[Management View]
International Seaways reported a net income of $71 million for Q3 2025, equating to $1.42 per diluted share. The company emphasized its strategic focus on fleet renewal, maintaining an average fleet age of about 10 years, and capital allocation strategies including dividends and share repurchases.

[Outlook]
The company expects continued strong performance driven by OPEC+ production normalization and geopolitical factors affecting tanker markets. Future plans include ongoing fleet optimization and capital returns to shareholders, with a breakeven rate of under $15,000 per day anticipated for 2026.

[Financial Performance]
Q3 2025 adjusted net income was $57 million, or $1.15 per diluted share, with adjusted EBITDA of $108 million. The company achieved approximately $63 million in free cash flow and maintained total liquidity of $985 million. The dividend payout ratio remained at least 75% for the fifth consecutive quarter.

[Q&A Highlights]
Question 1: Is the midsized tanker market benefiting from VLCC dynamics, or is there a shift in cargo flows due to geopolitical factors?
Answer: The VLCC market's strength is pulling midsized tankers into traditional trades, benefiting Suezmax and Aframax rates. The normalization of VLCC trades is positively impacting midsized crude tanker markets.

Question 2: Are MR rates lagging behind crude rates, and what factors are influencing this?
Answer: MR rates are strong, with geopolitical factors such as sanctions on Russian oil impacting the clean sector positively. The compliant fleet is benefiting from these dynamics, leading to healthy MR rates.

Question 3: How do current crude inventory levels and the forward oil curve affect offshore storage opportunities?
Answer: There is significant oil on the water, but onshore inventories are not heightened. The forward oil curve is flat, not incentivizing offshore storage currently, with geopolitical disagreements affecting production estimates.

Question 4: Are there opportunities to divest older assets given current market conditions?
Answer: Asset values are increasing, reflecting higher rates. The company plans to continue upgrading the fleet, disposing of older vessels, and improving earnings capability through fleet optimization.

[Sentiment Analysis]
Analysts expressed positive sentiment regarding the company's strategic initiatives and market positioning. Management maintained a confident tone, highlighting strong performance and future growth prospects.

[Quarterly Comparison]
| Metric | Q3 2025 | Q2 2025 | YoY Change |
|-------------------------|---------|---------|------------|
| Net Income | $71M | $65M | +9.2% |
| Adjusted Net Income | $57M | $52M | +9.6% |
| Adjusted EBITDA | $108M | $100M | +8.0% |
| Free Cash Flow | $63M | $60M | +5.0% |
| Total Liquidity | $985M | $950M | +3.7% |

[Risks and Concerns]
Potential risks include geopolitical tensions affecting trade routes, regulatory changes, and environmental regulations impacting fleet operations. The company is monitoring these factors closely to mitigate impacts.

[Final Takeaway]
International Seaways is strategically positioned to capitalize on favorable market conditions, driven by fleet renewal and strong geopolitical dynamics. The company's focus on maintaining a balanced capital allocation strategy and optimizing fleet operations is expected to sustain its growth trajectory and shareholder returns. The management's proactive approach to market changes and asset optimization underscores its commitment to enhancing earnings capability and maintaining a robust financial position.