The owners and operators of crude carriers International Seaways is redomiciling its tanker fleet to Bermuda.

International Seaways Inc is seeking efficiencies as it moves its vessel-owning entities and various holding companies from the Marshall Islands and Liberia to Bermuda.

This month it reported amendments to its existing credit facilities, enabling the redomiciliation of its vessel-owning and intermediate holding subsidiaries, with an expected completion by the end of the fourth quarter of 2025, incurring between $3 million and $5 million in related costs.

INSW owns and operates a fleet of 77 crude, product, and chemical tankers around the world, including 12 very large crude carriers, 13 Suezmaxes, five Aframaxes/long range 2s, 11 LR1s (including six remaining newbuildings), and 36 medium range tankers.

The New York-listed company said it is making these changes to maximise future strategic flexibility while maintaining operational and tax efficiency. INSW itself is remaining organised under the laws of the Republic of the Marshall Islands.