International Seaways to Buy Suezmax Newbuilding Duo

Illustration; Image Courtesy: International Seaways

US-based tanker shipping company International Seaways has entered into an agreement to acquire two Suezmax tanker newbuildings constructed at Hyundai Samho Heavy Industries shipyard.

The vessels are expected be delivered by the end of July 2017, International Seaways said, adding that the acquisitions would be funded from available liquidity. The purchase remains subject to customary closing conditions.

According to data provided by VesselsValue, the ships in question were bought en block on June 15 for a total of USD 112 million. They each feature 160,000 dwt, a length of 274 meters and a width of 48 meters.

“We are pleased to add these two new Suezmax tankers to our sizeable and diverse fleet,” said Lois K. Zabrocky, International Seaways’ president and CEO.

“As INSW executes on our growth and renewal strategy, we will target vessels of high quality and attractive value at this low point in the cycle,” Zabrocky added.

Following the delivery of the tanker duo, the company’s fleet will consist 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.

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