Euronav NV sells its oldest double - hulled VLCC Luxembourg

Euronav NV today announced that the company sold its oldest double - hulled VLCC Luxembourg (1999 – 299,150 dwt), for USD 28 million, the company said in its press release. The vessel is wholly owned by Euronav. The capital gain on that sale of about USD 6 million will be recorded at delivery . T he net cash proceeds available to Euronav after the mandatory repayment of its debt obligation will be USD 5 million. The vessel is foreseen to be delivered to its new owner between 1 May 2014 and mid June 201 4 which should allow for two more profitable vo yages prior to her delivery. The vessel will be converted in a FPSO by her new owner and will therefore leave the worldwide VLCC trading fleet. The firm price of this sale reflects on the company’s strategy to have set up an offshore department capable of understanding the n eeds of potential offshore buyers as well as having always maintained the ship well above industry standards.