New York-listed diversified tanker owner International Seaways is on track to realise post-merger financial synergies both on the cost and revenue sides following the completion of its July takeover of Diamond S Shipping.
That assessment comes from B Riley FBR analyst Liam Burke after completing a non-deal roadshow with the New York company, and just after Seaways confirmed to TradeWinds that it will be cutting some positions among legacy Diamond S staffers.
"Although post-integration cost synergies will not be fully realized until 2022, the company is seeing progress toward meeting its $23m cost reduction objective on schedule," Burke wrote in a client note on Thursday.
