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Euronav's OSG vessel buy plan scuppered

Euronav's OSG vessel buy plan scuppered
Euronav’s plans to buy five large tankers from bankrupt Overseas Shipholding Group (OSG) have been scuppered.

Expansion hungry Euronav had formed a joint venture with Blackstone’s GSO Capital for a $255m bid for three VLCCs and two suezmaxes. However, OSG debt plans announced last week have put an end to the bid as it includes the five vessels.

Euronav said OSG had confirmed it would withdraw the previously-announced motion for authorization to sell the vessels over which China Exim Bank had security interests.

“As a consequence, the joint venture can no longer acquire those assets under the bankruptcy sale process, which was going to be organized as an auction under Chapter 11,” Euronav said.

In January Euronav announced it would be acquiring Maersk Tankers fleet of 15 VLCCs for $980m.