EURONAV NV Announces Final Year Results 2010

Monday, March 28, 2011

Highlights of 2010
 
Tanker
 
The time charter party of the Cap Victor (2007 -158,853 dwt) with BP and the time charter party of  the Fraternity  (2009 – 157,714 dwt) with Vitol have been extended with 24 and 12 months respectively. 
 
On 10 February 2010, the company took delivery of the newbuilding Suezmax Eugenie (2010 – 157,677 dwt)  from Samsung Heavy  Industries, Koje  Island, South Korea. The vessel, which  is owned 50%-50% in joint venture with JM Maritime, is being operated on the spot market.
 
The  storage  contract of  the V-plus TI Europe  (2002 – 441,561 dwt) has been extended by  an additional 90 to 120 days at USD 50,000 per day.
 
The company sold the VLCC Namur (2000 – 298,552 dwt) for a selling price of USD 59.2 million. The capital gain of this sale transaction of about USD 14.3 million has been recorded on 21 April 2010, day of delivery of the Namur to its new owner.
 
The Suezmax Cap Guillaume  (2006 – 158,889 dwt) has been  chartered out  for a period of  24 months starting in July 2010.
 
The  time  charter  party  of  the  Suezmax  Felicity  (2009  –  157,677  dwt)  with  Total  has  been extended with an additional 18 months as from December 2010.
 
The company sold the TI Creation (1998 – 298,324 dwt), its oldest double hulled VLCC, for USD 55.5 million. The  capital  loss  of  this  sale  transaction  is  about  USD  9.9 million  and  has  been recorded  in  the second quarter of 2010. The TI Creation was delivered  to  its new owner on 12 October 2010.
 
The company fixed its Suezmax vessels Cap Leon (2003 – 159,048 dwt) and Cap Laurent (1998 – 146,646 dwt) on time charter contract for a period of 36 and 42 months respectively.
 
FSO
 
On 4 January 2010, the FSO Asia, a Floating Storage and Offloading service vessel owned by the joint venture in which OSG and Euronav each have a 50% interest, was successfully hooked-up and started operations at the Al Shaheen oil field in Qatar.
 
On  21  January  2010,  TI  Africa  Ltd.  received  a  notice  of  termination  from  Maersk  Oil  Qatar concerning the service contract related to the FSO Africa.
 
The FSO Africa was mechanically completed and delivered from the conversion yard.
 
On  20  August  2010,  TI  Africa  Ltd.,  the  owner  of  the  FSO  Africa,  signed  a  new  contract with Maersk Oil Qatar (MOQ) for the provision of FSO services on the Al Shaheen Field offshore Qatar.

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