International Seaways (NYSE:INSW) has successfully finalized the acquisition of one of the six MR Product Carriers they had previously agreed to purchase.

The deal, which was part of an agreement dated February 23, 2024, involved paying approximately $232 million, with 85% in cash and 15% in common stock shares.

The delivery of the vessels is anticipated by the end of the second quarter of 2024.

As part of the recent acquisition, completed on May 13, 2024, International Seaways issued 102,677 shares of common stock to Wayzata Opportunities Fund III.