Euronav Acquires Four VLCCs

Thursday, March 03, 2005
Euronav NV entered into an agreement with Metrostar to buy four VLCCs, the Crude Guardian (1993 - 290,927 dwt), the Crude Creation (1998 - 298,304 dwt), the Crude Topaz (2002 - 319,470 dwt) and a newbuilding (± 318,000 dwt) to be delivered in May 2005 for USD 477.5 million en bloc. Delivery is expected to take place in March for the Crude Guardian and the Crude Creation and in April for the Crude Topaz. The vessels will be employed in the Tankers International pool that currently operates 45 VLCCs and ULCCs.

The vessels will be acquired by Euronav NV, a Belgian company and will fly the Belgian flag. Given the market outlook, the Executive Committee is confident that the addition of the 4 vessels will be accretive to both growth and earnings of the company.

This purchase will not have any effect on the dividend policy of the company. In addition the board will meet on March 16th and will make a proposal to the General Meeting of Shareholders on the final dividend to be paid. The Executive Committee is currently intending to propose to the board a total gross dividend for 2004 of EUR 3.2 of which EUR 1.6 was paid as interim dividend on December 6th, 2004.

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

Strong Tanker Market Extends Peak Season High Earnings

Tanker earnings for crude oil tankers have climbed to new strong levels in the first quarter of 2015, with averages not seen since 2008, the Baltic and International Maritime Council (BIMCO) reported.

Asia Tankers-VLCC Rates Soar

Middle East VLCC rates hit $69,500 a day; daily VLCC rates average $51,000, highest since 2008 (Clarkson). Rates for very large crude carriers (VLCCs) on a key

Navy

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

HMS Prince of Wales Bridge Sets Sail

The bridge section of the second Queen Elizabeth Class aircraft carrier set sail today from Glasgow on its first sea voyage to Rosyth.   Upper Block 07 is where

The German Shipbuilding Rebound

German shipbuilding has made a significant turnaround. The country’s shipbuilding industry has seen increases in the number of employees, orders and deliveries compared to 2013,

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Repair Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3020 sec (3 req/sec)