Euronav announces dividend proposal and further fleet optimisation and growth
Euronav NV announces its dividend proposal at the Annual Shareholders’ Meeting and further fleet optimisation with the sale of three VLCCs, the delivery of the Mineral France and orders of two Newcastlemaxes & an additional VLCC.
The year 2023 to date has been a transformative period for Euronav & CMB.TECH and its shareholders. The deadlock with Frontline was resolved, the renewed strategy to become the benchmark in sustainable shipping was rolled out through the successful completion of the CMB.TECH transaction, and the mandatory public takeover bid was concluded.
Euronav anticipates that the share issuance payment part of the distribution will represent more than 90% of the distribution. This distribution is exempt from any withholding tax.
Euronav has sold the VLCC Nectar (2008 – 307,284 DWT), VLCC Newton (2009 – 307,208 DWT), and VLCC Noble (2008 – 307,284 DWT). This sale reconfirms Euronav & CMB.TECH’s strategy of recycling capital at a historical high point in the tanker market. This transaction will generate a capital gain of USD 83,5 million. Furthermore, Euronav concluded an order for two Newcastlemaxes and one additional VLCC at Qingdao Beihai Shipyard (China). The vessels are expected to be delivered in Q1 and Q2 2027. Euronav & CMB.TECH now have five VLCCs and still twenty-four Newcastlemaxes on order at Qingdao Beihai Shipyard. All of these will be ammonia ready/fitted.
On 18 March, Euronav & CMB.TECH took delivery of the fourth super-eco Newcastlemax Mineral France (2024 – 210,000 DWT). This brings Euronav & CMB.TECH’s Newcastlemax fleet to four vessels on the water all trading spot in a highly supportive dry-bulk freight environment.
Another 6 Newcastlemaxes are expected to be delivered during the course of 2024.
Euronav and CMB.TECH together represent a group with around 150 ocean-going vessels (including newbuildings) in dry bulk, container shipping, chemical tankers, offshore wind and oil tankers. The group focuses on large marine and industrial applications on hydrogen or ammonia. They also offer hydrogen and ammonia fuel to customers, through own production or third-party producers. The company is headquartered in Antwerp, Belgium, and has offices across Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN. Euronav plans to change the group's name to CMB.TECH. Euronav will remain the oil tanker shipping company within the group.
