New York-listed International Seaways has confirmed a $375m refinancing of six modern VLCCs through a sale-and-leaseback arrangement with Norwegian financier Ocean Yield that was first reported by TradeWinds on Monday.

While the arrangement on the six large tankers acquired in 2018 from Belgian owner Euronav has raised questions about whether Seaways is making a liquidity grab amid a protracted sour tanker market, Seaways management accentuated other positives in a statement on Tuesday.

"Reflecting our enhanced capabilities following our recent transformational merger, we are pleased to enter into this opportunistic and favourable refinancing ahead of the anticipated tanker market recovery, which is beginning to emerge," said chief executive Lois Zabrocky.