International Seaways to Merge With Diamond S Shipping
March 31, 2021
Cleary Gottlieb is representing International Seaways Inc. (INSW) in its merger with Diamond S Shipping Inc. (DSSI) in a stock-for-stock transaction.
The transaction was announced on March 31, 2021.
The merger will create the second-largest U.S.-listed tanker company by vessel count and the third-largest by deadweight. On a pro forma basis, the combined company will have 100 vessels, shipping revenues of over $1 billion, over 2,200 employees, and an enterprise value of approximately $2 billion.
INSW is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. INSW owns and operates a fleet of 36 vessels, including 11 VLCCs, 2 Suezmaxes, 4 Aframaxes/LR2s, 13 Panamaxes/LR1s, and 4 MR tankers. Through joint ventures, it has ownership interests in two floating storage and offloading service vessels. INSW has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency.
DSSI owns and operates 64 vessels on the water, including 13 Suezmaxes, 1 Aframax, and 50 MR tankers. DSSI is one of the largest energy shipping companies providing seaborne transportation of crude oil, refined petroleum, and other petroleum products.
For more information, see the press release here.