Euronav Disposes of Its Only LR1 Tanker

tankerIllustration. Image Courtesy: Euronav

Belgium’s tanker shipping company Euronav NV has decided to sell Genmar Compatriot, a 2004-built LR1 tanker.

The 72,768 dwt vessel has been sold for USD 6.75 million to an undisclosed buyer.

As informed, the vessel will be delivered to its new owners in the course of April 2019.

Euronav expects to record a capital gain of approximately USD 0.4 million 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, according to Euronav.

Built at Dalian Shipyard in China, the Bermuda-flagged tanker has a capacity of 75,701 cbm. Genmar Compatriot, previously known as Stena Compatriot, currently has a market value of USD 10.06 million, VesselsValue’s data shows.

With this LR1 being sold, Euronav’s owned and operated fleet comprises 72 vessels — two ULCCs, 43 VLCCs, 25 Suezmaxes and two FSO vessels (both owned in 50%-50% joint venture).

Related:
Euronav Returns to Black, Expects Further Freight Rate Recovery
Rodgers to Step Down as Euronav CEO in 2019

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