Euronav Sells its Ageing VLCC

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(Image Courtesy: Marine Traffic)

Antwerp-based tanker owner and operator Euronav has sold the oldest vessel in its fleet, a very large crude carrier (VLCC). The 298,330 dwt tanker has been sold for USD 22 million to an undisclosed party.

The vessel is scheduled to be delivered to its new owner by early December, according to Euronav.

The company expects a capital gain of approximately USD 7.7 million on the sale which will be recorded in the current quarter. The sale is part of Euronav’s ongoing fleet renewal program and, together with other initiatives, reduces further the average age of the company’s fleet.

With the latest sale, Euronav’s fleet currently comprises 55 vessels. According to Vessels Value, the ship’s market value is USD 19.4 million. It was built at Hitachi shipyard in Japan in 2001.

Sea News, November 24