International Seaways Strategic Fleet Expansion



  • International seaways exercised options for two scrubber-fitted LR1 vessels.
  • Engaged in a six-time charter agreement.
  • They join the Panamax international pool upon arrival.

International seaways, a prominent New York- based tanker company, recently exercised options for two LR1 at Korean shipbuilder  K shipbuilding co., states an article on i marine.

Value Of This Arrangement

These scrubber-fitted, LNG dual-fuel ready vessels, with an approximate value of $231 million, are set for delivery between the second half of 2025 and the first quarter of 2026. This is showcasing a strategic pivot towards environmentally conscious and efficient vessels. The company’s recent financial report highlighted a net income of $98 million for the third quarter, attributing a decline from the previous year to increased charter hire expenses and rising vessel expenses due to VLCC newbuilding deliveries and inflationary pressures.

Time Charter Agreement

International Seaways’ fleet optimization program has also involved entering into a six time charter agreements for various vessels, significantly boosting contracted future revenues to approximately $344 million. As part of their fleet renewal initiative, the company sold two 2008-built MRs and welcomed three dual-fuel VLCC newbuilding in their pursuit of an updated and diversified fleet.

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source: i marine



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