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International Seaways eyes signs of improvement for hard-pressed sector

Newly merged tanker carrier International Seaways reports a significant decline in the second quarter, but CEO points to positive long-term fundamentals for the hard-pressed sector.

Photo: PR / Diamond S Shipping

International Seaways, which completed its large-scale merger with tanker company Diamond S Shipping in July, is optimistic about the prospects for the hard-pressed market after a significant decline in the second quarter.

The company, now the largest tanker carrier listed on the New York Stock Exchange, went into the red with a net deficit of USD 18.7 million in the second quarter against a profit of USD 64.3 million in the same quarter last year.

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