International Seaways (INSW) S-3 Shelf registration

Exhibit 12

INTERNATIONAL SEAWAYS, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year ended December 31,
	2017			2016			2015			2014			2013
Earnings:
(Loss)/income from continuing operations before income taxes		(106,044	)		(17,783	)		173,310			(118,355	)		(719,588	)
Add: Distributions from equity investees, net of equity in (earnings) of equity investees		(8,677	)		684			(1,166	)		(2,827	)		(33,460	)
Add: Fixed charges		48,338			46,876			50,070			84,172			20,050
Less: Interest capitalized during the period		-			-			-			-			-
Add: Amortization of capitalized interest		1,400			1,400			1,400			1,400			1,800
Total earnings		(64,983	)		31,177			223,614			(35,610	)		(731,198	)
Fixed Charges:
Interest expense (a)		40,438			39,476			42,970			72,772			350
Less: Amounts attributable to early retirement of debt		-			-			-			-			-
Interest capitalized during the period		-			-			-			-			-
Interest component of rental expense		7,900			7,400			7,100			11,400			19,700
Total fixed charges		48,338			46,876			50,070			84,172			20,050
RATIO OF EARNINGS TO FIXED CHARGES		b			c			4.47			d			e

a Interest expense includes amortization of debt expense and any discount or premium related to indebtedness.

b Due to the registrant's loss in 2017, the ratio coverage was less than 1:1. The registrant must generate additional earnings of $113,321 to achieve a coverage of 1:1.

c Due to the registrant's loss in 2016, the ratio coverage was less than 1:1. The registrant must generate additional earnings of $15,699 to achieve a coverage of 1:1.

d Due to the registrant's loss in 2014, the ratio coverage was less than 1:1. The registrant must generate additional earnings of $119,782 to achieve a coverage of 1:1.

e Due to the registrant's loss in 2013, the ratio coverage was less than 1:1. The registrant must generate additional earnings of $751,248 to achieve a coverage of 1:1.