Maersk VLCC Tankships Sold to Euronav

MarineLink.com
Sunday, January 05, 2014
A Maersk VLCC: Photo courtesy of Maersk Tankers

Euronav says it has contracted to acquire 15 Very Large Crude Carriers (VLCC) from Maersk Tankers for a total acquisition price of US$ 980-million payable as the vessels are delivered.

Each vessel will be sold under the industry standard sale form as a stand-alone asset with deliveries taking place between late January and June 2014, with the exception of one vessel currently under charter, which will be delivered towards the end of the year.

The vessels, with an average age of 4 years, will add to the Euronav tanker fleet of 1 ULCC, 11 VLCCs and 23 Suezmaxes. They will be operated in the Tankers International VLCC Pool of which Euronav is a founding member, and the company considers that the outlook for the large crude tanker market has improved significantly over the last months indicating a resurgence of demand and an improved near term outlook.

Euronav says it looks upon the acquisition as a first step towards a wider consolidation of the world tanker fleet, with the concurrent benefits of synergy and logistical enhancement to the benefit of all stakeholders. A further press release will follow in relation to the financing of this acquisition, until which time the company will continue its request for suspension of share trading.

Euronav NV adds that they were advised on the deal by RMK Maritime, an independent maritime advisory firm based in London and New York.

 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Wärtsilä Reports Healthy Ship Power Sector in Q1 2014

In its interim financial report January to March 2014 Wärtsilä notes healthy development in ship power and services offsetting challenges in power generation markets.

No Lift for Konecranes as Q1 2014 Profit Slips

Finnish crane maker Konecranes on Thursday reported a 32-percent fall in its core quarterly operating profit amid slow demand and tight competition. January-March 2014 operating profit,

GulfMark Offshore Records Highest Ever Q1 Revenue

Houston-based GulfMark Offshore President & CEO Quintin Kneen commented on his company's first quarter 2014 financial report: "We recorded our highest first quarter revenue ever,

Contracts

Canadian Icebreaker Refit Contracts Awarded

The Canadian Government informs it has awarded a $6.5 million contract to Babcock Canada Inc. for critical refit work for Canadian Coast Guard ship 'CCGS Louis S.

Atkins Gain Maersk Oil Engineering Contract

Design, engineering and project management consultancy Atkins, says it has been awarded an engineering support contract covering three of Maersk Oil’s UK assets in the North Sea.

Newport News, ODU Partner for Bachelor's Degree Program

Huntington Ingalls Industries (HII) announced today that apprentices at Newport News Shipbuilding will now have the opportunity to earn a bachelor of science degree

Tanker Trends

Global Shipping Exposed to Cyber Threats

The next hacker playground: the open seas - and the oil tankers and container vessels that ship 90 percent of the goods moved around the planet. In this internet age,

Euronav Posts 62% Core Profit Increase

Belgian crude oil shipping group Euronav on Wednesday unveiled a 62 percent rise in first-quarter core profit as daily rates for its fleet rebounded from last year.

Navios Time Charters Two Product Tankers

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, has announced  that the Nave Equinox and the Nave Pulsar have been chartered out

Ship Sales

Brokers Marcon Conclude Ocean Deck Barge Sale

Marcon International, Inc. of Coupeville, Washington says that Pacific Coast Maritime, Inc., Seattle, Washington, a subsidiary of Harley Marine Services, Seattle,

Kvichak-built Hovercraft for Sale

The 95’ BHT-150 hovercraft SUNAX, built by Kvichak Marine Industries and owned and operated by Aleutians East Borough, is for sale through public competitive bid.

Litigation Can Cost Shipbrokers an Arm & a Leg

A survey of London solicitors by specialist intermediaries insurer ITIC has highlighted the high cost of litigation for shipbrokers and others seeking judgment in the English courts,

Finance

Wärtsilä Reports Healthy Ship Power Sector in Q1 2014

In its interim financial report January to March 2014 Wärtsilä notes healthy development in ship power and services offsetting challenges in power generation markets.

No Lift for Konecranes as Q1 2014 Profit Slips

Finnish crane maker Konecranes on Thursday reported a 32-percent fall in its core quarterly operating profit amid slow demand and tight competition. January-March 2014 operating profit,

GulfMark Offshore Records Highest Ever Q1 Revenue

Houston-based GulfMark Offshore President & CEO Quintin Kneen commented on his company's first quarter 2014 financial report: "We recorded our highest first quarter revenue ever,

News

Mitsui O.S.K. Ship Ready To Leave Chinese Port

Japanese shipping firm Mitsui O.S.K. Lines Ltd said on Thursday that its ship, the "Baosteel Emotion" 226,434 deadweight-tonne ore carrier, is ready to leave

Body Of Korean Boy Who Raised Alarm On Sinking Ferry Found

The body of a South Korean boy whose shaking voice first raised the alarm that a passenger ferry with hundreds on board was in trouble has been found, his parents believe,

UASC Introduces New Asia - Europe Network

UASC has introduced its new Asia – Europe Network with three new services (AEC1, AEC3, AEC4), and two enhanced services (AEC8, AEC9). These services will broaden

 
 
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: 0.1987 sec (5 req/sec)