New York-based tanker company International Seaways (INSW) has completed a merger with Greenwich-based energy shipping company Diamond S Shipping.
Following the completion of the transaction, International Seaways is now the second-largest U.S.-listed tanker company by vessel count with over 100 vessels and the third-largest by deadweight, aggregating approximately 11.3 million dwt.
As informed, the combined company will continue to operate as International Seaways and trade on the New York Stock Exchange under the symbol INSW.
International Seaways expects to achieve cost synergies in excess of $23 million and revenue synergies of $9 million, which are expected to be fully realizable within 2022.
According to INSW, the merger enhances the company’s capabilities in both the crude and product markets and creates “power alleys” for INSW in the large crude—VLCC and Suezmax—and LR1/Panamax and MR markets.
In line with the terms of the merger agreement, pre-merger INSW shareholders own approximately 55.75% of the equity of the combined company and former DSSI stockholders own approximately 44.25%.