Cleary Gottlieb represented International Seaways, Inc. (INSW) in its acquisition of the holding companies for six 300,000 DWT VLCC vessels from Euronav NV (Euronav).
The purchase price for the six-vessel acquisition was $434 million, inclusive of assumed debt. The deal signed on April 18, 2018, and closed on June 14, 2018.
INSW is one of the largest tanker companies worldwide providing energy transportation services for crude oil, petroleum products and LNG. With the completion of the VLCC acquisition, INSW owns and operates a fleet of 55 vessels, including one ULCC, 14 VLCCs, two Suezmaxes, seven Aframaxes/LR2s, 12 Panamaxes/LR1s and 13 MR tankers. Through joint ventures, it has ownership interests in four liquefied natural gas carriers and two floating storage and offloading service vessels.