en.Wedoany.com Reported - International Seaways has returned to the newbuilding market after a two-year hiatus, ordering up to four LNG-ready product tankers at K Shipbuilding in South Korea.
The New York-listed tanker company has signed firm contracts for two 74,000 dwt LR1 product tankers, with options for two additional vessels. The two firm vessels are priced at approximately $62 million each, with the confirmed order valued at around $124 million, and the total potential order for four vessels at approximately $248 million. The newbuildings are expected for delivery in 2028.
The company previously ordered a series of LR1 product tankers at K Shipbuilding, with the most recent two contracted in the first half of 2024. Earlier this year, the company led by Lois Zabrocky took delivery of the third and fourth vessels in that series, with the final two scheduled to join the fleet in the third quarter of 2026.
The new order comes as the company advances its fleet optimization strategy. In the first quarter, International Seaways sold seven vessels, generating total proceeds of approximately $216 million after fees and commissions. The disposed assets included five MR tankers with an average age of 18 years and two very large crude carriers (VLCCs) with an average age of 15 years, realizing gains of approximately $88 million.
The company has also strengthened its commercial platform. In January, International Seaways acquired full ownership of Tankers International, a VLCC pool operator, in which it previously held a joint stake. The platform has since expanded into the suezmax segment, launching a new pool operation in March.
The latest LR1 order indicates the shipowner's continued commitment to the product tanker segment despite an active vessel sale program. Once delivered, these LNG-ready vessels will join a fleet that is increasingly shifting toward younger, more energy-efficient tonnage.
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