International Seaways (NYSE: INSW) pledges VLCC tanker under $500 Million RCF
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
International Seaways, Inc. reports that on March 27, 2026 an indirect wholly owned subsidiary entered into a joinder agreement to the Company’s existing $500 Million RCF credit facility. The subsidiary becomes a subsidiary guarantor under the facility’s loan documents and pledges a VLCC tanker it owns as collateral.
The pledged VLCC serves as a Substitution Vessel, replacing assets that were previously sold or otherwise released from the collateral pool under the revolving credit facility.
Positive
- None.
Negative
- None.
8-K Event Classification
2 items: 1.01, 9.01
2 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Credit facility size: $500 Million revolving credit facility
1 metrics
Credit facility size
$500 Million revolving credit facility
Referenced as the $500 Million RCF credit agreement
Key Terms
Joinder Agreement, Credit Agreement, subsidiary guarantor, VLCC tanker, +1 more
5 terms
Joinder Agreement financial
"entered into a joinder agreement (the “Agreement”) to that certain Credit Agreement"
Credit Agreement financial
"to that certain Credit Agreement dated as of May 22, 2022"
A credit agreement is a written loan contract between a borrower and a bank or other lender that lays out how much money can be borrowed, the interest rate, repayment schedule, fees, and the rules the borrower must follow. For investors, it matters because those terms affect a company’s cash costs, borrowing flexibility and risk of default — similar to how a mortgage’s rules determine a homeowner’s monthly budget and freedom to make changes.
subsidiary guarantor financial
"that subsidiary agreed to be bound as a subsidiary guarantor under the $500 Million RCF"
VLCC tanker financial
"also agreed to pledge as collateral a VLCC tanker owned by it"
Substitution Vessel financial
"That vessel comprises a Substitution Vessel (as defined in the Credit Agreement)"
FAQ
What did International Seaways (INSW) announce in this Form 8-K?
International Seaways disclosed that an indirect wholly owned subsidiary entered a joinder agreement to its existing $500 Million RCF. The subsidiary becomes a guarantor and pledges a VLCC tanker as collateral, replacing assets previously sold or released from the facility’s collateral pool.
What is the $500 Million RCF mentioned by International Seaways (INSW)?
The $500 Million RCF is a credit agreement originally dated May 22, 2022 and subsequently amended several times. It involves International Seaways, its operating subsidiary as borrower, various subsidiary guarantors, Nordea Bank Abp, New York Branch as agent, and other lenders providing revolving credit capacity.
What role does the subsidiary of International Seaways (INSW) take under the joinder agreement?
Under the joinder agreement, the indirect wholly owned subsidiary agrees to be bound as a subsidiary guarantor under the $500 Million RCF. It also agrees to pledge a VLCC tanker it owns as collateral, thereby supporting obligations under the existing revolving credit facility structure.
What asset did International Seaways’ subsidiary pledge as collateral?
The subsidiary pledged a VLCC tanker it owns as collateral under the $500 Million RCF. This vessel is treated as a Substitution Vessel, meaning it replaces assets that were previously sold or otherwise released from the credit facility’s collateral pool according to the credit agreement.
Who is the administrative agent for International Seaways’ $500 Million RCF?
Nordea Bank Abp, New York Branch acts as administrative agent, collateral agent, security trustee and a lender under the $500 Million RCF. It serves as the central bank representative for lenders and secured parties in connection with the revolving credit facility and related collateral arrangements.
Which entity signed the joinder agreement for International Seaways (INSW)?
The joinder agreement was entered into by Hendricks Tanker Company LLC, an indirect wholly owned subsidiary of International Seaways. This entity joined as a subsidiary guarantor and pledged its VLCC tanker, aligning its obligations with those of existing guarantors under the $500 Million RCF structure.