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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.

Marcus Hand, Editor

June 29, 2018

1 Min Read
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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.

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About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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