EURONAV to Buy 4 Japanese-built VLCCs

By Joseph R. Fonseca
Tuesday, July 08, 2014
EURONAV VLCC Olympia (Photo courtesy of EURONAV)

EURONAV has entered into an agreement for the purchase of four modern Japanese built VLCC vessels for an aggregate purchase price of $342 million. The vessels are on average three years old. This acquisition fits into the company’s strategy to further strengthen its position as the leading listed crude tanker company.

The transaction allows EURONAV to expand its existing fleet with an ‘en bloc’ acquisition of four of the best vessels that can be found in today’s second hand market. This will not only rejuvenate the company’s fleet, but it will also complement the company’s existing fleet and further position EURONAV as the key pure play consolidator in the crude tanker industry. Three vessels are expected to be delivered in the course of the third and fourth quarter of this year and the last vessel in the course of the second quarter of 2015.
 
The acquisition of the vessels will be partly financed with funds raised through a private placement of new shares within the authorised capital which will be launched today. The new shares will be offered to institutional investors selected through an accelerated book build offering. EURONAV intends to raise $100 million in this private placement. The company intends to raise a further $200 million in bank debt for this acquisition.
 
Petercam NV, acting as Settlement Agent and one core shareholder will enter into a share swap agreement in order to deliver listed shares to all investors who receive allocated shares in the private placement. As part of this share swap agreement the core shareholder will deliver up to 10 million existing and listed shares to the Settlement Agent. The core shareholder will receive in exchange the same number of newly issued non-listed shares.


The listing and trading on Euronext Brussels of all other newly issued shares (not subject to the aforementioned share swap agreement) will be requested immediately after their issue.

The shares that the core shareholder will receive as a result of the share swap will be listed upon approval of a listing prospectus by the FSMA on a later date.
 
The book building procedure will commence immediately. It is anticipated that the books will close July 9, 2014 although the Joint Book Runners reserve the right to close the books at any time. The price per share and the final number of shares placed will be determined on completion of the book building procedure and will be announced shortly thereafter. Settlement is expected to occur on the third business day after announcement of the private placement results.
 
The Euronav shares will be suspended throughout the book building period. Trading in the stock will be resumed following the publication of the results of the book building.
 
Petercam NV is acting as Global Coordinator and Settlement Agent and, together with DNB Markets and Deutsche Bank AG, London Branch, as Joint Book Runners for the placing of the shares

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

Finance

Container Equipment Costs at Record Low

Low material costs and stable demand has driven the price of new container equipment down to record lows where it is forecast to stay, according to the latest edition

KPA: Striking Mombasa Port Workers Must Return by Friday

The Kenya Ports Authority said on Thursday striking workers at the Mombasa port should resume work by Friday morning or lose their jobs, and that normal activities

Qatar Navigation Absorbs Balance of SocGen Gasships

Qatar Navigation (Milaha) said on Thursday its unit Qatar Shipping Company had acquired the remaining 60 percent interest in two firms which own Liquefied Natural

Energy

China's Navy holds Missile Combat Resupply Drill

China's navy held its first drill simulating the resupply of missiles in a combat environment in the Yellow Sea, the Defence Ministry said on Thursday, the latest

Qatar Navigation Absorbs Balance of SocGen Gasships

Qatar Navigation (Milaha) said on Thursday its unit Qatar Shipping Company had acquired the remaining 60 percent interest in two firms which own Liquefied Natural

GasLog Partners To Buy Three Vessels

GasLog Partners LP and GasLog Ltd. announced today the closing of the Partnership’s acquisition from GasLog of 100% of the ownership interests in the entities

News

Austal Delivers 7th Cape Class Patrol Boat

Shipbuilder Austal Limited announced it has delivered Cape Wessel, the seventh of eight Cape Class patrol boats being supplied to Australian Border Force under a $330 million design,

Silversea Cruises Orders Luxury Ship from Fincantieri

Shipbuilder Fincantieri has received an order to build a new luxury cruise ship for client Silversea Cruises due for delivery in April 2017.    At 40,700 grt and accommodating 596 guests,

Latest LCS Completes US Navy Trials

Littoral Combat Ship 6 (LCS 6), the future USS Jackson, has completed U.S. Navy acceptance trials, shipbuilder Austal Limited announced.   The trials, the final milestone before delivery,

Vessels

Austal Delivers 7th Cape Class Patrol Boat

Shipbuilder Austal Limited announced it has delivered Cape Wessel, the seventh of eight Cape Class patrol boats being supplied to Australian Border Force under a $330 million design,

Silversea Cruises Orders Luxury Ship from Fincantieri

Shipbuilder Fincantieri has received an order to build a new luxury cruise ship for client Silversea Cruises due for delivery in April 2017.    At 40,700 grt and accommodating 596 guests,

Latest LCS Completes US Navy Trials

Littoral Combat Ship 6 (LCS 6), the future USS Jackson, has completed U.S. Navy acceptance trials, shipbuilder Austal Limited announced.   The trials, the final milestone before delivery,

Mergers & Acquisitions

Qatar Navigation Absorbs Balance of SocGen Gasships

Qatar Navigation (Milaha) said on Thursday its unit Qatar Shipping Company had acquired the remaining 60 percent interest in two firms which own Liquefied Natural

Petrobras hands over Campos basin stake to PetroRio

Petrobras today signed with PetroRio S.A. (‘PetroRio’) the contracts for the sale of 20% of its stake in the concessions of Bijupirá and Salema fields, currently operated by Shell.

A/S Trumf Bunker Joins KPI Bridge Oil Group

KPI Bridge Oil, a global broker and trader in marine bunkers, marine lubricants and risk management products, has announced the take over of A/S Trumf Bunker. A/S

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.2451 sec (4 req/sec)