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Euronav buys sister ULCC from International Seaways


By : Nigel Lowry

EURONAV once again controls the world’s only remaining ultra large crude carriers after acquiring SEAWAYS LAURA LYNN from International Seaways. It paid $32.5m for the 441,561 dwt vessel, which is the world’s second-largest trading tanker, behind Euronav’s 442,470 dwt TI EUROPE. LAURA LYNN has already been renamed TI OCEANIA and registered under the Belgian flag. Both ULCCs are listed as currently trading in the spot market. “Bringing the only other ULCC in the world fleet under our control will provide us with a significant strategic opportunity,” said Euronav chief executive Paddy Rodgers. As HELLESPONT TARA and HELLESPONT FAIRFAX respectively, the two tankers were part of a four-vessel series that were built in 2002-2003 by Daewoo Shipbuilding & Marine Engineering for the Basil Papachristidis-led Hellespont Group. They were the first ULCCs constructed for 25 years and remain the only ultra large tankers built in the double-hull era. Euronav and partners acquired all four in 2004 but converted two to floating storage and offloading units at Drydocks World in 2009-2010. Originally HELLESPONT ALHAMBRA and HELLESPONT METROPOLIS, these are still 50%-owned by Euronav and in service as the FSO ASIA and FSO AFRICA, respectively.


Source : Lloydslist

 

 

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