International Seaways, Inc. (NYSE:INSW) Files An 8-K Entry into a Material Definitive Agreement

International Seaways, Inc. (NYSE:INSW) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement.

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On March 1, 2019, International Seaways, Inc. (the “Company”) and certain of its subsidiaries, including Seaways Holding Corporation (the “Parent Guarantor”), entered into a consent letter (the “Consent”) with Nordea Bank AB (Publ), New York Branch (the “Facility Agent”) and Citibank, N.A. London Branch (the “ECA Agent”), on behalf of the finance parties under a China Export & Credit Insurance Corporation (“Sinosure”) credit facility originally dated November 30, 2015, as supplemented, amended and/or restated by agreements and/or consents dated December 28, 2015, June 29, 2016, November 8, 2017, April 2, 2018 and June 13, 2018, by and among the Company, the Parent Guarantor, Gener8 Maritime Subsidiary VII, Inc., Citibank, N.A. (London Branch), the Export-Import Bank of China and Bank of China (New York Branch) and the Facility Agent (including their respective predecessors, successors and assigns) and certain other parties thereto (collectively, the “Sinosure Credit Facility”). The Consent extended an already-existing cure mechanism in respect of one of the financial covenants under the Sinosure Credit Facility, which had previously been scheduled to expire on December 31, 2019, by a period of one year to December 31, 2020.

Section 9 – Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

to General Instruction B.2 of Form 8-K, the following exhibit is furnished with this Form 8-K.

Exhibit No.

Description

10.1

Consent Letter dated March 1, 2019.

International Seaways, Inc. Exhibit
EX-10 2 sinosurefacilityconsentex.htm EXHIBIT 10.1   CONSENT LETTER Between: (1) GENER8 MARITIME SUBSIDIARY VII INC. as Borrower (the “Borrower”) (2) SEAWAYS HOLDING CORPORATION. as Parent Guarantor (the “Parent Guarantor”) (3) INTERNATIONAL SEAWAYS,…
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About International Seaways, Inc. (NYSE:INSW)

International Seaways, Inc. and its subsidiaries own and operate a fleet of oceangoing vessels. The Company’s oceangoing vessels engage in the transportation of crude oil and petroleum products in the International Flag trades. The Company’s segments are International Crude Tankers and International Product Carriers. Its 55-vessel fleet consists of Ultra Large Crude Carrier (ULCC), Very Large Crude Carrier (VLCC), Aframax and Panamax crude tankers, as well as long range 1 (LR1), LR2 and medium range (MR) product carriers. Its International Crude Tankers segment is made up of a ULCC and a fleet of VLCCs, Aframaxes, and Panamaxes. Its International Product Carriers segment consists of a fleet of MRs, LR1s and an LR2 engaged in the transportation of crude and refined petroleum products. Through joint venture partnerships (the JVs), it has ownership interests in approximately four liquefied natural gas carriers and approximately two floating storage and offloading service vessels.

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