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Presentation to the Management of International Seaways

·2-min read

NEW YORK, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Famatown Finance Limited (“Famatown”), a company indirectly controlled by trusts settled by Mr. John Fredriksen1 and a member of the Seatankers Group, which is the largest owner of shares of common stock, no par value (“Common Stock”) of International Seaways, Inc. (“International Seaways”) (NYSE:INSW) with ownership of approximately 16.6% of the outstanding Common Stock, has today made a presentation to certain members of the management team of International Seaways, following up on its May 10, 2022 letter to the Board of Directors. Famatown has released the presentation alongside the following statement:

“The Seatankers Group continues to believe International Seaways has an attractive platform with valuable assets and is well positioned to capitalise on the global recovery of the product and crude oil transportation market.

As stated in our letter to the Board of Directors on May 10, 2022, the Seatankers Group continues to encourage International Seaways to add two new Directors to its Board of Directors who are familiar with the Seatankers Group’s proven approach for value creation. The Seatankers Group remains hopeful that we can continue to work collaboratively with the International Seaways Board of Directors to achieve this board representation and unlock shareholder value.”

The presentation can be found at http://ml.globenewswire.com/Resource/Download/6dd2d2d3-5059-4b75-8bd9-6d8dbcdb09e3

Cautionary Statements
Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “could,” “may,” “might,” “should,” “will” and similar words and specifically include statements relating to future financial performance and shareholder value. Forward-looking statements are aspirational and are not guarantees or promises that such expectations, plans, or goals will be met. They are also subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated. Each forward-looking statement speaks only as of the date of the particular statement and we undertake no obligation to update or revise any forward-looking or other statements, except as required by law and notwithstanding any historical practice of doing so.

Investor & Media Contact:
Elena Varnava
elena.varnava@seatankers.com.cy
+ 357 25 858300

1 The beneficiaries of the trusts are members of Mr. Fredriksen’s family. Mr. Fredriksen is neither a beneficiary nor a trustee of the trusts. Therefore, Mr. Fredriksen has no economic interest in the Common Stock and Mr. Fredriksen disclaims any control over the Common Stock, save for any indirect influence he may have with the trustee of the trusts, in his capacity as the settlor of the trusts.