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Euronav sells four VLCCs, buys two

Euronav Euronav_cap-philippe-a.jpg
Euronav announced it has sold four of its older VLCCs and bought two newer eco-VLCCs as part of its fleet modernisaton programme.

The Chelsea and Ghillie were built at DSME in Korea in 2020 and 2019, respectively, and are fitted with scrubbers. Euronav purchased the ships for $179m from Hartree.

The four sold vessels were all older, non-eco tankers, sold for a total price of $198m. The Sandra, Sara, Simone and Sonia were built in 2012 and 2011, and had significantly higher fuel consumption, said Euronav.

The company will record a $1.2m capital gain on the sale.

Euronav’s average fleet age fell from 7.3 years to 6.6 years after the transactions.

“Euronav considers regular fleet rejuvenation as an important function of ship management in providing quality services to our clients. These top of the range eco-vessels will deliver an improvement in our operational performance upon delivery later this quarter. The price represents good value in the context of high newbuild prices and extended delivery schedules for new tonnage, but also in the swapping out of older for newer tonnage,” said Euronav.

The company has agreed an all-stock merger with competitior Frontline, subject to terms, due dilligence and regulatory approval.

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