International Seaways Announces Agreement to Acquire Six VLCCs

Transaction to Grow Fleet 30% on a DWT Basis, Reduce Average Fleet
Age by More Than Two Years and Further Increase Company’s Earnings Power

NEW YORK–(BUSINESS WIRE)–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 in
International Flag markets, today announced it has entered into a
binding letter of intent to acquire the holding companies for six
300,000 DWT VLCCs with an average age of 1.7 years from Euronav NV
(“Euronav”) in connection with the closing of Euronav’s announced
acquisition of Gener8 Maritime, Inc. (“GNRT”). The purchase price for
the six-vessel acquisition is $434 million, inclusive of assumed debt.

The six vessels that INSW has agreed to acquire include five 2016-built
VLCCs and one 2015-built VLCC, each constructed at Shanghai Waigaoqiao
Shipbuilding Co., and are expected to be delivered to the Company in the
second quarter of 2018. In connection with the transaction, the Company
intends to assume the debt currently secured by the acquired vessels,
which consists of a $311 million credit facility, maturing between 2027
and 2028, and carrying a fixed annual interest rate of LIBOR plus 2.0%.
The transaction is subject to a number of closing conditions, including
(i) consummation of Euronav’s announced acquisition of GNRT, (ii)
amendment of the Company’s existing credit facility as required to
consummate the transaction, (iii) the Company’s receipt of financing
necessary to consummate the transaction, (iv) completion of the
Company’s due diligence to its reasonable satisfaction, (v) execution of
a definitive stock purchase agreement and (vi) receipt of all required
third-party consents, third-party approvals and regulatory approvals.
The transaction is expected to close in the second quarter of 2018.

Following the closing of the transaction, INSW will reduce the average
age of its fleet by over two years while expanding the size of its fleet
by 30% on a DWT basis. The Company will have a total fleet of 60
vessels, including 54 conventional crude and product tankers and,
through its participation in joint ventures, four liquefied natural gas
carriers and two floating storage and offloading service vessels. INSW
intends to fund the transaction with a combination of available
liquidity, the assumption of all or part of the debt currently secured
by the vessels and/or new third-party financing.

“We are pleased to have entered into this compelling en bloc transaction
that positions INSW to further increase its earnings power and industry
leadership,” said Lois K. Zabrocky, INSW’s president and CEO. “The
agreement to acquire these six modern VLCCs under favorable terms
demonstrates the significant progress we have made in implementing our
fleet growth and renewal strategy since becoming an independent public
company. Over the past year, we have entered into transactions to grow
our fleet more than 40% on a DWT basis and reduce its average age by
more than three years. With a sizeable and high-quality fleet, we are in
a strong position to create long-term shareholder value by capitalizing
on a recovery in both the crude and product tanker sectors.”

Conference Call

The Company will host a conference call to discuss its agreement to
acquire six VLCCs at 11:00 a.m. Eastern Time (“ET”) on December 21, 2017.

To access the call, participants should dial (855) 940-9471 for domestic
callers and (412) 317-5211 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 http://www.intlseas.com/

An audio replay of the conference call will be available starting at
1:00 p.m. ET on Thursday, December 21, 2017 through 11:59 p.m. ET on
Thursday, December 28, 2017 by dialing (877) 344-7529 for domestic
callers and (412) 317-0088 for international callers, and entering
Access Code 10115319.

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 56 vessels, including one ULCC,
nine VLCCs, two Suezmaxes, eight Aframaxes/LR2s, 12 Panamaxes/LR1s and
18 MR tankers. Through joint ventures, it has ownership interests in
four liquefied natural gas carriers and 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 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 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 Company’s plans to acquire new vessels, issue dividends,
its prospects, including statements regarding trends in the tanker
markets, possibilities of strategic alliances, investments and
consolidation, and share repurchases. 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 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.

Contacts

International Seaways, Inc.
Investor Relations & Media
Contact:
David Siever, 212-578-1635
[email protected]