International Seaways, Inc. secured a total of $331.6 million in financing, comprising a $239.7 million term loan and a $91.9 million revolving credit facility. These funds are specifically allocated to support the construction of six LR1 tanker newbuildings in Korea.
This financing arrangement is a critical step in the company's ongoing fleet modernization strategy, ensuring the necessary capital for its investment in modern, efficient tonnage. The newbuilds are dual-fuel ready and scrubber-fitted, enhancing environmental compliance and operational flexibility.
The secured financing, featuring a 20-year amortization profile and an attractive interest rate of SOFR plus 125 basis points over a 12-year maturity, underscores the company's ability to invest in its future fleet while managing its debt profile effectively. Funds will be drawn upon the delivery of each vessel, scheduled from Q3 2025 through Q3 2026.
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