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Rating Action:

Moody's changes International Seaways' outlook to negative, affirms ratings including B3 CFR

22 Dec 2017

$600 million of rated debt securities

New York, December 22, 2017 -- Moody's Investors Service, ("Moody's") changed the ratings outlook of International Seaways, Inc. ("INSW") to negative from stable. Concurrently, Moody's affirmed the company's B3 Corporate Family Rating (CFR) and B3-PD Probability of Default Rating (PDR) and the debt ratings on the senior secured bank facilities it guarantees, including the revolving credit facility (due 2021) at Ba3 and the first-lien term loan (due 2022) at B3. Moody's also lowered the Speculative Grade Liquidity rating to SGL-3 (adequate) from SGL-2 (good).

The rating action follows the company's announcement of its intention to acquire six very large crude carriers (VLCCs) for $434 million, including the anticipated assumption of their existing debt of $311 million. The transaction is subject to a number of closing conditions, including an amendment the INSW's credit agreement as required, third party consents and regulatory approvals, and is expected to close in the second quarter of 2018.

RATINGS RATIONALE

The negative outlook reflects Moody's expectation of diminished liquidity and constrained credit metrics, including a substantial rise in financial leverage to at least 6x pro forma (after Moody's standard adjustments) compared to the post spinoff level in the mid-2x range, and the likelihood that freight rate pressures will continue to weigh on earnings and cash flow over the next year amidst tanker oversupply.

The B3 rating continues to reflect the highly cyclical nature of demand in the company's end markets and its vulnerability to spot rate volatility (about 80% of revenue), as well as its small size and limited history as an independent company. Moreover, the company's higher debt burden following an active pace of fleet purchases is likely to maintain leverage at elevated levels absent a material improvement in the freight rate environment, which Moody's anticipates will continue to exert downward pressure on the free cash flow profile over 2018. The ratings also consider the company's position as a leading player in its transportation markets.

The SGL-3 rating anticipates the company will maintain adequate liquidity at least over the near term, supported by cash balances (reported at about $70 million as of September 2017) and availability under the $50 million revolving credit facility, of which about $20 million remains undrawn. Free cash flow is anticipated to be negative, given the higher capex spend for fleet growth. The credit agreement has a covenant floor of $300 million, of which the fair market value of the collateral of vessels was approximately $1.2 billion as of September 30, 2017.

The ratings could be downgraded with a material deterioration in the cash flow or liquidity profile. A capital structure or end markets that remain under pressure leading to weaker credit metrics, including FFO + Interest to Interest approximating 2.0 times or lower, could also drive downwards rating pressure as could shareholder-friendly initiatives that compromise creditor interests.

Upward ratings momentum could occur with improving market conditions that drive sustained growth in revenues and earnings with a financial profile that results in sustained FFO + Interest to Interest above 3.0 times, stronger liquidity and a supportive capital structure.

Outlook Actions:

..Issuer: International Seaways, Inc.

....Outlook changed to Negative from Stable

Affirmations:

..Issuer: International Seaways, Inc.

.... Probability of Default Rating, at B3-PD

.... Corporate Family Rating, at B3

..Issuer: International Seaways Operating Corporation

....Senior Secured 1st lien Term Loan, at B3

....Senior Secured First Lien Revolving Credit Facility, at Ba3

Downgrades:

Issuer: International Seaways, Inc.

.... Speculative Grade Liquidity Rating, to SGL-3 from SGL-2

International Seaways, Inc., a Marshall Islands corporation, is a leading provider of ocean-based transportation of crude oil and refined petroleum in the international market. It operates its business under two segments: international crude tankers and international product carriers. The company has a fleet of 62 vessels of varying classes (pro forma for the acquisition), including ownership interests in 4 LNG carriers and 2 FSO vessels through joint partnerships. Total revenues were $306 million for the last twelve months ended September 30, 2017.

The principal methodology used in these ratings was Shipping Industry published in December 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Yvonne Njogu
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Robert Jankowitz
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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​

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