International Seaways has taken delivery of the first of six tankers being built by K Shipbuilding in Korea. The Seaways Alacran was delivered in September, with the remaining five vessels scheduled for delivery sequentially over the next year.

In  August, DNB Bank signed a US$239.7-million term loan facility for International Seaways to finance the six vessels. A portion of the facility benefits from credit support provided by Korea Trade Insurance Corporation ( K-Sure ).

Watson Farley & Williams advised DNB Bank. Lee & Ko and Walkers acted as DNB’s Korean and Bermuda legal counsel, respectively. International Seaways was advised by Holland & Knight in New York and London, and Carey Olsen in Bermuda.

International Seaways, listed on the New York Stock Exchange, specializes in the transport of crude and refined oil products.

DNB is Norway’s largest financial services group and a leading global shipping bank.