Shipowners love to talk about “transformative” deals, which usually involve a large fleet or company changing hands for $1bn or more.
But, sometimes, a transformation is quiet and gradual.
Consider what has been carried out by the management team of International Seaways since it was spun off from Overseas Shipholding Group (OSG) in 2016.
Chief executive Lois Zabrocky and chief financial officer Jeffrey Pribor have presided over a methodical overhaul, not just of International Seaways’ fleet but of its balance sheet and shareholding structure.
