• Home
  • News
  • EURONAV orders two newbuild LNG-, Ammonia-ready VLCCS and one option to add a third
  • 2021 April 25 11:08

    EURONAV orders two newbuild LNG-, Ammonia-ready VLCCS and one option to add a third

    Euronav NV (“Euronav” or the “Company”) announced that it has entered into an agreement with the Hyundai Samho yard for two VLCC newbuilding contracts. Sourcing fleet renewal from the newbuilding market has primarily been driven by the aim of Euronav to be at the forefront of innovation in the energy transition and to drive projects with potential to decarbonize the transportation of oil.

    The vessels will be LNG-ready and consequently there is an ability to cut CO2 emissions compared to current market standards. Furthermore, Euronav is working in cooperation with the yard and classification society to include an Ammonia-ready notation with the potential to reduce CO2 emissions to zero when technology, logistics and the regulatory framework allows for it. This should be defined by the end of the summer. In addition to being significantly more fuel efficient compared to the vessels they will replace, the newbuildings will also be fitted with Exhaust Gas Scrubber technology and Ballast Water Treatment Systems.

    These market leading units will be delivered during Q4 2022 and Q1 2023, costing USD 186 million en-bloc, and including USD 4.2 million in additions and upgrades to the standard specifications. Euronav also has the option to contract a third VLCC with the same specifications that would be delivered in the second quarter of 2023.

    While contracting and orderbook-to-fleet ratio remains at an historical low in the tanker segment, elevated contracting activity from other segments has reduced available capacity to build VLCCs for the upcoming years at a time when the sector needs to replace maturing vessels with more environmentally friendly designs.

    Hugo De Stoop, Euronav CEO said “As a market leader in our segment, Euronav acknowledges our responsibility to support innovation towards decarbonizing the transportation of oil, while protecting and building value with the capital our shareholders have entrusted us with. With this order Euronav is tangibly driving innovation and investing in the energy transition. These ships are not only the latest generation of low consumption design but also have the option to be converted or retrofitted to use either LNG or Ammonia as a low emission fuel of the future. As there are no such alternatives in the second-hand market today, and with rising steel prices and constraints over yard capacity to 2024, we wanted to seize this opportunity to rejuvenate the fleet with two or three modern VLCCs that will replace older and less efficient ships that will leave our fleet around the same time of their delivery”.

    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, 45 VLCCs, 28 Suezmaxes (one of which is in a joint venture and two vessels time chartered in and two to be delivered) and 2 FSO vessels (both owned in 50%-50% joint venture).




2021 October 25

16:47 Two ways to experience the Fort Lauderdale Int'l Boat Show
15:23 Trafigura Group closes USD2.4 billion-equivalent syndicated revolving credit facility and term loan facilities
14:22 Sea Port of Saint Petersburg’s employees support package during COVID-19 pandemic
14:02 Svanehøj launches a new control system makes P&C offloading faster and easier
13:20 PIL launches new direct China to Gulf Service – Gulf China Service
12:15 Port of Hamburg honoured as ‘Best Seaport – Europe’
11:35 LR granted AiP to Samsung Heavy Industries for liquefied hydrogen carrier
11:12 Rosmorport updates Port of Ust-Luga data in the Register of Russia’s seaports
10:17 MABUX: Bunker prices may demonstrate upward changes on Oct 25
09:38 Russian Gov’t gives green light to imposing some port services tariffs in foreign currency
09:21 Baltic Dry Index as of Oct 22
09:17 Oil prices rise as crude stocks decline

2021 October 24

15:18 Carnival Cruise Line christens Mardi Gras
14:31 TenneT's Hollandse Kust (noord) jacket ready to set sail
13:48 Jonathan Lord MP visits Petrofac to discuss hydrogen technology in woking
13:24 CDWE signs ECA for the provision of pin piles with EEW for Hailong project
12:51 Prosafe SE: Prosafe awarded 2022 contract by TotalEnergies
12:31 FMD names Robert Starr Chief Financial Officer
11:08 Holland America Line's Rotterdam is on maiden voyage from Amsterdam to Florida for inaugural Caribbean season

