Euronav confirms VLCC orders and sale of oldest big tanker

A Euronav shareholder meeting on Wednesday sealed the takeover of the Saverys family-controlled Compagnie Maritime Belge (CMB)’s cleantech maritime group, CMB.Tech.

Euronav has approved the purchase of 100% of the shares in CMB.Tech from shipping and cleantech group Compagnie Maritime Belge (CMB NV). CMB owns and operates 150 vessels in dry bulk, containers, chemicals and offshore wind.

Other points on the agenda at the special general meeting, including voluntary resignation and approval of cooptation of members of the supervisory board, the interim discharge to the members of the supervisory board, and other administrative arrangements were also approved.

The tanker shipowner Euronav buys CMB.Tech which builds, owns, operates and designs large marine and industrial applications that run on dual-fuel diesel-hydrogen and diesel-ammonia engines and monofuel hydrogen engines.

It is active in four different divisions including marine, technology and development, H2 infra, and industry.

Euronav said earlier that the transaction fits into the company’s renewed strategy of diversification, decarbonization and accelerated optimization of the company’s current crude oil tanker fleet.

The purchase price will be financed from the cash proceeds of the sale of part of the VLCC fleet to Frontline, which was announced on October 9, 2023, as the tanker owner reported.

The intention is also to change its corporate name to CMB.Tech. It envisages keep the “Euronav” name as the brand name for its tanker division.

Alexander Saverys, Euronav’s and CMB’s chief executive, stated: “After having reached an agreement with Famatown Finance Limited and Frontline plc on the strategic and structural deadlock for Euronav, we are pleased to announce another significant milestone for Euronav with the acquisition of CMB.TECH. This will allow the company to rapidly and meaningfully execute its diversification and decarbonization strategy.”

Euronav’s owned and operated fleet consists of 18 VLCCs, with a further four under construction, 22 suezmaxes, with a further four under construction, and 2 FSO vessels.