Euronav Pushes Delivery of Two VLCCs at HHI

Antwerp-based tanker owner and operator Euronav NV has agreed with South Korean shipbuilder Hyundai Heavy Industries (HHI) to defer the delivery of the two VLCC ex-yard resale vessels it recently purchased to the first quarter of 2017.

Previously expected to be delivered between October and November 2016, the vessels will now be delivered in January 2017.

Pursuant to these deferred deliveries, the amount of approximately USD 97 million that was previously expected to be paid to the shipyard during the fourth quarter of 2016 is now expected to be paid in the first quarter of 2017.

“It is, in fact, hard to understand why anyone would think of taking delivery of a ship in the last two to three months of the year given the importance that the vintage year has on the value of any ship. It makes sense for any ship owner to do this, and would assist in smoothing out the world order book going forward,” Hugo De Stoop, CFO, said.

He added that Euronav “is pleased to capture two vessels with a 2017 vintage and further rejuvenate our wider VLCC fleet with two high specification vessels and, as they are resales, it is done without increasing the size of the world fleet.”

Euronav purchased the two newbuilding resale VLCCs from the Greek ship operator Product Shipping and Trading SA on July 27, data provided by VesselsValue shows.

The 300,000 dwt vessels, ordered en bloc in February 2014 under a contract valued at some USD 192 million, were sold for a price of USD 84 million each.

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