Business Context and Reporting Period
Company: International Seaways, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: March 31, 2026
Date of Earliest Event: March 27, 2026
Context: The filing reports the entry into a material definitive agreement involving the company's credit facility.
Key Financial Metrics
This filing does not contain revenue, profit, cash flow, margin, or liquidity metrics. The document focuses exclusively on a specific corporate action regarding debt collateral.
Material Changes
- Joinder Agreement: On March 27, 2026, an indirect wholly-owned subsidiary, Hendricks Tanker Company LLC, entered into a joinder agreement to the Company's $500 Million Revolving Credit Facility (RCF).
- Guaranty and Collateral: The subsidiary agreed to be bound as a subsidiary guarantor under the RCF and pledged a Very Large Crude Carrier (VLCC) tanker as collateral.
- Asset Substitution: The pledged VLCC serves as a "Substitution Vessel," replacing assets previously sold or released from the facility's collateral pool.
- Credit Facility History: The RCF was originally dated May 22, 2022, and has been amended multiple times, with the most recent amendment prior to this event dated October 7, 2025.
Guidance, Outlook, and Risks
The filing does not provide financial guidance, management commentary on future outlook, or specific risk factors beyond the standard disclosure that the agreement description is qualified by reference to the full text of the exhibit. No unusual items or contingencies were disclosed in the text of this report.
Investor Verification Checklist
- Verify the specific identity and ownership structure of the subsidiary (Hendricks Tanker Company LLC) joining the agreement.
- Confirm the specifications and current market value of the VLCC tanker pledged as collateral.
- Review the full text of the Joinder Agreement (Exhibit 10.1) for any new covenants or terms affecting the $500 Million RCF.
- Check the status of the assets previously released from the collateral pool to understand the net impact on the company's leverage ratios.