Euronav NV (“Euronav”) has agreed with Bretta Tanker Holdings Inc. (“Bretta”) to terminate its Suezmax joint venture, the Company said in a press release.
The joint venture covers four Suezmax vessels: the Captain Michael (2012 - 157,648 dwt), the Maria (2011 - 157,523 dwt), the Eugenie (2010 - 157,672 dwt) and the Devon (2011 - 157,642 dwt).
Euronav will assume full ownership of the two youngest vessels, the Captain Michael and the Maria, and Bretta will assume full ownership of the Eugenie and the Devon. Euronav will compensate its partner for the difference in value due to the younger age profile of the ships it will own as well as the voyages in progress and will pay Bretta the sum of USD 15.1 million upon closing the transaction which is foreseen to take place in the current quarter.
"The termination of the joint venture will allow us to account directly for what was our share in the joint venture instead of having to use the equity method. Euronav further announces that John Michael Radziwill has resigned from the Board of Directors with immediate effect. The Board takes this opportunity to thank him for his contribution to the development of the Company," the statement said.
About Euronav
Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil and petroleum products. The Company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav’s owned and operated fleet consists of 55 double hulled vessels being one V-Plus vessel, 30 VLCCs (of which 1 in 50%-50% joint venture), 22 Suezmaxes (of which four are owned in 50%-50% joint ventures) and two FSO vessels (both owned in 50%-50% joint venture). The Company’s vessels mainly fly Belgian, Greek, French and Marshall Island flags.