Euronav Sells Very Large Crude Carrier, Flandre For US$45 Million

Published: Dec 05 2017
Deal Summary

Euronav NV, an independent tanker company focussed on transportation and storage of crude oil, sold its very large crude carrier (VLCC), Flandre for a sale consideration of US$45 million.

The VLCC is a 2004-built, France- flagged crude oil tanker, with a deadweight tonnage of 305,688 tons and gross tonnage of 159,016 tons. The tanker has a length of 332 m and breadth of 58 m. The vessel is expected to be delivered in December 2017.

The transaction is a part of Euronav’s fleet renewal program.

Paddy Rodgers, CEO of Euronav, said, "This is a remarkable accomplishment for Euronav and simultaneously 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 high quality operational tonnage for the offshore sector."

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