New York / South Korea – August 2025 — International Seaways, Inc. has finalized financing arrangements to support construction of six scrubber-fitted, LNG dual-fuel ready LR1 vessels currently under contract with K Shipbuilding Co. in South Korea. The total package is valued at approximately $359 million, with about $300 million remaining in construction commitments to be funded through a blend of long-term financing and available liquidity. The vessels are slated for delivery from the third quarter of 2025 through the third quarter of 2026.
Fleet Renewal & Financing Strategy
This investment is part of International Seaways’ broader fleet optimization program, aimed at modernizing its product carrier segment and enhancing operational flexibility. The partially financed LR1 newbuilds are poised to strengthen the company’s presence in the Panamax International Pool, where it has historically delivered stronger-than-market performance.
As of mid-2025, the company maintains a solid liquidity position and continues to utilize a combination of internal funds and long-term financing solutions to deliver on its newbuild commitments.
Operational and Strategic Outlook
International Seaways anticipates these modern, dual-fuel capable LR1 tankers will not only minimize carbon intensity but also offer long-term operational efficiencies and flexibility in fuel sourcing. These vessels are expected to be deployed into the niche Panamax International Pool, reinforcing the company’s competitive edge in the product tanker sector.
Snapshot
| Item | Details |
|---|---|
| Vessel Type | LR1 (scrubber-fitted, LNG dual-fuel ready) |
| Number of Newbuilds | Six |
| Builder | K Shipbuilding Co., South Korea |
| Total Contract Value | Approximately $359 million |
| Remaining Commitments | ~$300 million |
| Financing Sources | Long-term financing + available liquidity |
| Delivery Window | Q3 2025 through Q3 2026 |
| Deployment Plan | Panamax International Pool |
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