International Seaways, Inc. in the nomination of an independent director following discussions with John Fredriksen and the Seatankers Group

On April 17, 2024, International Seaways, Inc. (NYSE: INSW) announced that it will nominate Kristian K. Johansen for election as an independent director to its Board of Directors at the upcoming Annual Meeting of Stockholders.  The nomination of Mr. Johansen follows discussions with representatives of the Seatankers Group, of which Famatown Finance Limited, the Company’s largest shareholder, is a member.  In connection with his nomination, Mr. Johansen has delivered an irrevocable conditional letter of resignation to the Board pursuant to which he has agreed to resign from the Board if any member of the Seatankers Group becomes adverse to the Company or if Mr. Johansen fails to comply with Company and Board policies applicable to directors.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to International Seaways.