International Seaways Wraps Up Acquisition of 6 Euronav VLCCs

Illustration; Image Courtesy: Shaah Shahidh on Unsplash

US-based tanker shipping company International Seaways (INSW) has completed the acquisition of six 300,000 dwt very large crude carriers (VLCCs) from Euronav NV.

The ships have been bought for USD 434 million, inclusive of assumed debt, the company said. The six vessels have an average age of two years and include five 2016-built VLCCs and one 2015-built VLCC, each constructed at Shanghai Waigaoqiao Shipbuilding.

International Seaways financed the acquisition with the assumption of USD 311 million of debt secured by the six vessels under a China Export & Credit Insurance Corporation (Sinosure) facility funded by The Export-Import Bank of China, Bank of China (New York Branch) and Citibank, N.A., and with available liquidity.

“The acquisition of these (…) sister ships underscores our success in executing on our stated strategy of growing and renewing International Seaways’ fleet during a low point of the cycle,” Lois K. Zabrocky, International Seaways’ President and CEO, explained.

“Since completing our spinoff in December 2016, we have grown our fleet 23% on a deadweight ton basis and reduced the fleet’s average age by close to three years (…) Importantly, INSW has maintained our strong balance sheet with net loan to value at our target of 50%,” Zabrocky added.

“Our logo is a lighthouse, a beacon of safety (…) Each of the ships acquired since our formation is named after a lighthouse: Montauk, Hatteras and Raffles. These six ships are expected to be named after lighthouses as well: Seaways Liberty, Seaways Hendricks, Seaways Diamond Head, Seaways Cape Henry, Seaways Triton, and Seaways Tybee,” he informed.

With the completion of the VLCC acquisition, International Seaways owns and operates a fleet of 55 vessels. Through joint ventures, it also has ownership interests in four LNG carriers and two floating storage and offloading service vessels.

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