International Seaways acquires two suezmax resales

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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