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International Seaways orders three LNG dual-fuel VLCCs for Shell charters

Photo: Marc Rentschler - Unsplash Shell (1).jpg
New York-based International Seaways has ordered three LNG dual-fuel VLCCs from Daewoo Shipbuilding & Marine Engineering (DSME).

The newbuilding are expected to be delivered in 2023 and will commence seven-year time charters with Shell.

The three VLCC newbuildings form part of 10 charters for LNG-powered tonnage announced by Shell last week, which will see 50% of its time chartered crude oil tanker fleet will be powered by dual fuel LNG engines by 2023

“We are pleased to partner with market leading counterparty Shell on these three dual-fuel LNG VLCCs,” said Lois K. Zabrocky, International Seaways’ President and CEO.

“Importantly, we expect these tankers to be well suited to adhere to future environmental regulation throughout their life, as they meet both today’s IMO Energy Efficiency Design Index (“EEDI”) and also exceed the 2025 Phase III EEDI targets by about 8%.”

International Seaways expects to fund the construction costs with cash and long-term financing.

International Seaways owns and operates a fleet of 36 vessels, including 11 VLCCs, two suezmaxes, four aframaxes/LR2s, 13 panamaxes/LR1s and 4 MR tankers.

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