Exhibit 99.1

INTERNATIONAL SEAWAYS REPORTS THIRD QUARTER 2016 RESULTS

New York, NY – December 5, 2016 – 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 reported results for the quarter ended September 30, 2016.

Highlights

Third Quarter 2016 Results

TCE revenues decreased in the current quarter by $49.0 million, or 39%, to $77.2 million from $126.2 million in the third quarter of 2015. The decrease was primarily due to a decline in average daily rates in the VLCC, MR, Aframax and LR2 sectors, aggregating approximately $53.8 million, of the overall decrease. Partially offsetting such decreases were increased revenue days in the VLCC and Aframax fleets, which resulted principally from decreases in drydock and repair days in the current period, and accounted for an increase in TCE revenues of $6.3 million.

During the third quarter of 2016, income/(loss) from vessel operations decreased by $100.7 million to a loss of $47.8 million from income of $53.0 million in the third quarter of 2015. This decrease reflects the impact of vessel impairment charges of $49.6 million recorded in the current quarter and lower TCE revenues.

Net loss for the third quarter of 2016 was $50.9 million, or $1.74 per diluted share, compared with net income of $51.9 million, or $1.78 per diluted share, in the third quarter of 2015.

Adjusted EBITDA was $35.0 million for the quarter, a decrease of $46.2 million compared with the third quarter of 2015, driven by lower daily rates.

Nine Month 2016 Results

The decrease in TCE revenues in the first nine months of 2016 of $53.1 million, or 15%, to $302.8 million from $355.9 million in the corresponding period of the prior year was due to (i) a decline in rates in the MR, Aframax, VLCC and LR2 sectors, which accounted for $68.0 million of the overall decrease and (ii) a decrease in MR revenue days, which reflects the sale of a 1998-built MR in July 2015 and the redelivery of an MR to its owners at the expiry of its time charter in March 2015, and accounted for $6.3 million of the overall decrease. These negative factors were partially offset by increased revenue days in the VLCC and Aframax fleets due to fewer drydock and repair days, which accounted for a $12.2 million increase in revenue, along with a $4.7 million increase in revenue resulting from the Company’s ULCC being taken out of lay-up in the first quarter of 2015.

^{A, B}Reconciliations of these non-GAAP financial measures are included in the financial tables attached to this press release starting on Page 8.

During the first nine months of 2016, income from vessel operations decreased by $102.3 million to $34.5 million from $136.7 million in the first nine months of 2015. This decrease resulted from the same factors which drove the quarter-over-quarter variance described above, including vessel impairment charges of $49.6 million recorded in the third quarter.

Net Income for the first nine months of 2016 was $39.5 million, or $1.36 per diluted share, compared with net income of $135.6 million, or $4.65 per diluted share, in the first nine months of 2015.

Adjusted EBITDA was $181.1 million for the first nine months of 2016, a decrease of $47.0 million compared with the first nine months of 2015.

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 55 vessels, including one ULCC, eight VLCCs, eight Aframaxes/LR2s, 12 Panamaxes/LR1s and 20 MR tankers. Through joint venture partnerships, 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, New York. More 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, 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 Registration Statement on Form 10 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:

International Seaways, Inc.
Brian Tanner, 212-578-1645
btanner@intlseas.com 

Consolidated Statements of Operations

($ in thousands, except per share amounts)

On November 30, 2016, we amended and restated our articles of incorporation (“Amended and Restated Articles of Incorporation”). In accordance with the Amended and Restated Articles of Incorporation, immediately prior to the distribution, as described in the following paragraph, INSW effected a stock split on its 102.21 issued and outstanding shares of common stock to allow for a prorata dividend of such shares to the holders of OSG common stock and warrants. In accordance with Financial Accounting Standards Board Accounting Standards Codification (“ASC”) ASC 260, Earnings Per Share, the Company adjusted the computations of basic and diluted earnings per share retroactively for all periods presented to reflect that change in its capital structure.

Consolidated Balance Sheets

($ in thousands)

Consolidated Statements of Cash Flows

Spot and Fixed TCE Rates Achieved and Revenue Days

The following tables provide a breakdown of TCE rates achieved for the three and nine months ended September 30, 2016 and 2015, between spot and fixed earnings and the related revenue days by segment. The information is based, in part, on information provided by the pools or commercial joint ventures in which the segment’s vessels participate.

International Crude Tankers

International Product Carriers

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) 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:

^(B) EBITDA and Adjusted EBITDA

EBITDA represents net income 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 income as reflected in the consolidated statements of operations, to EBITDA and Adjusted EBITDA: