Euronav Orders Two VLCCs

Euronav nv signed a contract with Hyundai Heavy Industries Co., Ltd. (HHI) of Korea to build two double hull 318,000 dwt Very Large Crude Carriers to be delivered in the first quarter of 2009. The construction price for each ship is $120 million. Euronav already owns, fully or in joint venture, 4 ships that were built at HHI: TI Hellas (2005–318,934 dwt), Ardenne Venture (2004-318,000 dwt), TI Topaz (2002-319,430 dwt), all on the same design as the current order, and Cap Diamant (2001–164,044 dwt).