Euronav Buys Two Suezmax Tankers Under Construction

Belgian tanker operator Euronav said it has reached a deal to acquire two Suezmax tankers currently under construction at the Daehan Shipyard in South Korea for a total purchase price of $113 million. Both vessels are due for delivery in January 2022.

The vessels are the latest generation of Suezmax Eco-type tankers, fitted with exhaust gas scrubbers and ballast water treatment systems. The vessels have LNG-ready notation, and Euronav said it is working with the shipyard to obtain ammonia-ready notation, providing the option to switch fuels at a later stage.

Hugo De Stoop, Euronav CEO, said, “The current disruptions to the freight market have provided this opportunity and our strong balance sheet allowed us to act quickly on it. This is in line with our strategy of acquiring good assets at attractive points in the cycle.”  

Euronav said it intends to use existing liquidity and will raise appropriate financing before the delivery of the new ships.