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 August 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

VT Halter to Build Bouchard ATB Tugs

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), today announced new contracts to build two 130-foot Articulated Tug Barge

Del Mar Signs Agency Agreement with Ciramar

Del Mar Marine Corp. announced it has signed an agency agreement with Ciramar Shipyards allowing the company to promote Ciramar Shipyard´s docking and facilities

Great Lakes Shipyard Wins EPA Drydock Contract

Great Lakes Shipyard has been awarded a contract for the United States Environmental Protection Agency (EPA) vessel R/V Lake Explorer II. The scope of work will include drydocking,

Tanker Trends

Bill Promotes US LNG Vessel Transport

Congressman John Garamendi (D-CA-03), Ranking Member of the House Transportation and Infrastructure’s Coast Guard and Maritime Transportation Subcommittee, introduced H.

Kurdish Crude Oil Tankships: End-Game Still in Doubt

After a legal show-down in Texas this week, the outlook for a handful of tankers holding some $300 million worth of Kurdish oil is not looking good. Seemingly

Korea Shipbuilder Wins US$400-M Greek Order

Daewoo Shipbuilding & Marine Engineering Co., South Korea’s second-largest shipbuilder, says it has signed a contract to build 4 tankships for Maran Tankers Management,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1045 sec (10 req/sec)