International Seaways Signs the Neptune Declaration on Seafarer Wellbeing and Crew Change

Rhea-AI Summary

International Seaways (NYSE: INSW) has signed the Neptune Declaration on Seafarer Wellbeing, aimed at addressing the ongoing crew change crisis exacerbated by COVID-19. This initiative, supported by over 300 maritime organizations, focuses on four key actions: prioritizing seafarers for COVID-19 vaccines, implementing health protocols, enhancing cooperation for crew changes, and ensuring air connectivity between maritime hubs. CEO Lois K. Zabrocky emphasizes the importance of crew welfare in maintaining global trade during the pandemic.

Positive

• Signing the Neptune Declaration demonstrates commitment to crew welfare and industry leadership.
• The initiative enhances operational efficiency by resolving crew change challenges.

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• None.

International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, today announced that it has signed the Neptune Declaration on Seafarer Wellbeing and Crew Change in a worldwide call to action to end the unprecedented crew change crisis caused by COVID-19.

Developed by a taskforce of stakeholders from across the maritime value chain, the Neptune Declaration is a commitment signed by more than 300 companies and organizations to work together to ensure that the crew change crisis is resolved as soon as possible. It defines four main actions to facilitate crew changes and keep global supply chains functioning:

• Recognize seafarers as key workers and give them priority access to COVID-19 vaccines
• Establish and implement gold standard health protocols based on existing best practice
• Increase collaboration between ship operators and charterers to facilitate crew changes
• Ensure air connectivity between key maritime hubs for seafarers

“The world’s seafarers have continued to provide an essential service, facilitating global trade throughout the COVID-19 pandemic, and we are proud to support this critical initiative to help resolve the current humanitarian crisis at sea,” said Lois K. Zabrocky, International Seaways’ President and CEO. “Seaways continues to prioritize the well-being of our crews and we thank them for their dedication and commitment to maintaining the highest level of professional standards amidst extremely challenging circumstances. This declaration is a crucial step toward getting seafarers home to their families safely and on time.”

About International Seaways, Inc.

International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 36 vessels, including 11 VLCCs, two Suezmaxes, four Aframaxes/LR2s, 13 Panamaxes/LR1s and 4 MR tankers. Through joint ventures, it has ownership interests in two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.

Forward-Looking Statements

This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the Company’s plans to issue dividends, its prospects, including statements regarding vessel acquisitions, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2019 for the Company, the Quarterly Report on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210126005152/en/

FAQ

What is the Neptune Declaration signed by International Seaways?

The Neptune Declaration is a commitment by over 300 maritime organizations, including International Seaways, to resolve the crew change crisis caused by COVID-19.

What are the key actions outlined in the Neptune Declaration by INSW?

The key actions include prioritizing seafarers for COVID-19 vaccines, establishing health protocols, increasing collaboration for crew changes, and ensuring air connectivity for seafarers.

How does signing the Neptune Declaration affect INSW's operations?

Signing the Neptune Declaration may enhance INSW's operational efficiency by resolving crew change issues, which can impact overall service delivery.

What is International Seaways' commitment to crew welfare?

International Seaways is committed to the welfare of its crews, recognizing their essential role in facilitating global trade during the pandemic.