International Seaways has answered an open letter from its largest shareholder with a robust defence of its shareholder practices and value creation by its management.

International Seaways’ statement on Tuesday came a day after Famatown Finance ripped a decision by Seaways’ board to place a “poison pill” in its bylaws blocking further share accumulation by the John Fredriksen entity.

Famatown has amassed a 16.6% stake in the past month but will face significant dilution if it goes above 17.5%,