exclude days for which recoveries were recorded under the Company’s loss of hire insurance policies.

During the 2022 and 2021 periods, each of the Company’s LR1s participated in the Panamax International Pool and transported crude oil cargoes exclusively.

Fleet Information

As of March 31, 2022, INSW’s fleet totaled 87 vessels, including three newbuilds and 84 operating vessels, of which 68 were owned, 14 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 income/(loss) 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 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: