Euronav Buys Newbuilding Suezmaxes

Monday, August 28, 2006
Euronav NV has signed a contract to acquire the resale of two double-hull 159,000 dwt Suezmaxes under construction at Samsung Heavy Industries (Samsung), Koje Island, South Korea from the Turkish owner Geden. The Newbuildings are expected to be delivered from the yard in October 2008 and January 2009. The acquisition price amounts to $170m for both vessels. These two newbuildings confirm Euronav’s confidence in the excellence in the design and construction at Samsung. The company already owns 7 Suezmaxes that were built at Samsung including the Cap Philippe which was delivered to the company last month. The company has another 4 Suezmaxes under construction at Samsung, the Cap Guillaume and Cap Charles which will be delivered in Q3 of this year and the Cap Victor and the Cap Lara to be delivered in Q1 2007. All of these newbuildings are sister ships which is always an advantage in terms of technical management.

Given the current Sale and Purchase market, the outlook for the next quarters, and the IMO deadline of 2010 which will phase out single hull vessels, the purchase of those two vessels demonstrates Euronav’s confidence in the market for the seaborne transportation of oil by quality operators.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

UASC Shareholding States Vote to Back Hapag-Lloyd Merger

United Arab Shipping Company (UASC) said its six shareholding states backed a merger deal with German container shipping line Hapag-Lloyd AG at a meeting on Wednesday.

List: Top Five UK Ship Owners

Following last week's landmark referendum results, VesselsValue has compiled a list of the top five U.K.-based shipowners and their total fleet value in USD billions.

FMC's Doyle Addresses VGM Rules

U.S. Federal Maritime Commission (FMC) Commissioner William P. Doyle issued a statement on the upcoming implementation of the SOLAS Convention’s verified gross mass (VGM) requirements:   On Friday,

Finance

Oil Up on US Crude Draw; Brent Back Above $50

Oil prices surged 4 percent on Wednesday, with Brent settling above the psychological $50 a barrel mark, after a larger-than-expected drawdown in U.S. crude inventories.

Baltic Index Rises on Greater Vessel Demand

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Wednesday, boosted by demand that is driving rates up across vessel segments.

CMA CGM Crosses 91.05% Ownership Threshold of NOL

CMA CGM S.A has crossed the compulsory acquisition ownership threshold in Neptune Orient Lines Limited (NOL).    Following its all-cash voluntary conditional

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pipelines Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.0951 sec (11 req/sec)