Euronav News

Tanker company Euronav will exit Belgium's blue-chip Bel-20 index after just two days of trading, as it no longer meets the membership conditions after its takeover by Compagnie Maritime Belge (CMB), bourse operator Euronext said on Tuesday.CMB, owned by the Saverys family, and affiliates together hold 88.61% of the outstanding shares in Euronav, which exceeds the maximum allowed for the index."The Bel 20 rulebook prescribes that should the acquiring party own more than 85% of the shares, the company being acquired will exit the index," Euronext said.Belgium's Euronav announced in October that

Belgian tanker operator Euronav has concluded the acquisition of 100% shares in cleantech maritime group CMB.TECH for $1.15 billion in cash.The transaction is part of Euronav’s renewed strategy of diversification, decarbonization and accelerated optimization of the its current crude oil tanker fleet, driven by CMB.TECH’s ‘future-proof’ fleet of 106 low carbon vessels, of which 46 are under construction.It was first announced in December 2023, and also entails Euronav’s proposal change its corporate name to CMB.TECH following completion of the transaction and the offer.

Frontline announced it has reached a deal to sell its five oldest very large cruse carriers (VLCC) to an undisclosed buyer for an aggregate net sale price of $290 million.The vessels, built in 2009 and 2010, are expected to be delivered to the new owner during the first quarter of 2024.After repayment of existing debt on the vessels, the transaction is expected to generate net cash proceeds of approximately $207 million, and the Company expects to record a gain in the first quarter of 2024 in the range of approximately $68 million to $76 million…

Belgian tanker operator Euronav and its controlling shareholder CMB have entered into a share purchase agreement for the acquisition of 100% of the shares in cleantech maritime group CMB.TECH for $1.15 billion in cash.Euronav said the transaction is part of its renewed strategy of diversification, decarbonization and accelerated optimization of the its current crude oil tanker fleet, driven by CMB.TECH’s ‘future-proof’ fleet of 106 low carbon vessels, of which 46 are under construction.CMB.TECH builds…

Belgian oil tanker firm Euronav on Thursday beat analysts' expectations and more than doubled its core profit in the third quarter from the same year-ago period, helped by higher sales and high freight rates.The market for very large crude carriers (VLCC) "has improved due to increased frequency of loadings from higher USA crude production", Euronav said in a statement. Although freight rates fell modestly during the quarter, they still remained strong when compared to historic averages since 1990, Euronav added.

U.S. penalties on shippers transporting Russian oil in breach of the G7's price cap could push more Russian cargoes onto vessels referred to as the ghost fleet and away from mainstream tankers, shipping sources and analysts told Reuters.The cap bans Western companies from providing maritime services for Russian seaborne oil exports sold above $60 a barrel.It was designed to keep oil flowing to markets while reducing Russia's energy earnings that it can use to finance its war on Ukraine…

Belgium's Euronav on Monday said that its two major shareholders CMB and Frontline have reached a deal that would see CMB take control of the oil tanker company and buy its remaining shares.The deal ends uncertainty over Euronav's future, after peer Frontline - controlled by Norwegian-born shipping tycoon John Fredriksen - in January scrapped a $4.2 billion merger plan that would have created the world's largest publicly-listed tanker company.That decision had led Euronav to launch arbitration action against Frontline.

Euronav second shareholder Compagnie Maritime Belge (CMB) is offering to acquire Frontline's 26.12% stake in the company for $18.43 per share, which will be followed by a mandatory public offer at the same price, the Belgian oil tanker and storage operator said on Thursday.Shares of Euronav, which were suspended earlier in the day after spiking on media reports about the company going private, jumped around 18% as trading reopened at 1330 GMT.The completion of the deal would end the arbitration action started by Euronav against its peer Frontline…

Belgian tanker operator Euronav announced Tuesday that its CEO Hugo De Stoop is stepping down after nearly two decades with the company, including four years as CEO.Euronav said its CFO Lieve Logghe will serve as interim CEO as the company searches for a new CEO. Lieve, who joined the group in 2020, will also continue in her role as CFO.De Stoop will remain available to Euronav as a senior advisor until his permanent successor is appointed, the company said.De Stoop joined Euronav…

Belgian oil tanker and storage operator Euronav reported better-than-expected first-quarter revenue and core earnings on Thursday, supported by an improvement in freight rates, and proposed raising its dividend. "The counter seasonal strength recorded in Q1 underpins our view that strong and durable drivers are in place to continue a multi-year upcycle in large crude tanker freight markets," CEO Hugo De Stoop said in an earnings statement. Euronav, one of the largest oil tanker companies in the world…

Belgian oil tanker and storage operator Euronav said on Thursday its shareholders had elected John Fredriksen from Frontline, a major investor that pulled out of a merger deal with Euronav this year, to its supervisory board. Euronav said shareholders had also approved the nomination to the supervisory board of Marc Saverys from CMB, the Belgian group's largest shareholder, which opposed the Frontline merger that would have created the world's largest publicly listed tanker company.The…

The United Nations has purchased a large tanker to store about 1.1 million barrels of oil that will be transferred from a decaying vessel off Yemen's coast in a bid to avert an environmental disaster, officials said on Thursday.U.N. officials have been warning for several years that the Red Sea and the coastline of Yemen was at risk as the Safer tanker could spill four times as much oil as the 1989 Exxon Valdez disaster off Alaska.But the top U.N. official in Yemen, David Gressly…

Belgian oil tanker and storage operator Euronav EUAV.BR reported better-than-expected fourth-quarter revenue and profit on Thursday, driven by large crude tanker recovery and seasonal demand for crude oil.The tanker market, which has battled low earnings since the pandemic first hit oil demand, got a boost last year as Russia diverted oil exports from Europe, mainly to Asia, after many Western buyers turned to other suppliers in retaliation for Moscow's invasion of Ukraine last February."The EU embargo on Russian oil ...

