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Embattled Euronav sells off VLCC

Embattled Euronav sells off VLCC
Euronav has sold double-hulled VLCC Ardenne Venture for $41.7m, in an attempt to pay down its debts.

The 318,658 dwt vessel, owned by a 50/50 joint venture company with Wah Kwong Maritime Transport Holdings, is set to be delivered to its new owner between December 2013 and February 2014. 

Euronav capital gain on this sale of about $2.2m will be recorded at delivery, with $10.2m cash proceeds after the mandatory repayment of its debt obligation.

The news follows the announcement of major tanker losses at Euronav in the last nine months, amounting to $88m.

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