VLCC Luxembourg Sold, to Undergo FPSO Conversion

MarineLink.com
Wednesday, January 15, 2014
Luxembourg (Photo courtesy of Euronav)

Euronav NV today announced that it has sold its oldest double-hulled VLCC Luxembourg (1999 – 299,150 dwt), for $28 million (USD). The vessel is wholly owned by Euronav.

The capital gain on that sale of about $6 million will be recorded at delivery. The net cash proceeds available to Euronav after the mandatory repayment of its debt obligation will be $5 million. The vessel is foreseen to be delivered to its new owner between May 1, 2014 and mid June 2014 which should allow for two more profitable voyages prior to her delivery.

The vessel will be converted to a FPSO by her new owner and will therefore leave the worldwide VLCC trading fleet.

The firm price of this sale reflects on the company’s strategy to have set up an offshore department capable of understanding the needs of potential offshore buyers as well as having always maintained the ship well above industry standards.

euronav.com
 

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

Tanker Trends

Libya Forces Tanker Away from Supplying Rival Government

Libya's recognized government said it forced a tanker from delivering fuel to its rival administration, diverting the vessel to its own territory by threatening an air attack on it.

Gypsy Moth Clause Takes Balanced Approach to Risk

A new BIMCO clause provides a simple, practical and commercial solution focusing on the basic obligations and responsibilities of owners and charterers when dealing with the Asian Gypsy Moth (AGM).

Batangas Port Sets Container Record

Batangas Container Terminal (BCT) set a new record in 2014 for containers handled, says its operator Asian Terminals, Inc. (ATI).  Port handled over 98,000 twenty-foot-equivalent

News

Revisions Proposed for Seaway Practices and Procedures

Under agreement with the U.S. Saint Lawrence Seaway Development Corporation, The St. Lawrence Seaway Management Corporation is proposing to amend the joint Practices

The 2nd Ballast Water Management Summit

Sign-up for this year’s most in-depth exchange of information and best venue for BWT stakeholders to network and meet their regulatory peers is underway.   Infocast’s

Britain to Ban Fracking in National Parks

Britain said on Monday it would ban fracking in national parks, reversing a policy announced last year, in a concession to the opposition Labour Party which had

Offshore Energy

World's Largest Ship Sparks Outrage

Jewish groups in the Netherlands and Britain have reacted with rage and despair at the arrival in Rotterdam of the world's biggest ship, the Pieter Schelte, named

Hofste, Montijn Nominated to Supervisory Board Fugro

Fugro N.V. announces that the Supervisory Board of Fugro nominates Mrs. P.H.M. Hofsté and Mrs. A.H. Montijn for appointment as members of the Supervisory Board

Technip Certified to EDGE Standard

Technip and EDGE Certified Foundation announce today that Technip in Brazil, in France and in Italy, including flexible pipe manufacturing plants in Brazil and France and Group’s headquarters,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Repair Ship Simulators Winch
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: 0.2076 sec (5 req/sec)