News

Merger between International Seaways and Diamond S

New tanker company on the cards

by Port News Editorial Staff

There will soon be a merger between International Seaways and Diamond S.

The two shipping companies specializing in the transportation of oil and petroleum products by sea are about to set up a company capable of operating a fleet of 100 tankers, with a net debt of €1.2 billion and joint earnings of €1 billion.

The merger will be finalized by the third quarter of 2021. International Seaways currently operates a fleet of 34 crude tankers while Diamond S has 65 vessels which includes 50 Medium Range product carriers.

As a result of the merger, the new company will have an enterprise value of 1.8 billion dollars and will become the third largest tanker company listed on the US stock exchanges in terms of tonnage and the second largest in terms of number of vessels it operates.

Translation by Giles Foster