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Euronav sells three VLCCs, orders three tankers


by Jamey Bergman
Company said it has sold three VLCCs, taken delivery of Mineral France and ordered two Newcastlemaxes and an additional VLCC Euronav called 2023 "a transformative period for Euronav and CMB.Tech" and its shareholders, referencing a battle with John Fredriksen’s Frontline for control of Euronav. Ultimately, the Saverys family backed Compagnie Maritime Belge won the fight in a multi-billion-dollar exchange of shares, ships and cash. The company lately faced down rebel investors to see the acquisition completed."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’s statement said. "A new chapter is being written – full steam ahead to execute the value-creating strategy." In recent moves, Euronav said it has sold VLCC NECTAR (2008; 307,284 dwt), VLCC NEWTON (2009; 307,208 dwt), and VLCC NOBLE (2008; 307,284 dwt). "This transaction will generate a capital gain of US$83.5M. Euronav said it also 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 and CMB.Tech now have five VLCCs and 24 Newcastlemaxes on order at Qingdao Beihai Shipyard. All of the vessels will be ammonia-ready or fitted with ammonia-capable propulsion, the company said. On 18 March, Euronav and CMB.TECH took delivery of the fourth super-eco Newcastlemax MINERAL FRANCE (2024; 210,000 dwt). That acquisition brings Euronav and CMB.Tech’s Newcastlemax fleet to four vessels on the water, all trading in the spot market, in a "highly supportive dry-bulk freight environment".The company said it expects another six Newcastlemaxes to be delivered during the course of 2024.

Source : Riviera Maritime Media

 

 

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