International Seaways, the US-listed tanker owner led by Lois Zabrocky, has confirmed an order for four LR1 product tankers from a South Korean shipyard.
In a recent report, International Seaways confirmed it had signed a contract with K Shipbuilding—a South Korean mid-sized shipbuilder—to construct four LR1 product tankers. The total contract value is $244 million, with a per-vessel cost of approximately $61 million; delivery is scheduled for the second half of 2028. The company plans to finance the newbuilds through a combination of long-term financing and existing liquidity.
The new vessel features an LNG dual-fuel ready design and is equipped with a scrubber; upon delivery, it will join the Panamax International Pool—managed by International Seaways—for operations.
News of this order first emerged in June of this year, initially structured as “2+2” vessels with a total cost of $248 million; International Seaways’ latest earnings report confirms that all four newbuilds were converted into firm orders in the second quarter of 2026, with the total cost finalized at $244 million.
According to quarterly reports, four of the six LR1 product tankers previously ordered by International Seaways from K Shipbuilding have been delivered—with the latest vessel named Seaways Cristobal—while the remaining two are scheduled for delivery in the third quarter of 2026. All vessels in this batch are equipped with scrubbers and feature an LNG dual-fuel ready design; the total cost at the time of the order was $359 million.
Regarding fleet charters, International Seaways entered into a three-year extension of a time charter for a 2017-built Suezmax tanker during the second quarter, representing approximately $45 million in future contract revenue.
As of July 1, 2026, the shipowner had a total of 13 vessels under time charter agreements with an average remaining term of 1.5 years; the total future contract revenue through the expiration of these agreements is approximately $240 million (excluding any applicable profit sharing).