Companies in the tanker market are enjoying much improved business this year and Lois Zabrocky, President and CEO of International Seaways, expects this to continue.
In the third in a series of interviews ahead of the Saudi MaritimeCongressZabrocky speaks about prospects for the tanker market and the Middle East region.
Zabrocky told Seatrade Maritime News that tanker markets had been improving steadily throughout 2022 and continued to do so. “The world is returning to a busier pace of activity as we navigate the third year of Covid-19 and its impacts. This positive growth bodes well for our tanker business,” she said.
Improved markets were reflected in the NYSE-listed shipowner’s second quarter results with it reporting a net income of $69m compared to a net loss of $18.8m in the corresponding quarter in 2021.
The company completed what Zabrocky describes as a “transformational merger” with Diamond S Shipping in July last year. The merger tripled the size of International Seaways’ fleet and a diversified its portfolio with the addition of over 40 products. International Seaways fleet comprises crude tankers – covering VLCC, Suezmaxes and Aframaxes, and LR1, LR2, and MR product tankers.
“At International Seaways, our tankers are transporting both crude and products throughout the Middle East. The region is a key supplier of oil for the world markets. For our business, this is the most important region in the world, and we look forward to growing our market share over time.”
Zabrocky will be a speaker at the Saudi Maritime Congress, taking place on September 28-29 in Dammam, Saudi Arabia.
She added that Saudi Arabia was a visionary country with tremendous supplies of oil as well as natural resources. “They are a thought leader and an innovator for the world,” she said.
