Blog Exposure – Global Tanker Company International Seaways Expands Fleet by Procuring Six VLCCs

LONDON, UK / ACCESSWIRE / December 26, 2017 / Active-Investors.com has just released a free research report on International Seaways, Inc. (NYSE: INSW). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=INSW as the Company’s latest news hit the wire. On December 21, 2017, the Company announced that is has signed a binding letter of intent with Euronav N.V. to acquire six VLCCs. The total purchase price of all six vessels is approximately $434 million, inclusive of assumed debt. Register today and get access to over 1000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, International Seaways most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=INSW

Details of the deal

Euronav N.V. (NYSE: EURN) and Gener8 Maritime, Inc. (NYSE: GNRT) announced a merger on December 21, 2017. International Seaways’ letter of intent is to acquire the six VLCCs from the merged entity of Euronav and Gener8 Maritime.

The six VLCCs have a 300,000 DWT (Deadweight tonnage) and an average age of 1.7 years. All the six VLCCs were constructed at Shanghai Waigaoqiao Shipbuilding Co. Out of the total, five VLCCs are 2016-built and one VLCC was built in 2015. The Company is expecting the delivery of all the six vessels in Q2 2018. As part of the deal, the Company plans to assume the debt of $311 million, which was taken by securing the six vessels. The $311 million debt matures between 2027 and 2028 and has a fixed annual interest rate of LIBOR plus 2.0%.

The transaction is expected to close in Q2 2018 and is subject to the completion of the Euronav and Gener8 Maritime merger; the Company amending its current credit facility to acquire new debt; the Company putting in place the financing for the acquisitions; and the Company obtaining all regulatory and third-party approvals as well as customary closing conditions.

The Company plans to finance the acquisition using a mix of cash in hand, assumption of all or part of the debt currently secured by the vessels and/or new third-party financing.

Commenting on the acquisition, Lois K. Zabrocky, President and CEO of International Seaways, said:

“The agreement to acquire these six modern VLCCs under favorable terms demonstrates the significant progress we have made in implementing our fleet growth and renewal strategy since becoming an independent public company. Over the past year, we have entered into transactions to grow our fleet more than 40% on a DWT basis and reduce its average age by more than three years. With a sizeable and high-quality fleet, we are in a strong position to create long-term shareholder value by capitalizing on a recovery in both the crude and product tanker sectors.”

Benefits of the acquisition

Once the transaction is complete, the deal will allow International Seaways to reduce the average age of its fleet by over two years. At the same time, the Company will be able to expand its fleet size by 30% on a DWT basis. At the end of this deal, International Seaways will have a fleet of 60 vessels, including vessels owned jointly with JV partners.

Out of the total 60 vessels, 54 are conventional crude and product tankers, four are liquefied natural gas carriers and two are floating storage and offloading service vessels.

About International Seaways, Inc.

New York-based International Seaways is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. The Company provides shipping services to customers through voyage charters, commercial pools, and time charters.

Stock Performance Snapshot

December 22, 2017 – At Friday’s closing bell, International Seaways’ stock advanced 3.72%, ending the trading session at $19.53.

Volume traded for the day: 448.82 thousand shares, which was above the 3-month average volume of 191.93 thousand shares.

Stock performance in the last month – up 13.22%; past twelve-month period – up 50.12%; and year-to-date – up 39.10%

After last Friday’s close, International Seaways’ market cap was at $570.32 million.

The stock is part of the Services sector, categorized under the Business Services industry. This sector was flat at the end of the session.

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