International Seaways Announces Closing of New $500 Million Term Loan and $50 Million Revolving Credit Facility

Successful Refinancing Significantly Extends Maturities, Provides
Additional Borrowing Capacity and Enhances Financial Flexibility for
Fleet Growth

NEW YORK–(BUSINESS WIRE)–International Seaways, Inc. (NYSE:INSW) (the “Company” or “INSW”), one
of the largest tanker companies worldwide providing energy
transportation services for crude oil and petroleum products in
International Flag markets, today announced it has closed on a new $500
million Term Loan and $50 million Revolving Credit Facility. Proceeds
from the Term Loan will be used to refinance the $458 million
outstanding balance of the Company’s existing Term Loan, and for general
corporate purposes, including fleet renewal and growth. The revolver is
currently undrawn. The Term Loan, which contains an accordion feature
whereby the loan may be increased up to an additional $50 million
subject to certain conditions, will carry an interest rate of LIBOR plus
5.5%. The Term Loan has a final maturity date of June 22, 2022, while
the Revolving Credit Facility has a final maturity date of December 22,
2021.

“We are pleased to have successfully completed this refinancing under
attractive terms, enabling International Seaways to significantly extend
the Company’s debt maturities, increase its borrowing capacity and
further enhance its financial flexibility,” said Lois K. Zabrocky,
International Seaways’ president and CEO. “With approximately $200
million of total liquidity, we are in a strong position to capitalize on
attractive asset values, which are at a low point in the cycle, to grow
our fleet and earnings power. We appreciate the strong support we have
received from debt investors, highlighting International Seaways’
sizeable contracted cash flows, low breakeven levels, and spot market
upside to both the product and crude tanker sectors.”

Jefferies Finance LLC and JP Morgan Chase Bank, N.A. served as joint
lead arrangers, and UBS Securities LLC served as joint bookrunner for
the term loan. DNB Markets Inc., Fearnley Securities AS, Pareto
Securities Inc. and Skandinaviska Enskilda Banken AB (Publ) acted as
co-managers for the term loan. Skandinaviska Enskilda Banken AB (Publ)
provided the $50 million Revolving Credit Facility.

About International Seaways, Inc.

International Seaways, Inc. (NYSE:INSW) is one of the largest tanker
companies worldwide providing energy transportation services for crude
oil and petroleum products in International Flag markets. International
Seaways owns and operates a fleet of 55 vessels, including one ULCC,
eight VLCCs, eight Aframaxes/LR2s, 12 Panamaxes/LR1s and 20 MR tankers.
Through joint ventures, it has ownership interests in four liquefied
natural gas carriers and two floating storage and offloading service
vessels. International Seaways has an experienced team committed to the
very best operating practices and the highest levels of customer service
and operational efficiency. International Seaways is headquartered in
New York City, NY. Additional information is available at www.intlseas.com.

Forward-Looking Statements

This release contains forward-looking statements. In addition, the
Company may make or approve certain statements in future filings with
the Securities and Exchange Commission (SEC), in press releases, or in
oral or written presentations by representatives of the Company. All
statements other than statements of historical facts should be
considered forward-looking statements. These matters or statements may
relate to the Company’s plans to issue dividends, its prospects,
including statements regarding trends in the tanker markets,
possibilities of strategic alliances, investments and consolidation, and
share repurchases. Forward-looking statements are based on the Company’s
current plans, estimates and projections, and are subject to change
based on a number of factors. Investors should carefully consider the
risk factors outlined in more detail in the Annual Report on Form 10-K
for the Company and in similar sections of other filings made by the
Company with the SEC from time to time. The Company assumes no
obligation to update or revise any forward-looking statements.
Forward-looking statements and written and oral forward looking
statements attributable to the Company or its representatives after the
date of this release are qualified in their entirety by the cautionary
statements contained in this paragraph and in other reports previously
or hereafter filed by the Company with the SEC.

Contacts

Investor Relations & Media:
International Seaways, Inc.
David
Siever, 212-578-1635
[email protected]