The merger passed shareholder approval on July 13. File Image / Pixabay
International Seaways and Diamond S Shipping have completed their merger, creating the second largest US-listed tanker company by vessel count.
The merger, first announced in March, passed shareholder approval on July 13, International Seaways said in a statement on its website on Friday. The newly merged company will continue to operate under the name International Seaways.
"With enhanced scale, financial strength and commercial expertise, we have markedly strengthened our position to capitalize on favourable long-term industry fundamentals in both the crude and product markets," Lois Zabrocky, CEO of International Seaways, said in the statement.
"As we integrate the combined company, our focus will remain on further executing our balanced and accretive capital allocation strategy, while upholding our best-in-class ESG track record and continuing to deliver safe and efficient transportation of energy cargoes for our world-class customers.
"We welcome the newest members of our team and look forward to working together to create lasting value for all stakeholders."
The company now has a combined fleet totalling about 11.3 million DWT across more than 100 tankers.