Exhibit 12
INTERNATIONAL SEAWAYS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Three months ended | Year ended December 31, | |||||||||||||||||||||||
| (dollars in thousands) | March 31, 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||
| (Loss)/income from continuing operations before income taxes | (29,308 | ) | (106,044 | ) | (17,783 | ) | 173,310 | (118,355 | ) | (719,588 | ) | |||||||||||||
| Add: Distributions from equity investees, net of equity in (earnings) of equity investees | 275 | (8,677 | ) | 684 | (1,166 | ) | (2,827 | ) | (33,460 | ) | ||||||||||||||
| Add: Fixed charges | 13,221 | 49,147 | 47,762 | 51,234 | 85,505 | 21,108 | ||||||||||||||||||
| Less: Interest capitalized during the period | - | - | - | - | - | - | ||||||||||||||||||
| Add: Amortization of capitalized interest | 300 | 1,400 | 1,400 | 1,400 | 1,400 | 1,800 | ||||||||||||||||||
| Total earnings | (15,512 | ) | (64,174 | ) | 32,063 | 224,778 | (34,277 | ) | (730,140 | ) | ||||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Interest expense (a) | 11,621 | 41,247 | 40,362 | 44,134 | 74,105 | 1,408 | ||||||||||||||||||
| Less: Amounts attributable to early retirement of debt | - | - | - | - | - | - | ||||||||||||||||||
| Interest capitalized during the period | - | - | - | - | - | - | ||||||||||||||||||
| Interest component of rental expense | 1,600 | 7,900 | 7,400 | 7,100 | 11,400 | 19,700 | ||||||||||||||||||
| Total fixed charges | 13,221 | 49,147 | 47,762 | 51,234 | 85,505 | 21,108 | ||||||||||||||||||
| RATIO OF EARNINGS TO FIXED CHARGES | b | c | d | 4.39 | e | f | ||||||||||||||||||
a Interest expense includes pension benefit obligation interest and amortization of debt expense and any discount or premium related to indebtedness.
b Due to the registrant's loss in the first quarter of 2018, the ratio coverage was less than 1:1. The registrant must generate additional earnings of $28,733 to achieve a coverage of 1:1.
c 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.
d 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.
e 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.
f 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.