2021 October 23

14:32 Viking begins sailing from Port Everglades for 2021-2022 winter season
13:12 Maritime NZ launches latest No Excuses on-water boating safety campaign
12:41 Governor Ron DeSantis: Florida’s seaports are open and ready to meet holiday demands
11:34 Ecochlor appoints Andrew Marshall as CEO
10:49 USCG interdicts 3 lanchas illegally fishing US waters

2021 October 22

18:01 RS provides the designers with a tool for automated check of hull structures
17:40 IADC supports 5th International Congress “Hydraulic Engineering Structures and Dredging” as its Partner
17:15 EXMAR and LATTICE announce joint development of CO2 carrier
16:27 Cargo traffic within Azov-Don Basin of Russia’s IWWs fell by 12% in 10M’21
16:04 COSCO SHIPPING Ports and Silk Road Fund agree to establish cooperative strategic relationship
15:12 Port of Salalah partners with Maersk to launch a new end-to-end logistics service to Yemen through the Al-Mazyunah free zone
14:58 Marine Recruiting Agency trained 38% more people in 9M'2021
14:22 North Sea Port makes up for pandemic losses step by step in the first nine months of 2021
13:22 Bollinger Shipyards delivers 46th fast response cutter ahead of schedule despite direct hit from hurricane Ida
12:32 Port of Los Angeles reduces net air pollution during pandemic year
12:28 Navigation season officially closed in Lena Basin of RF IWW
12:01 GTT is selected by Samsung Heavy Industries to design the fuel tanks for six new LNG-fueled mid-size container vessels
11:49 Austal Australia delivers 13th Guardian-class Patrol Boat
11:22 Hyundai Heavy Industries awards no objection letter to Gazpromneft Ocean oils
10:21 Singapore crowned as the “Best Global Seaport” for the first time and won "Best Seaport in Asia" for the 33rd time
10:11 Delegation of MOL shipbuilding company visits Rosmorport’s Murmansk Branch
09:49 MABUX: Bunker prices may demonstrate downward changes on Oct 22
09:27 Crude oil prices decrease following the growth
09:10 Baltic Dry Index as of October 21

2021 October 21

18:26 Mermaid contract awards in Thailand, Angola and Saudi Arabia total 120 million USD
18:02 Non-self-propelled dredgers of Project 4395 laid down in Gorodets for Russian IWW Basin Administrations
17:46 Magseis Fairfield enters strategic collaboration with PGS for the hybrid towed streamer and OBN market
17:31 HELCOM adopts the updated Baltic Sea Action Plan, charting a way forward for a healthy Baltic Sea
17:16 DP World launches CARGOES Logistics
16:30 Proman and Stena jointly develop methanol as the pathway to sustainable shipping
16:14 APM Terminals and ZPMC enter into strategic alliance
15:33 MPC Container Ships ASA secures new financing facility, agrees on sale of six vessels and provides update on charter fixtures
15:32 Okskaya Shipyard lays down lead ship of Project RSD71 for Volga Shipping Company
15:03 NYK and Japan Marine Science to introduce and promote new mooring system to Japan ports together with Trelleborg Marine Systems
14:45 MABUX: Bunker Weekly Outlook, Week 42, 2021
14:03 NYK delivers new LNG carrier LNG Endeavour to TotalEnergies
13:49 Global Ports Investments published its Q3 and 9m 2021 operational results
13:28 Seaspan Ferries to reduce greenhouse gas emissions through using carbon-neutral Renewable Natural Gas in LNG-powered vessels
13:18 Consolidated cargo turnover of NCSP Group for 8M 2021, year-over-year
12:34 Dmitry Pankov appointed as new CEO of Management Company Delo
12:11 Port of Los Angeles cargo volume exceeds 903,000 TEUs in September 2021