Euronav Offloads Another Tanker Oldie

Belgium-based tanker owner Euronav NV has disposed of another ship in an effort to reduce the age of its fleet and invest in new vessels. 

The company has sold Flandre, a very large crude carrier (VLCC), for USD 45 million to “a global supplier and operator of offshore floating platforms.”

The France-flagged vessel is expected to be delivered in December 2017. It will be converted in a floating production storage and offloading (FPSO) unit by its new owner and will therefore leave the worldwide VLCC trading fleet, Euronav said.

Built at South Korean shipyard Daewoo Shipbuilding and Marine Engineering (DSME) in 2004, the 305,688 dwt Flandre is wholly owned by Euronav. Following the recent sale of the 2001-built Artois, Flandre is the oldest vessel in the company’s VLCC fleet.

A capital gain of approximately USD 20.3 million on the sale will be recorded in the current quarter, as informed by Euronav.

“This … achieves two key objectives for the company. Firstly, it profitably assists our fleet renewal program by reducing the age of our fleet and will allow capital to be recycled into modern tonnage. Secondly, this is the seventh vessel we have successfully introduced into an offshore project, further demonstrating our reputation for providing … operational tonnage for the offshore sector,” Paddy Rodgers, CEO of Euronav, commented.

Currenlty, Euronav’s owned and operated fleet comprises 54 double hulled vessels.

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