RTTNews | Jul 16, 2021 01:02PM EDT

13:02 Friday, July 16, 2021 (RTTNews.com) - New York-based ocean transport company International Seaways (INSW) is down 5% on Friday. Earlier, the company announced that it completed the previously announced merger between the company and Diamond S Shipping Inc. (DSSI).

The merger means that the International Seaways became the second-largest tanker company with more than 100 vessels at its disposal. The company expects a cost synergy of $23 million and a revenue synergy of $9 million by 2022.

Currently, the shares of the company are trading at $16.46, down $0.99 or 5.65% since their previous close at $17.45. The market opened at $17.54 in the morning and in the 52-week period, the shares have moved between $12.44 and $22.39.

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