INSW Orders Three LNG-Fuelled Tankers in Korea
Major tanker operator International Seaways (INSW) has ordered three dual-fuel LNG very large crude carriers (VLCCs) from South Korea's DSME shipyard, it said on March 11.
The vessels are due to be delivered in 2023 and will commence seven-year time charters with Shell. INSW intends to fund their cost with cash and long-term financing.
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INSW, which owns a fleet of 36 vessels in total including VLCCs, said it was renewing its fleet "at very attractive levels," noting that the vessels complied with both the International Maritime Organisation (IMO)'s Energy Efficiency Design Index (EEDI) and exceeded the 2025 Phase III EEDI targets by 8%.
"Their significant environmental benefits, including substantially reducing our carbon footprint, are in keeping with Seaways' commitment to [environmental, social and governance]-focused corporate citizenship, and we are proud to continue to be at the forefront of sustainability initiatives in the maritime sector," INSW said.