The four vessels with an average age of three years are being bought enbloc from an undisclosed party.
“This will not only rejuvenate the company’s fleet, but it will also complement the company’s existing fleet and further position Euronav as the key pure play consolidator in the crude tanker industry,” the company said.
Three of the vessels are due to be delivered in the third and fourth quarters of this year and the fourth vessel in the second quarter of 2015.
Euronav plans to finance the acquisition through a $100m private placement and raise a further $200m through bank debt.
Looking ahead to the outlook for the tanker market in the second half the year Euronav said: “As there is very limited tonnage increase forecast, the market is expected to be volatile and if current momentum maintains through the third quarter, then the winter (in the northern hemisphere) will get off to a strong start.”
Earlier this year Euronav announced it was buying Maersk Tankers VLCC fleet for $980m. So far the company has taken delivery of eight of the vessels.
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