International Seaways, Inc. (NYSE: INSW) (INSW), one of the largest tanker companies worldwide providing energy transportation services for crude oil, petroleum products and liquefied natural gas (LNG), today announced that it has signed contracts with Clean Marine AS of Norway and a qualified system installer for the purchase and installation of exhaust gas cleaning systems (“scrubbers”) on seven of its modern VLCCs, with an option for a further three systems covering the remaining three modern VLCCs in its fleet.

International Seaways Announces Contract to Install Scrubbers
Caption: Crude Oil Tanker Seaway Sakura - mgklingsick

The seven scrubbers are all to be installed prior to January 1, 2020, when the new 0.5% IMO sulfur emission cap goes into effect.

Clean Marine AS is a leading provider of marine exhaust scrubber systems with proven systems well suited to tankers.

The seven scrubber units are intended to be funded with available liquidity.

“Following significant economic analysis and evaluation of different systems, we are pleased to have executed contracts to install scrubbers on a large portion of our VLCC fleet,” said Lois Zabrocky, President and CEO of International Seaways. “We believe that by installing scrubbers on our largest ships, we will gain an economic advantage while further demonstrating a commitment to the environment as we did with our recent acquisition of highly efficient VLCCs. In addition to being well positioned to capitalize on a market recovery based on International Seaways’ sizeable high-quality fleet, our scrubber initiative also strengthens the Company’s ability to take advantage of a potential strong tanker market resulting from the IMO regulations, as both crude and product tankers stand to benefit from increased transportation demand.”

Source: International Seaways