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Three in three out at Euronav

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Euronav has sold three VLCCs and ordered two Newcastlemaxes and a VLCC as part of its transformation strategy.

Fresh from CMB's mandatory takeover bid, Euronav announced it had recently sold a trio of VLCCs, 2008-built VLCC Nectar and VLCC Noble, and 2009-built VLCC Newton. The company said the disposals were part of its strategy of recycling capital at a historical high point for the tanker market, and that the sales will generate a $83.5m capital gain.

The main thrust of CMB’s plans for Euronav is to build a diversified and sustainability-focussed shipowner, which was supported with the announcement of three more ammonia-ready and ammonia capable vessel orders. Qingdao Beihai Shipyard in China will deliver two Newcastlemaxes and a VLCC in the first half of 2027, bringing the Euronav orderbook to five VLCCs and 24 Newcastlemaxes. All of the vessels will be delivered either ammonia ready or capable of running on ammonia.

Euronav also announced the deliver of its fourth ‘super-eco’ Newcastlemax Mineral France, six more Newcastlemaxes are expected to be delivered in 2024.

“The year 2023 to date has been a transformative period for Euronav & CMB.TECH and its shareholders. The deadlock with Frontline was resolved, the renewed strategy to become the benchmark in sustainable shipping was rolled out through the successful completion of the CMB.TECH transaction, and the mandatory public takeover bid was concluded,” said Euornav.