Euronav becomes the owner of the world’s two largest tankers

Euronav is now the owner of the world’s only two ultra large crude carriers (ULCCs) – the biggest tankers in the world.

Euronav has acquired the 441,561 dwt, 2003-built, ULCC Seaways Laura Lynn for $32.5m from International Seaways.

The tanker is being renamed Oceania, and joins the other world’s only ULCC , the 442,4670 dwt, 2002-built TI Europe in Euronav’s fleet.

The 400,000 dwt upwards ULCC is a niche and, relatively unloved, category of vessel with charterers generally moving 2m barrel cargoes which are suited to very large crude carriers (VLCCs) in the 300,000 dwt. However, Euronav sees an opportunity in owning the only two ULCCs currently in existence, although its not actually saying what that opportunity is.

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Paddy Rodgers, ceo of Euronav, said, “Bringing the only other ULCC in the world fleet under our control will provide us with a significant strategic opportunity.”

Euronav is also acquiring the ULCC at time when large tanker rates have hit extreme lows with rates for VLCCs averaging little more than $5,000 per day in the first five months of the year.

Posted 29 June 2018

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Marcus Hand

Author Bio ▼

Editor, Seatrade Maritime News Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with nearly two decades of experience covering the shipping industry in Asia. In addition to running Seatrade's maritime and offshore news website based from Singapore he is the Asia Editor of Seatrade Maritime Review. Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Prior to joining Seatrade at the beginning of 2010 Marcus worked for shipping industry journal Lloyd's List for a decade and previous to that the Singapore Business Times covering shipping and aviation.

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