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Euronav bags four Metrostar VLCCs at $96m each

Euronav bags four Metrostar VLCCs at $96m each
Euronav has bought four VLCC newbuilds from Metrostar Management for $96m each, with options for four extra vessels at $98m each.

The ships, currently under constructions at Hyundai Heavy Industries (HHI) and are due for delivery between September 2015 and May 2016.

The cost of the acquisition will be financed from existing creditfacilities, which will mean an increase in the company's debt leverage from around 40% to just under 50% when the large delivery payments are made.

Paddy Rodgers, Euronav ceo,commented: “Euronav is delighted to enhance our fleet with the addition of four high specification modern VLCCs. The tanker sector continues to perform strongly with a positive outlook. This accretive transaction further cements Euronav’s position as the largest, independent quoted crude tanker platform.”

The company stated that the transaction is inline with its principles of not increasing world capacity by buying ex-yard, efficient capital deployment due to the short time between purchase and delivery, and regular fleet rejuvenation.

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