International Seaways (INSW) has completed its merger with Diamond S Shipping, first announced in April 2021. The combined company will continue to operate as International Seaways. It is now the second-largest US-listed tanker company by vessel count, with over 100 vessels, and the third-largest by deadweight, aggregating approximately 11.3m dwt.
INSW expects to achieve cost synergies through the merger in excess of $23m and revenue synergies of $9m to be fully realisable within 2022.
The merger enhances INSW’s capabilities in the crude and product markets, as well as in the large crude – VLCC and suezmax – and LR1/panamax and MR markets.
“With enhanced scale, financial strength and commercial expertise, we have markedly strengthened our position to capitalise on favourable long-term industry fundamentals in both the crude and product markets,” said Lois Zabrocky, INSW’s president and CEO.