Euronav Acquires VLCC Newbuild

Belgian tanker owner Euronav said Friday it has entered into an agreement to acquire a resale very large crude carrier (VLCC) for $93 million.

The modern eco-tanker is currently under construction at the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard in South Korea and is due for delivery early in the first quarter of 2021, Euronav said.

The vessel is identical to a trio of sister ships Euronav acquired last month slated for delivery early in the fourth quarter of 2020 and in January and February 2021 respectively. Each will be fitted with exhaust gas scrubber technology and a ballast water treatment system.

Hugo de Stoop, Euronav CEO said, “Management and the board continue to believe that the fundamentals of the large tanker market remain constructive despite substantial headwinds surrounding economic activity linked to the coronavirus. We believe and hope these will be temporary albeit likely to impact tanker markets until the end of the summer 2020.”