International Seaways, Inc. (NYSE: INSW) has announced changes to its board of directors ahead of the 2024 annual meeting of stockholders, which is expected to be held in June 2024. The company will nominate Kristian K. Johansen and Darron M. Anderson for election as independent directors to the board at the annual meeting. Additionally, Joseph I. Kronsberg will be retiring from the board and will not stand for re-election.
Kristian K. Johansen currently serves as the Chief Executive Officer of TGS ASA, a global provider of energy data and intelligence, and is a non-executive director of Valaris Ltd (NYSE: VAL). He brings extensive board and executive level experience from the global energy markets, having previously served as the Executive Vice President and CFO of EDB Business Partner and on many public boards and industry associations in North America and Europe.
Darron M. Anderson, the President and CEO of Stallion Oilfield Holdings, Inc., has a wealth of leadership experience in the oil and natural gas industry. Before his current role, he served as President, CEO, and Director of Ranger Energy Services, LLC (NYSE: RNGR) and held executive positions at Express Energy Services and Chevron Corporation.
International Seaways, Inc. is one of the largest tanker companies worldwide, providing energy transportation services for crude oil and petroleum products in international flag markets. The company owns and operates a fleet of 77 vessels, including Very Large Crude Carriers (VLCCs), Suezmaxes, Aframaxes/LR2s, LR1s, and MR tankers. Additionally, the company has six additional MRs under contract for purchase, expected to be delivered by the end of the second quarter of 2024.
The company's fleet expansion is a clear indication of its commitment to growth and operational excellence. These changes to the board of directors, along with the company's strategic initiatives, reflect its determination to capitalize on the opportunities in the dynamic industry landscape and continue delivering value for all stakeholders. The appointment of these new directors, with their diverse and independent perspectives, is poised to further enhance the company's strategic direction and governance.
As the industry experiences a multi-year upcycle, International Seaways is well-positioned to capitalize on the opportunities ahead. The company's momentum, built during a record year in 2023, has continued into 2024, thanks to a favorable market environment and strategic steps taken in recent years. The addition of these new members to the board, with their complementary experience, is expected to further drive the company's strong earnings in the near and long-term and execute its balanced capital allocation strategy. Today the company's shares have moved 2.8% to a price of $53.03. Check out the company's full 8-K submission here.
