Euronav has acquired the 441,561 dwt, 2003-built, ULCC Seaways Laura Lynn for $32.5m from International Seaways.
The tanker is being renamed Oceania, and joins the other world's only ULCC , the 442,4670 dwt, 2002-built TI Europe in Euronav's fleet.
The 400,000 dwt upwards ULCC is a niche and, relatively unloved, category of vessel with charterers generally moving 2m barrel cargoes which are suited to very large crude carriers (VLCCs) in the 300,000 dwt. However, Euronav sees an opportunity in owning the only two ULCCs currently in existence, although its not actually saying what that opportunity is.
Paddy Rodgers, ceo of Euronav, said, "Bringing the only other ULCC in the world fleet under our control will provide us with a significant strategic opportunity."
Euronav is also acquiring the ULCC at time when large tanker rates have hit extreme lows with rates for VLCCs averaging little more than $5,000 per day in the first five months of the year.