International Seaways Profile
International Seaways, Inc. and its wholly owned subsidiaries, own and operate a fleet of oceangoing vessels engaged primarily in the transportation of crude oil and petroleum products in the International Flag (vessels that are registered under a flag other than that of the United States) trades.
The company’s vessel operations are organized into two segments: Crude Tankers and Product Carriers.
The company’s ultimate customers, including those of the commercial pools in which it participates, include major independent and state-owned oil companies, oil traders, refinery operators and international government entities. The company generally charters its vessels to customers either for specific voyages at spot rates through the services of pools in which the company participates, or for specific periods of time at fixed daily rates through time charters or bareboat charters.
Crude Tankers (including Crude Tankers Lightering)
The company’s Crude Tankers reportable business segment is made up of a fleet of VLCCs, Suezmaxes, and Aframaxes engaged in the worldwide transportation of crude oil.
This segment also includes the company’s Crude Tankers Lightering business through which it provides ship-to-ship (or STS) lightering support services and full-service STS lightering to customers in the U.S. Gulf (USG), U.S. Pacific, Grand Bahama and Panama regions. In STS lightering support service, the company provides the personnel and equipment (hoses and fenders) to facilitate the transferring of cargo between seagoing ships positioned alongside each other, either stationary or underway. In full-service STS lightering, the company provides the lightering vessel, usually an Aframax tanker, in addition to the personnel and equipment to facilitate the transferring of cargo. The company’s customers include oil companies and trading companies that are importing or exporting crude oil in the USG to or from larger Suezmax and VLCC vessels, which are prevented from using certain ports due to their size and draft.
Product Carriers
The company’s Product Carriers reportable business segment consists of a fleet of MRs, LR1 product carriers, and an LR2 product carrier engaged in the worldwide transportation of refined petroleum products. Refined petroleum product cargoes are transported from refineries to consuming markets characterized by both long and short-haul routes. The company’s MR product carriers are IMO III compliant, allowing those vessels to carry edible oils, such as palm and vegetable oil, increasing flexibility when switching between cargo grades.
History
International Seaways, Inc., a Marshall Islands corporation, was incorporated in 1999. The company was formerly known as OSG International, Inc. and changed its name to International Seaways, Inc. in 2016.
