On March 11, 2021, International Seaways Inc. announced that it had entered into an agreement for the construction of three dual-fuel LNG VLCCs. The three vessels will be built by the South Korean shipyard Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) and are expected to deliver in 2023. Upon delivery, the three vessels will commence seven-year time charters with a subsidiary of Royal Dutch Shell plc (Shell). The company expects to fund the construction costs with cash and long-term financing.