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Euronav acquires resale newbuild eco-suezmax pair for $113mEuronav acquires resale newbuild eco-suezmax pair for $113m

Euronav has entered into an agreement to acquire two resale suezmax newbuildings that will be able to run on LNG and even ammonia in future.

Lee Hong Liang, Asia Correspondent

February 4, 2021

1 Min Read
Pete Linforth - Pixabay 2
Photo: Pete Linforth - Pixabay

The resale contracts are acquired by Euronav at an en-bloc price of $113m. The pair of eco-suezmaxes are currently under construction at South Korea’s Daehan Shipyard and scheduled for delivery in January 2022.

“The current disruptions to the freight market have provided this opportunity and our strong balance sheet allowed us to act quickly on it. This is in line with our strategy of acquiring good assets at attractive points in the cycle,” said Hugo De Stoop, ceo of Euronav.

The new-generation ships will be fitted with scrubbers and ballast water treatment systems, and will have the structural notation to be LNG-ready.

Euronav is also working with the shipyard to have the structural notation to be ammonia-ready. This will provide an option to switch to other fuels at a later stage.

New York-listed Euronav said that as the new vessels are resales, they are not adding to projected vessel supply as they were already under construction.

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About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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