Belgium’s Euronav tanker owner and shipmanager Anglo-Eastern have sealed a deal for the sale and purchase of Euronav’s ship management arm, Euronav Ship Management Hellas (ESMH).

Through this ‘Heads of Agreement,’ ESMH will become part of Anglo-Eastern’s vast global network, offering the combined entity a wide range of growth opportunities in different regions and ship types, as Euronav explains in its statement.

Anglo-Eastern is expected to bolster its footprint in the Greek market and large crude oil tankers through this transaction.

The tanker owner noted that through this sale, subject to further documentation and final board of directors’ approval, the parties will join forces with Anglo-Eastern assuming ownership of ship management responsibilities for the vessels currently under ESMH on an “as is” basis.

Bjorn Hojgaard, chief executive of Anglo-Eastern, emphasised the mutually beneficial nature of this agreement which “will enable both companies to focus on what they do best and reflects Euronav’s utmost confidence in Anglo-Eastern’s ability to deliver as a ship manager and wider initiatives related to safety, quality, digitalisation, crew training and decarbonisation”.

Alexander Saverys, chief executive of Euronav, noted: “We are very happy to join forces with Anglo-Eastern. We already have a strong collaboration with Anglo-Eastern and this combination will further enhance our business relation, offering plenty of new opportunities for our company and our people.”

Source: Euronav