Euronav Announces Capital Increase for Maersk VLCCs

Euronav today announced that the meeting of shareholders has approved a $300 million capital increase against issuance of 32,841,528 new shares to acquire 15 Very Large Crude Carriers (VLCC) from Maersk Tankers Singapore Pte Ltd. for a total acquisition price of $980 million, as announced January 5, 2014.

Euronav said that all other points on the agenda of the shareholders’ meeting were also approved.

Following the $50 million capital increase that took place on January 13, 2014 as well as the issue of a $235 million seven-year bond and the signing of a commitment letter for a $500 million senior secured credit facility earlier this month, this approval is the last step required for the full financing of the acquisition of the Maersk Tankers fleet.

The company further reports that on February 20, 2014 it has successfully taken delivery of the first vessel from Maersk: the Nautilus.

euronav.com