Famatown Finance Limited Issues a Press Release to the Board of the International Seaways Inc
September 02, 2022 at 12:00 am EDT
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On September 2, 2022, Famatown Finance Limited announced that on September 1, 2022 it has issued a press release including a presentation to certain members of the management team of the International Seaways Inc. Famatown Finance stated that it has engaged in discussions with the Board of the Company regarding suggestions aimed at enhancing shareholder value, including the appointment of 2 new shareholder representatives to the Board and it remains hopeful that a cooperative resolution with the Company can be reached. In addition, Famatown Finance stated that it reserves all rights to take actions it may be necessary to improve governance and enhance shareholder value at the Company.
International Seaways, Inc. is a tanker company engaged in providing energy transportation services for crude oil and petroleum products in international flag markets. The Company operates through two segments: Crude Tankers and Product Carriers. The Crude Tankers segment is made up of a fleet of VLCCs, Suezmaxes, and Aframaxes engaged in the worldwide transportation of crude oil. This segment also includes its Crude Tankers Lightering business through which it provides ship-to-ship (STS) lightering support services and full-service STS lightering to customers in the United States Gulf (USG), United States Pacific, Grand Bahama, and Panama regions. The Product Carriers segment consists of a fleet of MRs, LR1 product carriers, and an LR2 product carrier engaged in the worldwide transportation of refined petroleum products. It owns and operates a fleet of about 77 vessels, including 13 VLCCs, 13 Suezmaxes, five Aframaxes/LR2s, 11 LR1s, of which four are new buildings, and 35 MR tankers.
INTERNATIONAL SEAWAYS, INC. 
