By Katherine Hamilton
International Seaways is terminating its retiree health and welfare plan.
The termination is effective Tuesday, after which no further amounts will be deferred under the plan, International Seaways said. The company provides energy transportation services for crude oil and petroleum products.
Each participant's accrued and unpaid benefits will be paid in a lump sum payment no earlier than 12 months and no later than 24 months after Tuesday, the company said.
The board made the decision on Dec. 26 to terminate the plan.
Shares of the company rose about 4% in post-market trading.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
December 31, 2024 17:04 ET (22:04 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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