International Seaways, Inc. (NYSE:INSW) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
International Seaways, Inc. (NYSE:INSW) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On July 8, 2020, Mr. Gregory A. Wright resigned from the Board of Directors (the “Board”) of International Seaways, Inc. (the “Company”) with immediate effect. Mr. Wright’s resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. In connection with his resignation, Mr. Wright’s previously granted stock-based director fees will be treated as fully vested, and in consideration of the Company’s and the Board’s ability to seek advice from him following his resignation through the end of the second quarter of 2021, the Company will pay Mr. Wright approximately $100,000.
Following Mr. Wright’s resignation, the Company appointed Ms. Randee E. Day, a current director, as the Chair of the Audit Committee, and appointed Mr. Ian T. Blackley, a current director, as a member of the Audit Committee and the Corporate Governance and Risk Assessment Committee. The Board has previously determined that both Ms. Day and Mr. Blackley are “independent”, and that Ms. Day is an “audit committee financial expert”, in each case as defined under the rules and regulations of the Securities and Exchange Commission and the New York Stock Exchange.
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About International Seaways, Inc. (NYSE:INSW)
International Seaways, Inc. and its subsidiaries own and operate a fleet of oceangoing vessels. The Company’s oceangoing vessels engage in the transportation of crude oil and petroleum products in the International Flag trades. The Company’s segments are International Crude Tankers and International Product Carriers. Its 55-vessel fleet consists of Ultra Large Crude Carrier (ULCC), Very Large Crude Carrier (VLCC), Aframax and Panamax crude tankers, as well as long range 1 (LR1), LR2 and medium range (MR) product carriers. Its International Crude Tankers segment is made up of a ULCC and a fleet of VLCCs, Aframaxes, and Panamaxes. Its International Product Carriers segment consists of a fleet of MRs, LR1s and an LR2 engaged in the transportation of crude and refined petroleum products. Through joint venture partnerships (the JVs), it has ownership interests in approximately four liquefied natural gas carriers and approximately two floating storage and offloading service vessels.