Holland & Knight Advises International Seaways in Merger with Diamond S Shipping
NEW YORK (March 31, 2021) – Holland & Knight represented International Seaways, Inc. (NYS:INSW) in its merger with Diamond S Shipping (NYSE: DSSI).The merger combines two of the leading tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. The definitive merger agreement was announced today.
The merger of Diamond S with INSW unites two companies with long-term customer relationships, similar cultures and complementary positions in key tanker sectors. The merger will enhance INSW's capabilities in both the crude and product markets and create "power alleys" for INSW in the large crude — VLCC and Suezmax — and LR1/Panamax and MR markets. The merger will create the second largest U.S.-listed tanker company by vessel count and the third largest by deadweight (dwt). On a pro forma basis, the combined company will have 100 vessels, shipping revenues of over $1 billion, more than 2,200 employees and an enterprise value of approximately $2 billion.
The Holland & Knight team advising International Seaways was led by Jovi Tenev and included Randolph DelFranco, Richard Furey, James Hohenstein, Douglas Youngman, Richard Crowley, Zhandos Kuderin and Andrea Buff.
More information about the transaction can be found here.