New York-based tanker owner and operator International Seaways Inc is looking to take advantage of a low-price market to acquire some vessels secondhand and enhance its fleet.
The company, which mainly transports crude oil and petroleum internationally, was hived off from Overseas Shipholding Group (OSG) last November. OSG split into two independent entities, one being International Seaways, the other for domestic business and keeping the OSG name.
International Seaways President & CEO, Louis Zabrocky told the Annual Shipping, Marine Services & Offshore Forum in London that the company is investing in value buys of non-newbuildings now with a conviction that there will be a boom in demand for crude tankers in the next two years.
Its fleet comprises 57 ships, 51 of them crude and product tankers. There are also four liquefied natural gas (LNG) carriers and two floating production, storage and offloading (FPSO) vessels in which it has joint interests.