International Seaways completes merger with Diamond S Shipping; creates second largest US-listed tanker company
International Seaways, Inc.
Merger completed July 16; Diamond S shareholders receive 0.55375 INSW shares per share; pre-merger INSW holders own 55.75%, former Diamond S holders 44.25%.
Special dividend of $1.12 per share paid on July 15 to pre-merger INSW shareholders of record July 14.
Combined company has over 100 vessels, ~11.3M dwt; expects cost synergies >$23M and revenue synergies $9M by 2022.
Board expanded to 10; Diamond S designees Craig Stevenson, Alexandra Blankenship, Nadim Qureshi appointed; Ty Wallach resigned.
Stevenson to serve as special advisor to CEO for 6 months with $500k consulting fee.
The three vacancies created by the resignation of Mr. Wallach and the expansion of the Board were filled by the Board with Mr. Stevenson, Alexandra K. Blankenship and Nadim Qureshi, the three directors designated by Diamond S in accordance with the Merger Agreement.
The three vacancies created by the resignation of Mr. Wallach and the expansion of the Board were filled by the Board with Mr. Stevenson, Alexandra K. Blankenship and Nadim Qureshi, the three directors designated by Diamond S in accordance with the Merger Agreement.
The three vacancies created by the resignation of Mr. Wallach and the expansion of the Board were filled by the Board with Mr. Stevenson, Alexandra K. Blankenship and Nadim Qureshi, the three directors designated by Diamond S in accordance with the Merger Agreement.
Resignation of Director Effective as of the Effective Time, as contemplated by the Merger Agreement to permit three directors designated by Diamond S to serve on the Board, Mr. Ty E. Wallach resigned as a member of the Board.
Key facts
Extracted from this filing and checked against the source text.
Executive changeSEC 8-K Item 5.02confidence 0.95
Nadim Qureshi was appointed as Director at International Seaways, Inc..
Action
appointed
Role
Director
Exact text from the filing
The three vacancies created by the resignation of Mr. Wallach and the expansion of the Board were filled by the Board with Mr. Stevenson, Alexandra K. Blankenship and Nadim Qureshi, the three directors designated by Diamond S in accordance with the Merger Agreement.
Alexandra K. Blankenship was appointed as Director at International Seaways, Inc..
Action
appointed
Role
Director
Exact text from the filing
The three vacancies created by the resignation of Mr. Wallach and the expansion of the Board were filled by the Board with Mr. Stevenson, Alexandra K. Blankenship and Nadim Qureshi, the three directors designated by Diamond S in accordance with the Merger Agreement.
Craig Stevenson was appointed as Director at International Seaways, Inc..
Action
appointed
Role
Director
Exact text from the filing
The three vacancies created by the resignation of Mr. Wallach and the expansion of the Board were filled by the Board with Mr. Stevenson, Alexandra K. Blankenship and Nadim Qureshi, the three directors designated by Diamond S in accordance with the Merger Agreement.
Ty E. Wallach resigned as Director at International Seaways, Inc..
Action
resigned
Role
Director
Exact text from the filing
Resignation of Director Effective as of the Effective Time, as contemplated by the Merger Agreement to permit three directors designated by Diamond S to serve on the Board, Mr. Ty E. Wallach resigned as a member of the Board.
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.