US-based tanker company International Seaways has announced the disposal of five vessels since the start of the year.
The company stated that it has sold or entered into agreements to sell the tankers for aggregate proceeds of approximately $185 million, once commissions and fees have been deducted.
The vessels involved in the transactions are considered among the oldest in the fleet, the company stated. This group consists of three MR tankers with an average age of 18 years and two VLCCs with an average age of 15 years.
International Seaways expects to close these transactions during the first quarter of 2026 and expects to recognise gains from the vessel sales of approximately $65 million.
The company currently operates a fleet of 73 vessels within international flag markets. This total includes 12 VLCCs, 13 Suezmaxes, five Aframaxes/LR2s, 11 LR1s, and 32 MR tankers. International Seaways noted that the fleet of LR1 vessels includes four newbuildings.