International Seaways
US tanker owner International Seaways has expanded its orderbook of LR1 newbuilds in South Korea to six vessels.
The New York-listed firm said it had declared options for two additional scrubber-fitted LNG-ready 75,000 dwt product carriers for delivery in the third quarter of 2026.
The Lois Zabrocky-led owner and operator of 81 ships contracted four LR1s last year, with deliveries starting in the second half of 2025. The deal for the latest duo takes the total value at the former STX Offshore & Shipbuilding to $347m.
All ships will, after delivery, join the company’s niche, Panamax International Pool.
Backed by a period of continued market strength, International Seaways has moved to renew its fleet on both fronts.
In addition to newbuilds, the company earlier this year sealed a deal to acquire six MR vessels for $232m.
“Our agreement to acquire six MRs and exercise options on two additional dual-fuel LR1s reflects Seaways’ focus on executing a balanced capital allocation strategy to maximise value creation. We remain optimistic about the direction of the market based on attractive supply and demand fundamentals supported by growing oil demand, the evolving global energy trade, and a historically low tanker orderbook,” said CEO Zabrocky.
