Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

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.

 

 

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish
TMSRPan21-22 Category Promo 600_600-resize
Read Now

The 21st Edition of Panama Maritime Review

"We will invest in digital transformation, exploring innovative ways in which we can maxinimise the Canal's capacity to provide value guarentee quality of service to our customers."

Ricaurte Vásquez Morales, Panama Canal Administrator

Read Panama Maritime Review 2021/22 to find out more.

TMSRPan21-22 Category Promo 600_600-resize