International Seaways Inc.
Description
International Seaways Inc. said that its joint ventures with Euronav NV, which own the FSO Africa and FSO Asia floating storage and offloading service vessels, have closed on a $220 million credit facility. Based on INSW’s 50% ownership in the joint ventures, the company has received $110 million in proceeds from the drawdown of the facility, which it expects to use for general corporate purposes, including to partially fund the previously announced VLCC acquisition.