New Suezmax Tankship Sold, Bareboat Chartered Back

Press Release
Tuesday, March 19, 2013

Belgium's Euronav sells Samsung newbuild 'Cap Isabella' 157,648 dwt to new owners then charters the vessel back long-term.

Cap Isabella was sold for US$ 54,000,000, with delivery from Korea's SHI to the new owners due shortly.

The vessel will be taken back under a bareboat charter for a fixed period of 2 years at current market rates and with 3 options to extend the charter by a further year. In the event of a sale of the vessel by the new owner during the currency of the bareboat charter, the company will also share in the profit if the vessel value exceeds a certain threshold.

Euronav point out that as this transaction was signed before the announcement of the 2012 final figures and is the result of negotiations with various parties which started in the financial year 2012, the company will record the capital loss of USD -32 million still in 2012, in accordance with IFRS rules.

More importantly, however, this transaction enables Euronav to eliminate its only remaining capital expenditure whilst using very limited cash to
take delivery of the vessel.

Euronav is one of the world's leading independent tankercompanies engaged in the ocean transportation and storage of crude oil and petroleum products. The company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia.

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

Contracts

Japan's MHI Bags Indian Oil's LNG Storage Tank Contract

Indian Oil Corp (IOC) has awarded a contract to build two football stadium-sized liquefied natural gas (LNG) storage tanks at its upcoming Ennore LNG import terminal

Gazprom, Gasunie Sign Framework Agreement - LNG

At a Meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Han Fennema, CEO and Chairman of the Executive Board of Gasunie a Framework

De Nora Acquires Severn Trent's Water Purification Business

De Nora announces the completion of the acquisition of the Water Purification group of Severn Trent Services. The new business line, called De Nora Water Technologies,

Tanker Trends

First Gas Turbine-powered LNG Carrier Granted AIP

Hyundai Heavy Industries (HHI) announced it has jointly developed world’s first gas turbine-powered 174,000 m3 LNG carrier with GE Aviation and Marine and has secured

Japan's MHI Bags Indian Oil's LNG Storage Tank Contract

Indian Oil Corp (IOC) has awarded a contract to build two football stadium-sized liquefied natural gas (LNG) storage tanks at its upcoming Ennore LNG import terminal

FSL Trust Inks Tanker Contracts

FSL Trust Management Pte. Ltd., as trustee-manager of First Ship Lease Trust announced new time charter agreements for FSL Shanghai, FSL Hamburg and FSL Singapore.

 
 
Maritime Standards Navigation Offshore Oil Pipelines Port Authority Ship Electronics 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: 0.1564 sec (6 req/sec)