INTERNATIONAL SEAWAYS, INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant (form 8-K)

Item 1.01 Entry into a Material Definitive Agreement.

On September 30, 2021, International Seaways, Inc. ("INSW" or the "Company"), the Company's subsidiary Seaways Shipping II Corporation (the "ACG Guarantor") and ACG Guarantor's three borrower subsidiaries (the "Borrowers") entered into a credit agreement (the "Credit Agreement") for a $20 million term loan facility with Macquarie Bank Limited, London Branch, as lender, facility agent and security agent. The Credit Agreement is secured by a first lien on three of the Company's LR1 vessels, along with their earnings, insurances and certain other assets, as well as certain additional assets of the Company's subsidiaries. The full $20 million was drawn down on September 30, 2021.

Interest on the loan is based upon LIBOR plus 3.825% per annum. The loan amortizes in quarterly installments varying in amount between $0.5 million to $0.9 million commencing December 31, 2021, and matures on March 31, 2025, with a balloon payment of approximately $11.7 million due at maturity. The maturity date for the loan is subject to acceleration upon the occurrence of certain events (as described in the Credit Agreement).

The Credit Agreement contains customary representations, warranties, restrictions and covenants applicable to the Company and the ACG Guarantor and their respective subsidiaries (including the Borrowers). These include financial covenants aligned with the Company's existing senior secured debt facilities, including in particular its $390 million secured credit facility with Nordea ABP and certain other lenders (the "$390 Million Facility"), which require, among other things, that the Company maintain a minimum liquidity level; not exceed a maximum consolidated leverage ratio; ensure current assets exceed current liabilities; ensure the fair market value of collateral vessels under the $390 Million Facility not be less than 135% of the aggregate outstanding principal amount of loans thereunder; and comply with an interest expense coverage ratio as required by the $390 Million Facility, each as set out in greater detail in the $390 Million Facility.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an

          Off-Balance Sheet Arrangement of a Registrant.

The information included in Item 1.01 is incorporated by reference into this Item 2.03.

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