International Seaways Looking Into Fleet Renewal Opportunities

US-based tanker shipping company International Seaways is reviewing investment opportunities aimed at bolstering its fleet.

For us, as a new company, to come out on the market during a time when asset values are at their lowest in decades is quite positive. We really look at it as a time for us to be able to renew the fleet,” Lois Zabrocky, President & CEO of International Seaways, said while speaking at the 10th Annual Shipping, Marine Services & Offshore Forum in London.

According to Zabrocky, the company is not looking for newbuildings, but is making moves steadily, eyeing opportunities in the second-hand market.

“For us, the right approach is finding a high-quality second-hand tonnage, and we are refraining from the ordering of new ships at this point in time,” she added.

The investment into low priced assets is expected to pay off in the next 18 to 24 months anent anticipated boom in the demand side for crude oil tankers as the tanker market is expected to gain full recovery over the next two years.

The anticipated higher interest in tanker assets and equity is further fuelled by the higher scrapping of crude oil tonnage, which picked up over the last few months, especially in August, bringing more balance to the demand-supply side.

Just last quarter, the company bought two Suezmaxes constructed at Hyundai Samho Heavy Industries shipyard.

Following the delivery of the tanker duo, the company’s fleet consists of 57 vessels, including 51 conventional crude and product tankers in addition to its joint venture participation in four liquefied natural gas carriers and two floating storage and offloading service vessels.

World Maritime News Staff