International Seaways (INSW) Enters Equity Distribution Agreement

On December 20, 2023, International Seaways (NYSE: INSW) updated and renewed its “at the market” offering program in connection with general corporate housekeeping and entered into an Equity Distribution Agreement (the “Distribution Agreement”) with Evercore Group L.L.C. and Jefferies LLC, as sales agents (the “Sales Agents”), to issue and sell through or to the Sales Agents, from time to time, shares of its Common Stock, no par value (the “Common Stock”), in “at the market” offerings having an aggregate gross sales price of up to $100,000,000. Each Sales Agent will receive from the Company a commission of up to 3.0% of the gross sales price of all common shares sold through it as sales agent under the Distribution Agreement.

As of the date hereof, the Company has neither sold nor undertaken to sell any shares pursuant to the Distribution Agreement. Sales of shares of Common Stock made pursuant to the Distribution Agreement, if any, will be made pursuant to the Company’s prospectus supplement, dated December 20, 2023 (the “Prospectus Supplement”), which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on such date, and the Company’s automatic shelf registration statement on Form S-3 (File No. 333-269002) (the “Registration Statement”) filed with the SEC on December 23, 2022 (collectively with the Prospectus Supplement, the “Prospectus”). The Company’s trading blackout period is currently in effect, and the next potential trading window will not occur until at least March 1, 2024.

The sale of shares under the Distribution Agreement (if any), through or to the Sales Agents, will be through transactions deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933 (the “Securities Act”), on or through the facilities of the New York Stock Exchange (the “NYSE”), on any other existing trading market for the shares or to or through a market maker, by any other method permitted by law, including, without limitation, privately negotiated transactions at prices prevailing in the market at the time of sale or as otherwise agreed with the Sales Agents pursuant to the Distribution Agreement. The Company has no obligation to sell any of the Shares, and may at any time suspend offers under the Agreement or terminate the Agreement.

The Company made certain customary representations, warranties and covenants concerning the Company and the Common Stock in the Distribution Agreement and agreed to provide indemnification and contribution to the Sales Agents against certain civil liabilities, including liabilities under the Securities Act. The Company has also agreed to reimburse the Sales Agents for certain expenses in certain circumstances, including fees and disbursements related to their legal counsel, in an amount not to exceed $75,000.

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