Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

‘Transformative’ Q4 at Euronav marks a change in direction

Photo: Euronav Tanker Ann Euronav from above
Euronav VLCC Anne on sea trials
Euronav’s fourth quarter results for 2024 show the first of two cash injections from its $2.35bn fleet sale to Frontline.

The company recorded a $323.3m capital gain in the quarter from the sale of vessels to Frontline, and it expects a further $374.2m gain Q1 2024. Of the 24 VLCCs sold to Frontline, 23 have now been delivered and the last ship Camus is expected to be delivered in March.

Separately, Euronav has offloaded ULCC Oceania as part of its fleet optimisation strategy. The ship was delivered to its new owners on January 15 and will bring a capital gain of $34.8m.

Alexander Saverys, CEO of Euronav said: “The fourth quarter of 2023 has been a transformative one for Euronav. A solution for the deadlock with Frontline was found, CMB solidified its position as anchor shareholder and the CMB.TECH transaction was announced… Euronav is quickly gearing up to become the reference in sustainable shipping.”

The agreement on 9 October 2023 brought an end to a bitter back and forth between Euronav and Frontline over Euronav’s future, with the parties agreeing to drop pending arbitration in return for the sale of the 24 VLCCs to Frontline and for CMB to acquire Frontline’s 26.12% stake in Euronav.

The company also said it had chartered out two newbuilding ice classed Suezmaxes on order at Daehan Shipbuilding to Valero from their delivery dates in April and May 2026. The company also took its orderbook to four VLCCs by firming options at Qingdao Beihai.

Charter rates were a mixed bag in Q4 2023 compared to the Q4 2022, with average spot rates lower and average time charter rates high. Comparing the full year, VLCC and Suezmax spot and time charter rates were stronger in 2023 than the prior year.


In USD per day

Fourth quarter 2023

Fourth quarter 2022

Full Year 2023

Full Year 2022


Average spot rate (in TI Pool)*





Average time charter rate**






Average spot rate***





Average time charter rate





*Euronav owned ships in TI Pool (excluding technical off-hire days)
**Including profit share where applicable
*** Including profit share where applicable (excluding technical off-hire days)

Source: Euronav

TAGS: Europe