Euronav to pay $384 million for 4 VLCC

MDN İstanbul

Antwerp-based tanker company Euronav has confirmed it will pay Greece’s Metrostar Management $96 million per vessel or $384 million in total for four VLCC newbuildings being built at Hyundai Heavy Industries, South Korea. The vessels are due to be delivered in September 2015, January, March and May 2016 respectively.

In addition and against the payment of an option fee of an aggregate amount of $8 million, the seller has also agreed to grant Euronav an option to acquire up to a further 4 VLCCs sisters of the acquired quartet.

Euronav said that the transaction is in line with the company’s principle of not ordering new ships but adding existing vessels to its fleet seeing that these are ex-yard resales.

The vessels will be financed with existing borrowing facilities.

Paddy Rodgers, the company’s CEO, said “Euronav is delighted to enhance our fleet with the addition of four high specification modern VLCCs. The tanker sector continues to perform strongly with a positive outlook. This accretive transaction further cements Euronav’s position as the largest, independent quoted crude tanker platform.”

Euronav reported a very stable quarter with owners resolute in their discipline and freight rates being consistently strong throughout the quarter.

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