International Seaways (NYSE: INSW) prices $250M 7.125% 2030 bonds

Rhea-AI Filing Summary

International Seaways, Inc. priced an offering of $250.0 million aggregate principal amount of senior unsecured bonds due September 2030, bearing interest at 7.125% per year and issued at par, with issuance expected on September 23, 2025.

The company plans to use the net proceeds to finance the repurchase of six VLCCs under an existing lease financing arrangement, where it has already given irrevocable notice to exercise purchase options in November 2025, and for general corporate purposes. The bonds are being offered under Regulation S and Rule 144A and are not registered under the Securities Act, limiting resale in the United States to transactions with appropriate exemptions.

Insights

Capital structure and credit analyst

International Seaways adds $250M of 7.125% 2030 debt, mainly to buy back six leased VLCCs.

International Seaways is issuing $250.0 million of senior unsecured bonds due in September 2030 at a fixed coupon of 7.125%. The bonds are issued at par, which means the stated coupon matches the market yield at pricing. As senior unsecured instruments, they sit above equity but behind any secured debt in the capital structure.

The company expects to use the proceeds primarily to repurchase six VLCCs currently under a lease financing, following tender of irrevocable notices to exercise purchase options in November 2025, with the remainder for general corporate purposes. This shifts those vessels from leased to owned status and increases balance sheet debt, while potentially reducing future lease obligations. The offering is conducted outside the United States under Regulation S and to qualified institutional buyers under Rule 144A, so trading is focused on institutional markets rather than retail investors.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

                            September 9, 2025                            

Date of Report (Date of earliest event reported)

International Seaways, Inc.

(Exact Name of Registrant as Specified in Charter)

            1-37836-1            

Commission File Number

Marshall Islands		98-0467117
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

600 Third Avenue, 39th Floor

                   New York, New York 10016                   

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code (212) 578-1600

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:  

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Symbol	Name of each exchange on which registered
Common Stock (no par value)	INSW	New York Stock Exchange
Rights to Purchase Common Stock	N/A true	New York Stock Exchange

Section 8 – Other Events

Item 8.01 Other Events.

On September 9, 2025, International Seaways, Inc. (the “Company”) announced the pricing of its offering of $250.0 million aggregate principal amount of senior unsecured bonds, due to mature in September 2030 (the “2030 Bonds”). The 2030 Bonds will bear interest at a rate of 7.125% per year, and are expected to be issued on September 23, 2025. The 2030 Bonds will be issued at par.

The Company expects to use the net proceeds from this offering to finance the repurchase of six VLCCs pursuant to the terms of an existing lease financing arrangement (for which the Company has tendered irrevocable notice of its intention to exercise purchase options in November 2025) and for general corporate purposes.

A copy of the press release issued by the Company on September 9, 2025 announcing the pricing of the offering is attached hereto as Exhibit 99.1.

The 2030 Bonds were offered outside the United States in reliance on Regulation S under the Securities Act of 1933 (the “Securities Act”) and in the United States and its territories only to persons reasonably believed to be qualified institutional buyers as defined under Rule 144A under the Securities Act. The 2030 Bonds have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Section 9 – Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

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

Exhibit No.	Description
99.1	Press Release dated September 9, 2025.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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: September 9, 2025	By		/s/  James D. Small III
		Name:	James D. Small III
		Title:	Chief Administrative Officer, Senior Vice President, Secretary and General Counsel

EXHIBIT INDEX

Exhibit No.		Description
99.1		Press Release dated September 9, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

FAQ

What did International Seaways (INSW) announce regarding new bonds?

International Seaways announced the pricing of $250.0 million aggregate principal amount of senior unsecured bonds, due to mature in September 2030, bearing interest at 7.125% per year and issued at par.

How will International Seaways use the $250 million bond proceeds?

The company expects to use the net proceeds to repurchase six VLCCs under an existing lease financing arrangement, where it has given irrevocable notice to exercise purchase options in November 2025, and for general corporate purposes.

What are the key terms of International Seaways’ 2030 bonds?

The 2030 bonds are senior unsecured, have an aggregate principal amount of $250.0 million, carry a 7.125% annual interest rate, are expected to be issued on September 23, 2025, and will mature in September 2030.

How are International Seaways’ 2030 bonds being offered and are they registered?

The 2030 bonds are offered outside the United States under Regulation S and in the United States only to qualified institutional buyers under Rule 144A. They have not been registered under the Securities Act or state securities laws and cannot be offered or sold in the United States without registration or an applicable exemption.

What type of vessels is International Seaways repurchasing with the bond proceeds?

The company expects to use the bond proceeds to repurchase six VLCCs (very large crude carriers) that are currently subject to an existing lease financing arrangement.