International Seaways offloads 12 tankers in post-merger asset optimisation

US tanker owner International Seaways has recently sold 12 vessels, as part of its asset optimisation programme, of which seven medium-range tankers acquired in the merger with Diamond S Shipping.

The New York-listed company agreed to sell a 2002-built and 2003-built panamax during the second quarter, and an additional 2002-built panamax pair in July, which are expected to deliver in the third and fourth quarter of this year.

In addition, International Seaways offloaded and delivered a 2002-built VLCC and divested seven MRs it obtained through the Diamond S Shipping deal. Four of the MRs have been delivered to the buyers and the balance is expected to be delivered during Q3 of 2021.

The twelve vessels sold are expected to provide aggregate net proceeds of around $75m after the repayment of debt.

International Seaways completed its merger with Diamond S Shipping last month, creating the second-largest US-listed tanker company by vessel count, with approximately 100 ships.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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