Form of Amendment No. 6 to Mr. Small Employment Agreement

Exhibit 10.3

Form of Amendment No. 6 to James D. Small’s Employment Agreement

This Amendment No. 6 (the “Amendment”), dated as of March 8, 2023 (the “Effective Date”), is between International Seaways, Inc. (the “Company”) and James D. Small (the “Executive”).

WHEREAS, Overseas Shipholding Group, Inc. (“OSG”) and the Executive previously entered into an employment agreement, dated February 13, 2015 and as amended as of March 30, 2016, August 3, 2016, November 7, 2016, April 2, 2020 and April 7, 2022, which was assumed by the Company (the “Employment Agreement”).

WHEREAS, the Employment Agreement was assigned to the Company on November 30, 2016 in connection with the spin-off of the Company from OSG (the “Assignment”).

WHEREAS, pursuant to Section 13(g) of the Employment Agreement, following the Assignment, references to “the Company” in the Employment Agreement constitute a reference to the Company (rather than to OSG).

WHEREAS, the Company and the Executive wish to amend the Employment Agreement in accordance with Section 13(c) thereof.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable consideration, the parties agree as follows:

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IN WITNESS WHEREOF, the parties have executed this Amendment to the Employment Agreement as of the date first written above.