Euronav filed an application request for arbitration in relation to Frontline’s action to pursue the termination of the combination agreement of July 10, 2022.Following recent acquisitions of additional shares by Famatown Finance Limited (as disclosed on Euronav’s website), Frontline plc, Famatown Finance Limited, Hemen Holding Limited and Geveran Trading Co. Limited. could be qualified as a related party in the meaning of IAS24.As a precautionary measure the Euronav Supervisory…

South Korean shipbuilder Hyundai Samho Heavy Industries on January 10 hosted a naming ceremony for a pair of new very large crude carriers (VLCC) it is constructing for Belgian shipowner Euronav.The Cassius and Camus are being built as liquefied natural gas (LNG) ready with the ability to cut CO2 emissions compared to current market standards. Each is also fitted with exhaust gas scrubber technology and a ballast water treatment system.The 299,158 dwt, 238-meter-long Cassius joined the Euronav fleet on January 11, and Camus is still under construction.

Belgian tanker operator Euronav has filed an application for urgent arbitration in relation to tanker firm Frontline’s unilateral termination of the previously proposed merger agreement.Frontline on January 9 said that a $4.2 billion deal to merge with rival Euronav NV was terminated, a combination that would have created the world's largest publicly listed tanker company."Euronav is requesting to suspend such termination pending a determination on the merits pursuing primarily the specific performance of the combination agreement.

Belgian oil tanker and storage company Euronav said on Wednesday it disputed Frontline's right to end a merger agreement between the two firms and was considering options, including arbitration and legal action. Oslo-listed oil transporter Frontline said on Monday it was canceling the $4.2 billion merger deal. "Euronav has determined that Frontline's unilateral action in pursuing the termination of the combination agreement has no basis under (its) terms (...), and that Frontline failed to provide a satisfactory reason for its decision," the Antwerp-based group said in a statement.

Oil tanker company Frontline said on Monday a $4.2 billion deal to merge with rival Euronav NV was terminated, a combination which would have created the world's largest publicly listed tanker company.Frontline will not make a voluntary conditional exchange offer for Belgian oil tanker and storage operator Euronav's shares and will no longer seek a listing on Euronext Brussels, it said in a statement."We regret that we could not complete the merger as envisaged in July 2022, as that would have created the by far largest publicly listed tanker company," Chief Executive Lars Barstad said.The two companies announced the deal last year, aiming to create a market-leading oil tanker group with 146 vessels.

Belgian oil tanker and storage operator Euronav on Thursday reported sharply higher quarterly earnings, but despite a freight market recovery, rates for very large crude carriers (VLCCs) remained low, sending its shares down more than 4%."Management has good reason to be more optimistic on the winter season," ING's analyst Quirijn Mulder said after the group, which provides crude oil shipping and storage services, said freight rates had improved substantially since March.Chief Executive Officer Hugo De Stoop said in a statement that recent trading data…

Oil tanker firm Euronav has ordered two Suezmax tankers from South Korea's Daehan Shipbuilding for an undisclosed fee.The vessels will be sister ships to Cedar (2022 -157,310 dwt) and Cypress (2022 – 157,310 dwt), built at the same yard. Both vessels are scheduled for delivery in the third quarter of 2024. "The vessels are the latest generation of eco-Suezmax tankers and are fitted with both Exhaust Gas Scrubber technology and Ballast Water Treatment systems. The vessels have the structural notation to be LNG Ready…

A Greek-registered supertanker recently came to the rescue of a group of Syrian refugees stranded without water, food and fuel in the Mediterranean Sea.Late in the evening on May 27, 2022, Samaris Konstantinos from Brittania forwarded an email that the club’s emergency line received from the NGO ‘Watch the Med’ in regard to a rescue request nearby the Euronav very large crude carrier (VLCC) Antigone. Eight Syrian refugees, including seven men and one female, were sailing a small craft and were without water…

Euronav Ship Management (Hellas) Ltd. and the Panama Maritime Authority (PMA) signed a Memorandum of Understanding (MOU) with the aim to open up opportunities for Panamanian seafarers on board Euronav vessels.The MOU signed on December 5, 2022 has two main objectives. Firstly, to promote an integral cooperation framework aimed at increasing job opportunities for Panamanian officers, cadets and junior personnel on board Euronav vessels. Secondly, the establishment of specialized…

Euronav's core profit was more than ten times higher in the third quarter than in the same period last year as the recovery in large crude tanker freight rates accelerated, the Belgian oil tanker and storage operator said on Thursday. The crude shipping market, which has battled with low earnings since the pandemic first hit oil demand, is now seeing freight rates recover, while this year's trade flow disruptions due to sanctions on Russia have driven shipping activity. Chief…