International Seaways’ $500 Million Facility Dates to 2024 Amendment
Key Facts
The publicly available official filing does not confirm that International Seaways entered into a new credit agreement on October 23, 2026; the $500 million revolving facility dates to an amendment executed on April 26, 2024, according to the company’s annual report filed with the U.S. Securities and Exchange Commission. The amendment sets the facility’s maturity at January 31, 2030. This timeline changes how the circulating report should be read—as new financing—because the available filing describes an arrangement in place since 2024. The report also says Nordea Bank Abp, New York Branch, is administrative agent and a lender under the existing facility. The filing does not establish that the bank arranged a new agreement on the stated date.
The company’s third-quarter data showed total liquidity of about $965 million as of September 30, 2026. That amount included $455 million in cash and short-term investments, plus $510 million of undrawn capacity under revolving facilities. Most of the reported balance was therefore cash and investments or available credit capacity, not a confirmed new draw from a facility entered into in October. The company reported total liquidity of $935.1 million on June 30, comprising $409.4 million in cash and short-term investments and $525.7 million in undrawn capacity. These figures put reported liquidity at the end of September above its level at the end of June, with the composition differing between the two periods.
The liquidity data came as the company announced strong preliminary third-quarter results, estimating net income of between $340 million and $350 million. The estimate includes a gain of about $50 million from the sale of a Suezmax tanker built in 2012, while the company said the preliminary results remain subject to completion of the financial closing process. In the second quarter, it posted record net income of $295 million, compared with $62 million in the same period of 2025. Second-quarter shipping revenue also rose to $467 million from $196 million a year earlier. The company said in its results that the second quarter also produced record free cash flow of $261 million and record adjusted EBITDA of $345 million.
The company attributed its third-quarter estimates to strong market conditions and put blended spot earnings at about $68,000 per day. That compares with about $79,000 per day in the second quarter of 2026, but exceeds $29,000 in the third quarter of 2025. In its results announcement on August 10, the company said the second-quarter distribution was $5.05 per share, describing it as the largest in its history. Announced distributions totaled $12.61 per share during the 12 months preceding that announcement. These indicators accompany the liquidity level disclosed by the company, while the available filing does not link them to a new credit agreement in October.
The existing facility sets financial terms that include a minimum liquidity threshold equal to the greater of $50 million or 5% of consolidated debt, and a maximum leverage ratio of 0.60 to 1.00, according to the annual report. In its quarterly report, the company said it was in compliance with the financial and non-financial covenants in all financing arrangements as of June 30, 2026. The latest published liquidity estimate covers September 30 and breaks it down into cash and short-term investments and undrawn credit capacity. That estimate does not provide evidence that the $500 million facility was newly added to available resources. Details of the 2024 arrangement and its terms remain as stated in the publicly available annual filing.
Regarding business performance after the third quarter, the company said it had fixed blended spot earnings of about $180,000 per day during the first three weeks of the fourth quarter. This covered about 37% of expected revenue days for the quarter, according to its preliminary disclosure. The company is scheduled to announce full third-quarter results on November 5. Until those results are released, the preliminary disclosures’ estimates for net income, liquidity and spot earnings remain subject to the company’s stated completion of the financial closing process.