Moody's Investors Service has reaffirmed a negative outlook for US tanker owner International Seaways against a tough market background.
The ratings agency said this reflects the "likelihood that soft freight rate conditions will continue to weigh on earnings and cash flow over the next year, amid tanker oversupply."
But this is balanced against expectations of "at least adequate" liquidity due to cash balances of more than $100m and an undrawn $50m revolver, together with expectations of "modestly positive free cash flow generation with moderating capex spend".
