US tanker owner International Seaways has snapped up a modern VLCC while disposing ageing product carriers.
The New York-listed firm said in its quarterly earnings report it had struck a deal to buy an unnamed 2020-built scrubber-fitted supertanker for $119m.
The purchase, expected to close in the fourth quarter, will be funded by proceeds from recent vessel sales and available liquidity, the Lois Zabrocky-led owner said.
On the disposals front, International Seaways has either completed or agreed to sell six ships with an average age of 17.5 years. The move involves two 2007-built MR tankers sold in the second quarter for around $28m. Another four product tankers — three MRs built in 2008 and a 2006-built LR1 — are expected to deliver to buyers during the third quarter, generating roughly $57m in proceeds.
CEO Zabrocky said the moves reflect the company’s “disciplined capital allocation strategy” as it replaces older tonnage with modern, more efficient vessels.
International Seaways, which logged a second-quarter profit of $62m against $145m in the same period last year, owns and operates a fleet of 79 tankers, including 11 VLCCs, 13 suezmaxes, five aframax/LR2s, 12 LR1s, including six on order, and 38 MRs.
Earlier this year, the company also confirmed plans to exercise purchase options for six VLCCs currently under a sale-leaseback deal with Ocean Yield, with payments of around $258m due in November 2025.
