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Euronav lines up New York IPO

Euronav lines up New York IPO
Expansionist tanker owner Euronav has filed for an initial public offering (IPO) on the New York Stock Exchange (NYSE).

The Euronext-listed company has filed a registration statement with the US Securities and Exchange Commission for IPO. No details were given on the possible size or pricing of the offering. Funds raised though could go towards further secondhand vessel acquisitions.

“We intend to use the net proceeds of this offering for the repayment of certain indebtedness, general corporate purposes and working capital, which may include the accretive acquisition of additional new or secondhand vessels,” Euronav said in the registration statement.

In January this year Euronav announced it was buying Maersk Tankers VLCC fleet for $980m, and later it splashed out $342m on four more VLCCs Maersk had had on long-term bareboat charters.