International Seaways has made official its $2.2bn all-stock acquisition of US neighbour Diamond S Shipping amid expectations it will reap the benefits of an eventual turnaround in a depressed tanker market.

Lois Zabrocky-led Seaways announced on Friday that the deal had closed as anticipated, with Seaways shareholders controlling about 55.75% of the combined company and Diamond S backers 44.25%.

The coming together of Manhattan-headquartered Seaways and Diamond, located just up Interstate 95 in Greenwich, Connecticut, had been more than a year in the making with on-and-off discussions through Covid-plagued 2020.