$370 Million Proton Deal Adds 4 Tankers to International Seaways Fleet
Key Facts
International Seaways’ acquisition of Proton is nearing its next operational milestone after Proton announced a timetable ending with the last day of trading for its shares on Euronext Growth Oslo on November 2, 2026. According to Proton’s filing with the U.S. Securities and Exchange Commission, trading will be suspended starting November 3. Trades executed on the final trading day are scheduled to settle on November 4, which is also the record date for shareholders entitled to the consideration. The timetable follows the company’s October 30 announcement that all matters put to the shareholders’ meeting were approved and that the deal was expected to close after trading ended on November 2, subject to the customary closing conditions continuing to be met. No subsequent confirmation that the deal actually closed or that all conditions were met has appeared in the available official sources.
International Seaways valued the deal at about $370 million in its initial announcement and said it would add Proton’s 4 very large crude carriers to its fleet. The vessels include newbuilds under construction, according to the announcement attached to the company’s filing. The buyer had a fleet of about 70 vessels before the deal, making the transaction an expansion of its maritime asset base. The arrangement represents a transfer of Proton’s assets to a larger company with a diversified fleet, in International Seaways’ description. The announced value and the 4 vessels define the deal’s financial and physical scale, without confirming that it has been completed.
The form of consideration varies according to the size of Proton shareholders’ holdings. According to International Seaways’ filing with the U.S. Securities and Exchange Commission, shareholders representing about 50.5% of Proton’s shares agreed to exchange each share they own for 0.05190 shares of International Seaways. Holders of 10,000 shares or fewer will receive cash consideration of $6.3044 a share, under the deal terms. The number of shares registered to a shareholder therefore determines whether the consideration is cash or shares, while the announced exchange agreements cover about half of Proton’s shares. The November 4 record date is part of the timetable Proton announced for settling trades on the final trading day and identifying those entitled to the consideration.
Against the backdrop of the deal, International Seaways said blended spot operating earnings were about $68,000 a day in the third quarter of 2026. The company compared that level with $79,000 a day in the second quarter of the same year and $29,000 a day in the third quarter of 2025. It attributed the performance mainly to strong market conditions. The difference across quarters puts third-quarter figures in the context of the tanker market, with the rate down from the second quarter and up from the same period a year earlier. The company said its preliminary third-quarter financial estimates remain subject to financial closing procedures and that actual results may differ from them.
The market is awaiting International Seaways’ full third-quarter results on November 5, 2026, the date set by the company. The announcement comes a day after the scheduled settlement of Proton share trades executed on the final trading day, according to the published timetable. It also follows the shareholder record date that will determine eligibility for the deal consideration. EL7 data show International Seaways shares closed at $111.95 on October 30. The available data here do not include the session’s high or low, while the company’s full results and the actual closing of the deal remain the next defined developments on the announced timetable.