New York-based International Seaways is buying two suezmax resales due for delivery from Hyundai Samho Heavy Industries at the end of next month. International Seaways says it intends to fund the vessel acquisitions from available liquidity. No price was given, nor were the previous owners revealed.
Following the delivery of these two vessels, International Seaways will have a total fleet of 57 vessels, including 51 conventional crude and product tankers in addition to its joint venture participation in four liquefied natural gas carriers and two floating storage and offloading service vessels.
Lois Zabrocky, the president and CEO of the tanker owner said the company would continue to target vessels at what he described as a low point in the cycle. She said his company had a strong track record of being opportunistic.