Euronav Nv News

10 Dec 2019

WFW Advises Ridgebury, Tufton on Suezmax Acquisition

Image: Watson Farley & Williams

Watson Farley & Williams, international law firm based in London, advised Ridgebury Tankers and Tufton Oceanic on the acquisition of two Suezmax tankers in a 50%-50% joint venture with Euronav NV who also provided secured debt to the joint venture companies for the purposes of the acquisitions.Last month, Belgium's tanker shipping company Euronav has acquired two Suezmax tankers through a joint venture formed with affiliates of Ridgebury Tankers and clients of Tufton Oceanic.The  two Suezmax tankers fetch a combined consideration of US$40.6m.

27 Aug 2019

FLNG Project Count Hits 20

(Photo:Shell)

Finance — or at least project economics based on long-term commodity prices — appear to be factors limiting a surge in investments in floating liquefied natural gas (FLNG) a new study by U.S.-based numbers cruncher, World Energy Reports, revealed Monday.Among a growing count of floating producers in the planning stage, some are destined to become FLNG, increasingly the go-to solution discussed for producing stranded or remote gas. WER’s report writers detail the status of known…

07 Aug 2019

Euronav Sells VLCC for FPSO Conversion

Image courtesy: Euronav

Belgium-based crude oil tanker company Euronav NV has sold its oldest very large crude carrier (VLCC) for conversion into a floating production storage and offloading (FPSO) vessel.The ship owner announced that its subsidiary Euronav Luxembourg has sold the VLCC vessel VK Eddie (2005 – 305,261 dwt) to a global supplier and operator of offshore floating platforms.A capital gain on the sale of approximately USD 14.4 million will be recorded during the current quarter, it said.The…

01 May 2019

VLCC Sector Resilient, Says Euronav

Pic: Euronav

First quarter 2019 proved to be an unusual and largely resilient one for the large crude tanker sector, said Euronav NV, the largest NYSE listed independent crude oil tanker company in the world.The OPEC production cuts of 1.2m bpd announced in Q4 2018 impacted Q1 trading and represents around 3% of the crude which is seaborne each day.Nearly 30  very large crude carriers (VLCC) equivalents were delivered to the global fleet during the same period – an increase of 3% in fleet…

28 Mar 2019

Hugo De Stoop Takes over as Euronav CEO

Hugo De Stoop, currently CFO at Euronav NV, is the choice to succeed Paddy Rodgers as CEO of the company. The company expects the transitiion to be complte in the second quarter of 2019.

21 Feb 2019

Euronav Sells Product Tanker

Image: Euronav

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…

24 Jan 2019

Tankers: Euronav Signals Strong Start to 2019

(Photo: Euronav)

Belgian crude oil shipper Euronav NV said on Thursday it saw the return of a strong freight rate market during the fourth quarter, signalling a strong start to 2019.The company's core earnings (EBITDA) rose by 16.5 percent to $102.3 million in the last quarter of 2018."VLCC (very large crude carriers) freight rates trading at rates not seen in the last two years demonstrate an already tight balance between tanker demand and supply," Chief Executive Paddy Rodgers said in a statement.Though…

16 Jan 2019

Euronav Sells Felicity for FPSO Conversion

Image: Euronav

Belgium's crude oil tanker company Euronav NV announced that it has sold the Suezmax vessel Felicity (2009 – 157,667 dwt) to a global supplier and operator of offshore floating platforms.The vessel has been delivered to her new owners and will be converted into an FPSO and therefore leave the worldwide trading fleet.The buyer's name and financial terms are not disclosed. However, the NYSE-listed company revealed that a capital loss on the sale of approximately USD 3.0 million will be recorded in Q4 2018.The cash generated on this transaction after repayment of debt will be USD 21.1 million…

23 Aug 2018

Euronav sells Suezmax Cap Romuald

Photo: Euronav

Euronav NV announced that the Company has sold the Suezmax Cap Romuald (1998 – 146,640 dwt) for USD 10.6 million.The vessel was delivered to her new owners on 22 August. The Company will record a capital gain of approximately USD 9 million in the current quarter.The sale of the Cap Romuald is part of a fleet rejuvenation program. Together with the sale Euronav is taking in operation four new Suezmax vessels, of which three (Cap Pembroke, Cap Quebec and Cap Port Arthur) have already been delivered…

