International Seaways Announces Agreement to Acquire Two 2017-Built Suezmax Tankers

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 an
agreement to acquire two Suezmax tanker newbuildings constructed at
Hyundai Samho Heavy Industries shipyard. The vessels are expected to
deliver to the Company by the end of July 2017. The transaction remains
subject to customary closing conditions. International Seaways intends
to fund the vessel acquisitions from available liquidity.

Following the delivery of these two vessels, International Seaways will
have a total fleet of 57 vessels, including 51 conventional crude and
product tankers in addition to its joint venture participation in four
liquefied natural gas carriers and two floating storage and offloading
service vessels.

“We are pleased to add these two new Suezmax tankers to our sizeable and
diverse fleet,” said Lois K. Zabrocky, International Seaways’ president
and CEO. “As INSW executes on our growth and renewal strategy, we will
target vessels of high quality and attractive value at this low point in
the cycle. INSW has a long history and well established track record
owning vessels across the crude and product tanker sectors, enabling us
to be opportunistic, yet focused in our efforts to grow and enhance our
fleet for the benefit of shareholders.”

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. With the
acquisitions, International Seaways will own and operate a fleet of 57
vessels, including one ULCC, eight VLCCs, two Suezmaxes, eight
Aframaxes/LR2s, 12 Panamaxes/LR1s and 20 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 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

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