Background of the deal: How fleet diversity helped International Seaways pull a swap

International Seaways management confirmed an innovative tanker swap on Thursday that was reported in December, and later shared a little colour with TradeWinds on how they pulled it off.

Seaways swapped two older VLCCs and some cash for three younger MR tankers. The New York company has not identified the counterparty, but the market knows it to be private South Korean shipowner Sinokor Merchant Marine.