International Seaways, Inc. (NYSE: INSW) (“INSW”), one of the largest
tanker companies worldwide providing energy transportation services for
crude oil, petroleum products and liquefied natural gas (“LNG”), today
announced that it has signed contracts with Clean Marine AS of Norway
and a qualified system installer for the purchase and installation of
exhaust gas cleaning systems (“scrubbers”) on seven of its modern VLCCs,
with an option for a further three systems covering the remaining three
modern VLCCs in its fleet. The seven scrubbers are all to be installed
prior to January 1, 2020, when the new 0.5% IMO sulfur emission cap goes
into effect.
Clean Marine AS is a leading provider of marine exhaust scrubber systems
with proven systems well suited to tankers.
The seven scrubber units are intended to be funded with available
liquidity.
“Following significant economic analysis and evaluation of different
systems, we are pleased to have executed contracts to install scrubbers
on a large portion of our VLCC fleet,” said Lois Zabrocky, President and
CEO of International Seaways. “We believe that by installing scrubbers
on our largest ships, we will gain an economic advantage while further
demonstrating a commitment to the environment as we did with our recent
acquisition of highly efficient VLCCs. In addition to being well
positioned to capitalize on a market recovery based on International
Seaways’ sizeable high-quality fleet, our scrubber initiative also
strengthens the Company’s ability to take advantage of a potential
strong tanker market resulting from the IMO regulations, as both crude
and product tankers stand to benefit from increased transportation
demand.”
About International Seaways, Inc.
International Seaways, Inc. (NYSE:INSW) is one of the largest tanker
companies worldwide providing energy transportation services for crude
oil, petroleum products and LNG. International Seaways owns and operates
a fleet of 52 vessels, including 14 VLCCs, two Suezmaxes, seven
Aframaxes/LR2s, 11 Panamaxes/LR1s and 12 MR tankers. Through joint
ventures, it has ownership interests in four LNG carriers and two
floating storage and offloading service vessels. International Seaways
has an experienced team committed to the very best operating practices
and the highest levels of customer service and operational efficiency.
International Seaways is headquartered in New York City, NY. Additional
information is available at www.intlseas.com.
Forward-Looking Statements
This release contains forward-looking statements. In addition, the
Company may make or approve certain statements in future filings with
the Securities and Exchange Commission (SEC), in press releases, or in
oral or written presentations by representatives of the Company. All
statements other than statements of historical facts should be
considered forward-looking statements. These matters or statements may
relate to the Company’s plans to issue dividends, its prospects,
including statements regarding vessel acquisitions, trends in the tanker
markets, and possibilities of strategic alliances and investments.
Forward-looking statements are based on the Company’s current plans,
estimates and projections, and are subject to change based on a number
of factors. Investors should carefully consider the risk factors
outlined in more detail in the Annual Report on Form 10-K for 2017 for
the Company, the Quarterly Report on Form 10-Q for the quarter ended
June 30, 2018, and in similar sections of other filings made by the
Company with the SEC from time to time. The Company assumes no
obligation to update or revise any forward-looking statements.
Forward-looking statements and written and oral forward-looking
statements attributable to the Company or its representatives after the
date of this release are qualified in their entirety by the cautionary
statements contained in this paragraph and in other reports previously
or hereafter filed by the Company with the SEC.
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Copyright Business Wire 2018
Source: Business Wire
(September 25, 2018 - 6:00 AM EDT)
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