International Seaways closes on vessels purchase deal

|About: International Seaways (INSW)|By:, SA News Editor

International Seaways (NASDAQ:INSW) closes on the acquisition of six 300K DWT VLCCs for a purchase price of $434M. The price includes assumed debt from Euronav.

The company says the six vessels have an average age of two years and include five 2016-built VLCCs and one 2015-built VLCC.

"The acquisition of these highly efficient modern sister ships underscores our success in executing on our stated strategy of growing and renewing International Seaways’ fleet during a low point of the cycle,” says International Seaways CEO Lois Zabrocky.

Source: Press Release

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