Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav” or the “Company”) says it has entered into an agreement for the acquisition through resale of one VLCC newbuilding contract.
Currently completing construction at the DSME shipyard in South Korea this modern ecoVLCC is being acquired for USD 93 million and will be fitted with Exhaust Gas Scrubber technology and Ballast Water Treatment System. The vessel is due for delivery early in the first quarter of 2021 and is an identical sister ship of the 3 VLCCs acquired last month.
Hugo de Stoop, CEO said: “Management and the board continue to believe that the fundamentals of the large tanker market remain onstructive despite substantial headwinds surrounding economic activity linked to the Corona Virus. We believe and hope these will be temporary albeit likely to impact tanker markets until the end of the summer 2020.”
About Euronav
Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. 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 2 V-Plus vessels, 42 VLCCs (with four resales due for delivery 2020/21), 26 Suezmaxes (two of which are in a joint venture) and 2 FSO vessels (both owned
in 50%-50% joint venture).