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Euronav in joint venture to buy five OSG tankersEuronav in joint venture to buy five OSG tankers
Euronav has formed a joint venture with Blackstone’s GSO Capital Partners to buy five tankers being sold by the bankrupt Overseas Shipholding Group (OSG).
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Under US Chapter 11 bankruptcy proceedings OSG is selling three VLCCs and two aframaxes for $255m.
The purchase of the vessels by the Euronav GSO joint venture is subject to approval by the bankruptcy court and the outcome of an auction where higher offers could be made.
Euronav said if the joint venture’s bid was successful it would sell the tankers to Euronav shortly afterwards. “In the event that the sale of the vessels to Euronav is consummated, affiliates of GSO will receive, as part of purchase price paid by Euronav to the joint venture, both bonds and new equity issued by Euronav,” it said.
Euronav has just completed debt financing for its $980m acquisition of Maersk Tankers VLCC fleet.
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