Euronav Sells Product Tanker

Belgium-based international shipping enterprise Euronav NV  has sold the LR1 Genmar Compatriot (2004 – 72,768 dwt) for USD 6.75 million. This was only remaining product tanker.

According to a press note from the tanker company engaged in the ocean transportation and storage of crude oil, the will sale record a capital gain of approximately USD 0.4million in the second quarter.

The LR1 Genmar Compatriot joined the Euronav fleet as part of the Gener8 merger in June 2018 and was always a non-core asset to the Company.

With this LR1 being sold, Euronav’s owned and operated fleet consists of 72 top segment vessels: 2 ULCCs, 43 VLCCs, 25 Suezmaxes and 2 FSO vessels (both owned in 50%-50% joint venture).

Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners.