New York-listed tanker companies International Seaways, Inc. (NYSE: INSW) and Diamond S Shipping Inc. (NYSE: DSSI) have completed their merger, creating one of the largest publicly traded tanker companies in the United States.
The combined company will continue to operate as International Seaways and trade on the New York Stock Exchange under the symbol INSW.
With the merger, International Seaways is now the second largest U.S.-listed tanker company by vessel count with over 100 vessels and the third largest by deadweight, aggregating approximately 11.3 million dwt.
Terms of the Merger Agreement were approved shareholders of both INSW and Diamond S. Pre-merger INSW shareholders own approximately 55.75% of the equity of the combined company and former DSSI stockholders own approximately 44.25%. On July 15, pre-merger INSW shareholders of record received a special dividend of $1.12 per share.
In a statement, INSW said the merger enhances its capabilities in both the crude and product markets and creates “power alleys” for INSW in the large crude markets—VLCC and Suezmax—and LR1/Panamax and MR.
“We are pleased to complete this transformational and highly accretive transaction, solidifying our position as a diversified tanker sector bellwether,” said Lois Zabrocky, INSW’s President and CEO. “With enhanced scale, financial strength and commercial expertise, we have markedly strengthened our position to capitalize on favorable long-term industry fundamentals in both the crude and product markets. As we integrate the combined company, our focus will remain on further executing our balanced and accretive capital allocation strategy, while upholding our best-in-class ESG track record and continuing to deliver safe and efficient transportation of energy cargoes for our world-class customers. We welcome the newest members of our team and look forward to working together to create lasting value for all stakeholders.”
International Seaways’ fleet now comprises 102 vessels, including 13 VLCCs (including 3 newbuildings), 15 Suezmaxes, five Aframaxes/LR2s, 13 Panamaxes/LR1s, 48 MR tankers and six Handy tankers.
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