International Seaways’ Merger with Diamond S Shipping

Cleary Gottlieb Steen & Hamilton LLP and Holland & Knight LLP represented International Seaways, while White & Case LLP and Seward & Kissel LLP represented Diamond S in the transaction.

International Seaways, Inc. (NYSE: INSW) executed its merger with Diamond S Shipping Inc. (NYSE: DSSI) in a stock-for-stock transaction.  The transaction was announced on March 31, 2021.

The merger will create the second largest US-listed tanker company by vessel count and the third largest by deadweight.  On a pro forma basis, the combined company will have 100 vessels, shipping revenues of over $1 billion, over 2,200 employees and an enterprise value of approximately $2 billion.

International Seaways, Inc. (INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. INSW owns and operates a fleet of 36 vessels, including 11 VLCCs, 2 Suezmaxes, 4 Aframaxes/LR2s, 13 Panamaxes/LR1s and 4 MR tankers. Through joint ventures, it has ownership interests in two floating storage and offloading service vessels. INSW has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency.

Diamond S Shipping Inc. (DSSI) owns and operates 64 vessels on the water, including 13 Suezmaxes, 1 Aframax and 50 MR tankers. DSSI is one of the largest energy shipping companies providing seaborne transportation of crude oil, refined petroleum and other petroleum products.

The Cleary corporate team advising International Seaways included partners Jeff Karpf (Picture), Benet O’Reilly, and Kim Spoerri, associates Paul Imperatore and Matt Muntean, and law clerk Amanda Mitchell. Partner Audry Casusol and associate Ashley Powell advised on executive compensation and employee benefits matters.  Senior attorney Kara Hailey and associate Parker Armsby advised on financing matters.   Partner William McRae and associate Hunter McWinn advised on tax matters. Partner Elaine Ewing and associates Will Segal and Eugene Kim provided antitrust advice. Partner Daniel Ilan and associate Nico Weisman provided advised on intellectual property matters. Senior attorney Marc Rotter provided securities law advice. Counsels Rick Bidstrup and Beau Sterling and associate Madison Bush advised on environmental matters. Senior attorney Jim Corsiglia advised on compliance matters. Counsel Chase Kaniecki and associates Nate Kurcab and William Dawley provided advice on foreign investment filings.

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.

Involved fees earner: Parker Armsby – Cleary Gottlieb Steen & Hamilton; Rick Bidstrup – Cleary Gottlieb Steen & Hamilton; Madison Bush – Cleary Gottlieb Steen & Hamilton; Audry Casusol – Cleary Gottlieb Steen & Hamilton; James Corsiglia – Cleary Gottlieb Steen & Hamilton; William Dawley – Cleary Gottlieb Steen & Hamilton; Elaine Ewing – Cleary Gottlieb Steen & Hamilton; Kara Hailey – Cleary Gottlieb Steen & Hamilton; Daniel Ilan – Cleary Gottlieb Steen & Hamilton; Paul Imperatore – Cleary Gottlieb Steen & Hamilton; Chase Kaniecki – Cleary Gottlieb Steen & Hamilton; Jeffrey Karpf – Cleary Gottlieb Steen & Hamilton; Eugene Kim – Cleary Gottlieb Steen & Hamilton; Nathanael Felix Kurcab – Cleary Gottlieb Steen & Hamilton; William McRae – Cleary Gottlieb Steen & Hamilton; Hunter McWinn – Cleary Gottlieb Steen & Hamilton; Matthew Muntean – Cleary Gottlieb Steen & Hamilton; Benet O’Reilly – Cleary Gottlieb Steen & Hamilton; Ashley Powell – Cleary Gottlieb Steen & Hamilton; Marc Rotter – Cleary Gottlieb Steen & Hamilton; William Segal – Cleary Gottlieb Steen & Hamilton; Kimberly Spoerri – Cleary Gottlieb Steen & Hamilton; Beau Sterling – Cleary Gottlieb Steen & Hamilton; Nicholas Weisman – Cleary Gottlieb Steen & Hamilton; Andrea Buff – Holland & Knight; Richard Crowley – Holland & Knight; Randolph DelFranco – Holland & Knight; Richard Furey – Holland & Knight; James Hohenstein – Holland & Knight; Zhandos Kuderin – Holland & Knight; Jovi Tenev – Holland & Knight; Douglas Youngman – Holland & Knight;

Law Firms: Cleary Gottlieb Steen & Hamilton; Holland & Knight;

Clients: International Seaways Inc;

Author: Martina Bellini