International Seaways completes merger with Diamond S Shipping to take fleet to over 100 vessels

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.

Kim Biggar

Kim Biggar started writing in the supply chain sector in 2000, when she joined the Canadian Association of Supply Chain & Logistics Management. In 2004/2005, she was project manager for the Government of Canada-funded Canadian Logistics Skills Committee, which led to her 13-year role as communications manager of the Canadian Supply Chain Sector Council. A longtime freelance writer, Kim has contributed to publications including The Forwarder, 3PL Americas, The Shipper Advocate and Supply Chain Canada.
Back to top button