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.