Euronav Gets USD 41.7 Mil VLCC Ardenne Venture

Euronav NV yesterday announced that the company sold the double-hulled VLCC Ardenne Venture (2004 –318,658 dwt), for USD 41.7 million.

The vessel is owned by a 50/50 joint venture company with Wah Kwong Maritime Transport Holdings Ltd.

The capital gain on this sale of about USD 2.2 million (Euronav’s part) will be recorded at delivery. The net cash proceeds available to Euronav after the mandatory repayment of its debt obligation will be USD 10.2 million. The vessel is foreseen to be delivered to its new owner between mid December 2013 and the beginning of February 2014.

Euronav, November 15, 2013

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