International Seaways has struck a deal to finance its new dual-fuel VLCCs using Chinese sale-and-leaseback cash.
The New York-listed US owner said China's Bank of Communications (Bocomm) has bought the 300,000-dwt ships set for delivery from Daewoo Shipbuilding & Marine Engineering in South Korea in the first quarter of 2023.
The deal with Bocomm kicks in once construction begins on the first tanker this month.