19 Aug 2018

Norton Rose Fulbright, Citibank on USD 2.2bln Danaos Corp Restructuring

Photo: Danaos Corporation

Global law firm Norton Rose Fulbright has advised Citigroup and other lenders of Danaos on a $2.2 billion restructuring of NYSE-listed Danaos Corp (DAC), one of the world’s largest independent owners of modern, large-size containerships.Norton Rose Fulbright’s Athens, London and New York offices advised Citigroup and certain other lenders (including China Exim Bank and Eurobank) on new money, take out and refinancing facilities, restructuring support agreements, debt for equity arrangements…

14 Jun 2018

International Seaways Completes Acquisition of Six Euronav VLCCs

Photo: Euronav NV

US-based tanker shipping company International Seaways (INSW) has completed the acquisition of six 300,000 dwt very large crude carriers (VLCCs) from Euronav NV. The tanker company providing energy transportation services for crude oil, petroleum products and liquefied natural gas announced in a press release that it has completed its previously announced acquisition of six 300,000 DWT VLCCs for a purchase price of $434 million, inclusive of assumed debt, from Euronav. The six vessels have an average age of two years and include five 2016-built VLCCs and one 2015-built VLCC…

12 Jun 2018

Euronav Sells Suezmax Cap Jean

Photo: Euronav

Tanker company Euronav NV announced that it has sold the Suezmax Cap Jean (1998 – 146,643 dwt) for USD 10.6 million. The vessel was delivered to her new owners on June 8th. The Company will record a capital gain of approximately USD 10.6 million in the current quarter. The sale of the Cap Jean is part of a fleet rejuvenation program. Together with the sale Euronav is taking in operation four new Suezmax vessels, of which two have already been delivered, with the remaining two due for delivery from the Hyundai yard in South Korea (HHI) during summer 2018.

04 May 2018

International Seaways Confirms Acquisition of Six VLCCs from Euronav

Photo: Euronav

Tanker company International Seaways said that it has entered into a stock purchase and sale agreement to acquire the holding companies for six VLCCs from Euronav NV in connection with the closing of Euronav’s announced acquisition of Gener8 Maritime. The $434 million transaction is inclusive of assumed debt, and includes five 2016-built VLCCs and one 2015-built VLCC, each constructed at Shanghai Waigaoqiao Shipbuilding Co. The Company intends to fund the transaction, which is expected to close in the second quarter of 2018…

27 Apr 2018

International Seaways Funds FSO Joint Ventures

Image: International Seaways

International Seaways announced that its joint ventures with Euronav NV, which own the FSO Africa and FSO Asia floating storage and offloading service vessels, have closed on a $220 million credit facility. Based on INSW’s 50% ownership in the joint ventures, the Company has received $110 million in proceeds from the drawdown of the facility, which it expects to use for general corporate purposes, including to partially fund the previously announced VLCC acquisition. “With the $110 million term loan…

26 Apr 2018

Euronav Secures Loan for Four Ice-class Suezmaxes

Courtesy Euronav

Tanker shipping company Euronav has secured a loan facility providing financing for four ice-class suezmax newbuildings under construction by Hyundai Samho Heavy Industries Co., Ltd., two of which have recently been delivered with the remaining two scheduled for delivery later in 2018.Watson Farley & Williams LLP (WFW) said it acted for Crédit Agricole Corporate & Investment Bank in relation to a $173.5 million loan facility for Euronav NV signed on March 22, 2018. The commercial lenders were Crédit Agricole Corporate & Investment Bank…

21 Mar 2018

Euronav, Gener8 Maritime Merger to Close in 2Q 2018

Photo: Euronav NV

Tanker operators Euronav NV said that it remains confident of closing a takeover of the U.S.-based provider of international seaborne crude oil transportation services Gener8 Maritime in the next three months. On 21 December 2017 the boards of Euronav and Gener8 Maritime announced agreement on a stock-for-stock merger for the entire issued and outstanding share capital of Gener8 pursuant to which Gener8 would become a wholly-owned subsidiary of Euronav (the Combined Entity). "Work on the transaction is proceeding as planned with an anticipated closing in the second quarter of 2018…

