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 Today


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

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

Tanker Trends

TORM CFO Zacho Resigns

Mads Peter Zacho, Chief Financial Offer at TORM, has resigned to become Chief Executive Officer at J. Lauritzen A/S. Mads has been with TORM since 2013 and will

Alfa Laval PureNOx Prime Ordered for Five VLECs

Alfa Laval’s new PureNOx Prime solution for water treatment in Exhaust Gas Recirculation (EGR), will be part of EGR systems on five very large ethane carriers

NASSCO Delivers Second ECO Tanker to APT

On Thursday, May 19, shipbuilders at General Dynamics NASSCO delivered the Magnolia State to longtime customer American Petroleum Tankers (APT). The ECO Class tanker

Ship Sales

China Shipbuilding Plans Major Restructuring

State-owned China Shipbuilding Industry Corp (CSIC) is undertaking a major restructuring as it grapples with an industry downturn, and it will be the largest restructuring

DSME, Sovcomflot Delay Delivery of First Arctic LNG carrier

South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) and Sovcomflot have agreed to delay a liquefied natural gas carrier being built for the Yamal LNG project in Russia.

DSME Reveals Additional Self-Restructuring Plan

South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has  revealed an additional self-restructuring plan amid the falling shipbuilding orders.

Finance

DP World Launches $1.2 bln Sukuk Issue to Cover Tender

Dubai-based ports operator DP World launched a seven-year $1.2 billion sukuk issue on Tuesday, a document from lead managers showed.   The issue, structured to

Baltic Index Falls on Weaker Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday as demand for larger vessel segments declined.

China Shipbuilding Plans Major Restructuring

State-owned China Shipbuilding Industry Corp (CSIC) is undertaking a major restructuring as it grapples with an industry downturn, and it will be the largest restructuring

News

Winners of Ferry Design Contest Selected

Winners of International Student Design Competition for a Safe Affordable Ferry to be revealed at the Ferry Safety and Technology Conference   Dr. Roberta Weisbrod,

Maritime Consolidation: Palfinger Aims to Acquire Harding

As maritime markets continue to struggle, merger and acquisition activity should heat up. Today, Austria's Palfinger Group announced that it intends to acquire

Glosten Promotes Lamkin to Senior Marine Consultant

Seattle-based naval architecture and marine engineering consultancy Glosten has promoted Bradley G. Lamkin, PE to Senior Marine Consultant. As a Senior Marine Consultant

Vessels

FIO’s New Research Vessel Enters Build Phase

The 78’ research vessel designed and engineered by Boksa Marine Design (BMD) in 2015 is headed to the building phase beginning in June.   BMD contracted with

HII Secures Aircraft Carrier Planning Contract

Huntington Ingalls Industries (HII) was awarded a $152 million contract for advance planning for the construction of the third aircraft carrier in the Gerald R.

'K' Line Takes Delivery of Corona Series Coal Carrier

Kawasaki Kisen Kaisha, Ltd., Tokyo, (“K” Line) has announced the delivery of Corona Victory, an 88,000 DWT-type special coal carrier at Marugame Shipyard of Imabari Shipbuilding Co.

Mergers & Acquisitions

Hapag-Lloyd Pushes Back AGM on Merger Talks

Hapag-Lloyd said it had decided to postpone its annual general meeting scheduled for June 1, 2016 due to ongoing merger talks between German container shipping

HCI Group Takes Over 13 Feeder Containerships

The HCI Group and two other investors have taken over a total of thirteen ships from the loan portfolio of HSH Nordbank. The HCI Group structured the portfolio

EIG names Odebrecht, shipyards in Petrobras suit

Investment management firm EIG Management Co added Brazil's engineering conglomerate Odebrecht SA and a few other shipyards in its $221 million fraud suit against Petroleo Brasileiro SA.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.2558 sec (4 req/sec)