{"id":455551,"date":"2021-03-11T06:36:29","date_gmt":"2021-03-11T11:36:29","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=455551"},"modified":"2021-03-11T06:36:29","modified_gmt":"2021-03-11T11:36:29","slug":"international-seaways-announces-contract-to-build-three-dual-fuel-lng-vlccs","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/international-seaways-announces-contract-to-build-three-dual-fuel-lng-vlccs\/","title":{"rendered":"International Seaways Announces Contract to Build Three Dual-Fuel LNG VLCCs"},"content":{"rendered":"

<\/p>\n

International Seaways Announces Contract to Build Three Dual-Fuel LNG VLCCs<\/b><\/p>\n

Vessels to Enter Seven-Year Time Charters With Shell Upon Delivery in 2023<\/b><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\nInternational Seaways, Inc. (NYSE: INSW) (the \u201cCompany\u201d or \u201cINSW\u201d), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, today announced that it has entered into an agreement to build three dual-fuel LNG VLCCs. The three vessels will be constructed at leading South Korean shipyard DSME and are expected to deliver in 2023.\n<\/p>\n

\nUpon delivery, the three vessels will commence seven-year time charters with Shell. The Company expects to fund the construction costs with cash and long-term financing.\n<\/p>\n

\n\u201cWe are pleased to partner with market leading counterparty Shell on these three dual-fuel LNG VLCCs,\u201d said Lois K. Zabrocky, International Seaways\u2019 President and CEO. \u201cIn addition to generating strong, stable cash flows for seven years, with added upside due to profit sharing above the base rate, we are once again renewing our fleet at very attractive levels. Importantly, we expect these tankers to be well suited to adhere to future environmental regulation throughout their life, as they meet both today\u2019s IMO Energy Efficiency Design Index (\u201cEEDI\u201d) and also exceed the 2025 Phase III EEDI targets by about eight percent. Their significant environmental benefits, including substantially reducing our carbon footprint, are in keeping with Seaways\u2019 commitment to ESG-focused corporate citizenship, and we are proud to continue to be at the forefront of sustainability initiatives in the maritime sector.\u201d\n<\/p>\n

About International Seaways, Inc.
\n
<\/b>International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 36 vessels, including 11 VLCCs, two Suezmaxes, four Aframaxes\/LR2s, 13 Panamaxes\/LR1s and 4 MR tankers. Through joint ventures, it has ownership interests in two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https:\/\/www.intlseas.com<\/a>.\n<\/p>\n

Forward-Looking Statements
\n
<\/b>This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the Company\u2019s plans to issue dividends, its prospects, including statements regarding vessel acquisitions, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company\u2019s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2020 for the Company, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210311005475\/en\/<\/a><\/span><\/p>\n

Investor Relations & Media:
\n<\/b>
International Seaways, Inc.
\n
David Siever, 212-578-1635
\n
dsiever@intlseas.com<\/a><\/p>\n

KEYWORDS:<\/b> New York United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Oil\/Gas Energy Maritime Logistics\/Supply Chain Management Transport<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
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International Seaways Announces Contract to Build Three Dual-Fuel LNG VLCCs Vessels to Enter Seven-Year Time Charters With Shell Upon Delivery in 2023 NEW YORK–(BUSINESS WIRE)– International Seaways, Inc. (NYSE: INSW) (the \u201cCompany\u201d or \u201cINSW\u201d), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, today announced that it has entered into an agreement to build three dual-fuel LNG VLCCs. The three vessels will be constructed at leading South Korean shipyard DSME and are expected to deliver in 2023. Upon delivery, the three vessels will commence seven-year time charters with Shell. The Company expects to fund the construction costs with cash and long-term financing. \u201cWe are pleased to partner with … <\/p>\n

Continue reading “International Seaways Announces Contract to Build Three Dual-Fuel LNG VLCCs”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-455551","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nInternational Seaways Announces Contract to Build Three Dual-Fuel LNG VLCCs - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/international-seaways-announces-contract-to-build-three-dual-fuel-lng-vlccs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"International Seaways Announces Contract to Build Three Dual-Fuel LNG VLCCs - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"International Seaways Announces Contract to Build Three Dual-Fuel LNG VLCCs Vessels to Enter Seven-Year Time Charters With Shell Upon Delivery in 2023 NEW YORK–(BUSINESS WIRE)– International Seaways, Inc. (NYSE: INSW) (the \u201cCompany\u201d or \u201cINSW\u201d), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, today announced that it has entered into an agreement to build three dual-fuel LNG VLCCs. The three vessels will be constructed at leading South Korean shipyard DSME and are expected to deliver in 2023. Upon delivery, the three vessels will commence seven-year time charters with Shell. 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