ANTWERP, Belgium, 15 January 2014 – Euronav NV (NYSE Euronext Brussels: EURN) today announced that the company sold its oldest double-hulled VLCC Luxembourg (1999 – 299, 150 dwt), for USD 28 million. The vessel is wholly owned by Euronav.
The capital gain on that sale of about USD 6 million will be recorded at delivery. The net cash proceeds available to Euronav after the mandatory repayment of its debt obligation will be USD 5 million. The vessel is foreseen to be delivered to its new owner between 1 May 2014 and mid June 2014 which should allow for two more profitable voyages prior to her delivery.
The vessel will be converted in a FPSO by her new owner and will therefore leave the worldwide VLCC trading fleet. The firm price of this sale reflects on the company’s strategy to have set up an offshore department capable of understanding the needs of potential offshore buyers as well as having always maintained the ship well above industry standards.
Euronav is one of the world’s leading independent tanker companies engaged in the ocean transportation and storage of crude oil and petroleum products. The company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on NYSE Euronext Brussels under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav’s owned fleet, consists of 36 double hulled vessels being 1 V-Plus, 2 FSO vessels (both owned in 50%-50% joint venture), 11 VLCCs (of which 2 in joint venture) and 22 Suezmaxes (of which 4 in joint venture). Euronav vessels fly Belgian, Greek and French flag. More detailed information can be found on the company’s website : www.euronav.com