International Seaways sells a 49.9% stake in Nakilat-International Seaways Joint Venture to Nakilat.

International Seaways(INSW), a leading tanker services provider for the energy transportation market sells a 49.9% stake in Nakilat-International Seaways joint venture to Nakilat (Qatar Gas Transport Company), a leading shipping and maritime transport firm for $123m. This brings the total number of vessels wholly-owned by Nakilat from 25 to 29 LNG vessels, out of its overall fleet of 74 LNG and liquefied petroleum gas (LPG) vessels. "This important transaction positions INSW to further our capital allocation strategy. Following our success growing and renewing our fleet, deleveraging and returning cash to shareholders remain our top priorities.” Jeff Pribor, INSW CFO.