21 Mar 2018

Euronav Says 2017 Was a Challenging Year

Photo: Euronav NV

2017 was a challenging year for th Belgium-based tanker owner Euronav NV from an operational perspective on account of challenging freight market driven by ship oversupply & OPEC restrictions, said Paddy Rodgers, CEO of Euronav. The concentrated delivery schedule of new tonnage coupled with restricted crude supply from extended OPEC production cuts maintained freight rates at low levels throughout the year. Despite these headwinds, demand for oil continued to remain robust and above long-term trend boosted by rising global economic growth and a supportive oil price structure.

14 Mar 2018

Gener8 Maritime Reports 4Q Loss of $45.4 mln

Photo: Gener8 Maritime Inc

The New York-based Gener8 Maritime Inc. (GNRT) reported a loss of $45.4 million for the fourth-quarter ended December 31, 2017, after reporting a profit of $5.8 million in the same period a year earlier. The crude oil transportation services provider reported a loss of $168.5 million for the year ended December 31, 2017. Gener8 Maritime has increased full fleet "ECO" operating days to 65.1% in the three months ended December 31, 2017, compared to 43.4% in the same period in the prior year.

08 Mar 2018

International Seaways Updates on VLCC Acquisition and MR Vessel Sales

Image: International Seaways

International Seaways, one of the largest tanker companies worldwide, said it acquired a 2010-built VLCC for $53 million, the Seaways Raffles, which commenced trading in the Tankers International pool, during the fourth quarter of 2017. During the fourth quarter, the company, which provides energy transportation services for crude oil and petroleum products in International Flag markets,  sold a 2004-built MR, which was delivered to buyers in November 2017. The Company also sold a 2002-built MR…

22 Dec 2017

International Seaways Acquires Six VLCCs

Photo:  Euronav

International Seaways has entered into a binding letter of intent to acquire the holding companies for six 300,000 DWT VLCCs with an average age of 1.7 years from Euronav NV in connection with the closing of Euronav’s announced acquisition of Gener8 Maritime, Inc. (GNRT). The purchase price for the six-vessel acquisition is $434 million, inclusive of assumed debt. The six vessels that INSW has agreed to acquire include five 2016-built VLCCs and one 2015-built VLCC, each constructed at Shanghai Waigaoqiao Shipbuilding Co.…

01 Nov 2017

Euronav: VLCC Order Book Expands

Photo: Euronav

The challenging freight market during the third quarter came despite some encouraging signs with active scrapping of vessels returning (nine VLCCs scrapped plus one removed from fleet for FPSO project; six Suezmax scrapped during the third quarter) incentivized by a steel price at near three-year highs, says Euronav NV. This was supported by continued upgrades to crude oil demand with the IEA raising its forecast for 2017 from 1.2 mbpd to 1.6 mbpd over the course of the third quarter and U.S. crude exports again making further progress to record on average 933k bpd for the third quarter.

28 Sep 2017

Statoil Charters ULCC to Hold Crude for Asia buyers

File Image (CREDIT: AdobeStock / (c) Jose Gill)

Oil storage is feasible with low freight rates, capital costs; backwardation pushes traders to churn oil faster from storage. Norway's Statoil ASA has chartered the last remaining Ultra-Large Crude Carrier (ULCC), the world's largest oil tankers, to store oil off of Malaysia for distribution in smaller parcels to its clients in Asia, company executives said. Statoil has booked the TI Europe, capable of carrying up to 3 million barrels of oil, more than the daily consumption of South Korea…

01 May 2017

Positive Trends in Tanker Market

Photo: Euronav

Euronav NV CEO Paddy Rodgers said that the company's financial results for Q1 was a confirmation of our thesis: short term challenges but a positive medium structure building for the tanker sector. On the positive side demand for crude oil remains robust. The recently adjusted IEA forecast for 2017 at 1.3 million bpd growth still drives a requirement equivalent to an additional 35-45 VLCCs of shipping demand for 2017 alone depending on sourcing as most demand growth is from the Far East and therefore will need to be shipped.

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