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New York - 11 May 2022
International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”) one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today issued the following statement following the open letter published on May 10, 2022, by Famatown Finance Limited (“Famatown”), a company indirectly controlled by trusts settled by Mr. John Fredriksen and a member of the Seatankers Group.
International Seaways is singularly focused on delivering value to our shareholders. We have taken decisive steps over the past 18 months to strengthen our industry position, enhance our scale, solidify our balance sheet, optimize our fleet and position ourselves to succeed in today’s improving rate environment. Our 2021 acquisition of Diamond S Shipping doubled our net asset value, tripled our fleet size, and enhanced our earnings power, in particular by adding attractive product tankers that are now leading the market recovery. We note that our momentum has been substantial. International Seaways’ stock is up over 52% year-to-date (based on the April 27, 2022 closing price, the last trading day prior to Famatown’s Schedule 13D filing).
Our high-quality Board of Directors has a track record of value creation and an average of more than 20 years of experience in the energy and/or transportation industries. Together, our Board brings a diverse set of skills and experiences necessary to execute International Seaways’ strategy, including backgrounds in finance, strategy, accounting, governance, risk management, mergers and acquisitions and maritime operations.
International Seaways’ Board and management team have a history of active engagement with our shareholders, including with Seatankers. Our Board will carefully evaluate the Famatown letter.
On May 9, 2022, the Board adopted a short-term stockholder rights plan following Famatown’s stealth accumulation of more than 16% of the Company’s outstanding shares. The rights plan is designed so that no individual stockholder or group of stockholders can gain control of the company through open market accumulation without paying a control premium to all stockholders or by otherwise disadvantaging other stockholders. It is particularly appropriate where, as here, affiliates of one of the company’s competitors have quickly and secretly amassed a significant stake in the company.
About International Seaways, Inc.
International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 84 vessels, including 13 VLCCs (including three newbuildings), 13 Suezmaxes, five Aframaxes/LR2s, eight Panamaxes/LR1s, 40 MR tankers and three Handysize tankers. Through joint ventures, it has ownership interests in 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 https://www.intlseas.com.
International Seaways, Inc. press release
