Watson Farley & Williams LLP (“WFW”) advised the New York branch of DNB Bank ASA (“DNB”) on a US$239.7m term loan facility granted to International Seaways, Inc. (“INSW”) to finance six newly constructed vessels. A portion of the term loan facility benefits from credit support provided by Korean ECA K-SURE.
The loan facility is secured by six LR1 product tankers on order by INSW and currently under construction by K Shipbuilding Co, Ltd in Korea. The facility was executed in August 2025 and the first of the vessels, the Seaways Alacran, was delivered in September 2025, with the remaining five vessels scheduled for delivery sequentially over the next year.
DNB is Norway’s largest financial services group and a leading global shipping bank providing tailored financial solutions to shipowners, operators and energy companies, including structured lending, access to capital markets and strategic advisory services.
Headquartered in New York, INSW is one of the largest US-listed tanker companies. It owns and operates a modern fleet of crude oil and petroleum product tankers, serving major oil companies, traders and government entities.
The cross-border WFW Maritime team that advised DNB was led by London Assets and Structured Finance Partner Richard Dibble, assisted by Senior Associate Parit Patani, Associate Chloe Konstantinides and Trainee Solicitors Mike Gorry and Rufus Hart. New York Partner John Benson, supported by Senior Associate Elina Kremen and Paralegal Vasso Kanellopoulou, advised on matters of New York and Marshall Islands law. New York Partner Daniel Pilarski provided US tax expertise.
Richard commented: “We are pleased to have advised long-standing client DNB on this major financing for INSW as it expands its fleet. Our cross-border team on both sides of the Atlantic was well positioned to support DNB in implementing the financing arrangements in a timely and collaborative manner. We wish INSW and the newly built vessels every success as they enter operation”.
Lee & Ko and Walkers acted as DNB’s Korean and Bermudan legal counsel respectively. INSW was advised by Holland & Knight LLP in New York and London and Carey Olsen in Bermuda.
