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Euronav terminates suezmax joint venture

Euronav terminates suezmax joint venture
Euronav has terminated a joint venture with Bretta Tanker Holdings for a joint venture covering four suezmax tankers.

As a result of the termination of the joint venture Euronav will takeover ownership of the two youngest vessels in the fleet while the other two will go to Bretta.

The joint venture owns four suezmax vessels the 2012 bult Captain Michael, the 2011-built Maria, the 2010-built Eugenie (and the 2011-built Devon.

“Euronav will compensate its partner for the difference in value due to the younger age profile of the ships it will own as well as the voyages in progress and will pay Bretta the sum of $15.1m upon closing the transaction which is foreseen to take place in the current quarter,” Euronav said.