International Seaways Completes Merger With Diamond S Shipping
Summary
NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, announced today the completion of its previously announced merger with Diamond S Shipping Inc. (NYSE: DSSI) (“Diamond S”). The combined company will continue to operate as International Seaways and trade on the New York Stock Exchange under the symbol INSW. “ 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.