International Seaways Enters Material Definitive Agreement
Ticker: INSW · Form: 8-K · Filed: Aug 26, 2025 · CIK: 1679049
Sentiment: neutral
Topics: material-agreement, financial-obligation
Related Tickers: INSW
TL;DR
INSW just signed a big deal, likely involving debt. Watch their financials.
AI Summary
International Seaways, Inc. entered into a material definitive agreement on August 20, 2025, related to a direct financial obligation. The filing does not specify the exact nature of the agreement or the dollar amounts involved, but it indicates a significant financial commitment or arrangement for the company.
Why It Matters
This filing signals a new financial commitment or obligation for International Seaways, which could impact its financial structure and future operations.
Risk Assessment
Risk Level: medium — The filing indicates a material definitive agreement and a direct financial obligation, suggesting potential financial risk or commitment that requires further investigation.
Key Players & Entities
- International Seaways, Inc. (company) — Filer of the 8-K report
- August 20, 2025 (date) — Date of the material definitive agreement
- August 26, 2025 (date) — Filing date of the 8-K report
FAQ
What type of material definitive agreement did International Seaways, Inc. enter into?
The filing states that International Seaways, Inc. entered into a material definitive agreement on August 20, 2025, but does not specify the exact nature of the agreement.
What is the nature of the direct financial obligation or off-balance sheet arrangement?
The filing indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement of a registrant, but the specific details are not provided in this summary.
When was this agreement entered into?
The agreement was entered into on August 20, 2025.
When was this Form 8-K filed?
This Form 8-K was filed on August 26, 2025.
Does the filing mention any specific dollar amounts related to this agreement?
No, this summary of the 8-K filing does not specify any dollar amounts related to the material definitive agreement or the financial obligation.
Filing Stats: 968 words · 4 min read · ~3 pages · Grade level 12.6 · Accepted 2025-08-26 16:15:37
Key Financial Figures
- $239.7 million — ) a 12-year term loan facility of up to $239.7 million (the " Term Loan Facility ") and (2) a
- $91.9 million — 2) a revolving credit facility of up to $91.9 million (the " Revolving Facility " and, togeth
- $50 million — redit Facility) level of the greater of $50 million and 5% of the Company's Consolidated In
Filing Documents
- tm2524342d1_8k.htm (8-K) — 34KB
- 0001104659-25-083086.txt ( ) — 243KB
- insw-20250820.xsd (EX-101.SCH) — 3KB
- insw-20250820_def.xml (EX-101.DEF) — 26KB
- insw-20250820_lab.xml (EX-101.LAB) — 36KB
- insw-20250820_pre.xml (EX-101.PRE) — 25KB
- tm2524342d1_8k_htm.xml (XML) — 5KB
01 Entry Into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement. On August 20, 2025, International Seaways, Inc. (the " Company "), Seaways LR Holding Corporation (the " Borrower "), International Seaways Operating Corporation and six subsidiaries of the Borrower (collectively, the " Guarantors ") entered into a credit agreement dated as of that date (the " ECA Credit Facility ") with DNB Bank ASA, New York Branch, as facility agent, K-SURE agent, security agent and hedge counterparty; DNB Capital LLC, as lender; and DNB Markets, Inc., as arranger. The ECA Credit Facility consists of (1) a 12-year term loan facility of up to $239.7 million (the " Term Loan Facility ") and (2) a revolving credit facility of up to $91.9 million (the " Revolving Facility " and, together with the Term Loan Facility, the " Facilities "), collectively for use in respect of partly financing of six LR1 tanker newbuildings currently under construction at K Shipbuilding Co., Ltd. in Korea. The Facilities, which combine for an effective 20-year amortization profile, are secured by a first lien on the shares of the subsidiaries that will acquire those newbuildings (one per subsidiary), along with (when delivered) a first lien on the vessels and the earnings, insurances and certain other assets of those entities. A portion of each tranche of term loans are insured by Korea Trade Insurance Corporation (" K-Sure "), up to the aggregate approximate amount of $239.7 million (reflecting approximately 70% of the anticipated contract price of the first four vessels and approximately 60% of the contract price of the last two vessels). Each K-SURE covered tranche shall be repaid in 24 equal consecutive semi-annual instalments, the first of which shall be paid on the date falling six months after the loan is drawn. Any amounts outstanding under the Revolving Facility in respect of a vessel shall be repaid on the relevant maturity date of the K-SURE covered term loan tranche. The maturity dates for the Facilities
03
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03 as if fully set forth herein.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. INTERNATIONAL SEAWAYS, INC. (Registrant) Date: August 26, 2025 By /s/ James D. Small III Name: James D. Small III Title: Chief Administrative Officer, Senior Vice President, Secretary and General Counsel