Belgium-based Euronav tanker owner is continuing to renew its fleet as it orders more VLCC and confirms sale of an oldest tanker.
Saverys-led Euronav has confirmed two big new moves in its ongoing fleet renewal drive.
The Belgian company’s oldest tanker, the 441,561-dwt ULCC Oceania (built 2003), which is debt free, has been sold and delivered to its new owner on January 15.
The shipowner didn’t disclose the name of the seller or the price, but mentioned that this deal will bring to the company a capital gain of $34.8m in the first quarter of 2024.
Belgian owner also confirmed yesterday that has lifted the option for one more VLCC at Qingdao Beihai shipyard, China in December and another one in January.
It has four VLCC’s on order at Qingdao Beihai following the ordering of two VLCC’s earlier in the year.
The vessels are expected to be delivered in the fourth quarter of 2026 and in the first quarter of 2027, and will be ready to be powered by a dual fuel diesel-ammonia engine.
The company also gave an update on the vessels sold so far to Frontline. As informed, until now 23 VLCC’s out of the 24 VLCC’s that were included in the deal, have been sold and delivered to Frontline. The VLCC Camus is expected to be delivered in March, in accordance with the company.
The total capital gain in the fourth quarter amounted to $323.3m, and a capital gain of around $374.2m is expected in the first quarter of 2024 (including Camus).
Meanwhile, two newbuilding ice classed suezmax orders at Daehan Shipbuilding have been long term time chartered to Valero. The delivery of these ships is expected around April or May 2026 when each of the time charter contracts will begin.
Alexander Saverys, Euronav chief executive highlighted the fact that the company continued to optimise and modernise its fleet with the new orders of 2 suezmaxes and 2 more VLCC’s, that will be ready to be powered by ammonia, and the sale of the oldest ship in its fleet.
“We have also concluded the sale and delivery of 23 VLCC’s to Frontline, with only one remaining to be delivered,” he added.
