Presentation

International Seaways is a tanker company with ownership and operations in crude, product and chemical tankers. It was spun off from the Overseas Shipholding Group (OSG) in late 2016, as the Jones Act fleet was kept by OSG. In late March this year, International Seaways and Diamond S announced their intention to merge the companies, with International Seaways as the surviving entity.

With the merger now completed, the total fleet count is 86 vessels (excl. two BB-in and net JV), making it the second largest US-listed tanker company. The crude/product fleet mix is now 70/30, with an average age of ~9 years.

The merger was accretive to International Seaways’ earnings and cash flow, and the company expects cost and revenue synergies to be fully realized within 2022. In Q3’21, the company has continued its fleet optimization program by selling twelve vessels so far.