Euronav names LNG-ready newbuild duo
South Korean shipbuilder Hyundai Samho Heavy Industries hosted a christening ceremony last week for Euronav’s two tanker newbuilds, MV Brest and MV Bristol.
The two 157,000 dwt Suezmax tankers were ordered back in 2021 costing $186 million en-bloc, and including $4.2 million in additions and upgrades to the standard specifications.
Euronav said at the time that the newbuilds would be built to be LNG-ready and that it was working with the yard on integrating readiness for ammonia as a future fuel.
The IMO Tier III-compliant duo has been described as highly fuel-efficient, equipped with exhaust gas scrubber technology and ballast water treatment systems.
The two ships are slated for delivery in 2024.
Based on Euronav’s data, the company has six vessels on order, including two Suezmax tankers at Daehan Shipbuilding Co. and two VLCCs at CSSC Qingdao Beihai Shipbuilding.
The construction of the 319,000 dwt VLCC represents Beihai Shipbuilding’s inaugural venture into this vessel category.
The yard said that in anticipation of future environmental standards, the ships will be equipped with provisions for potentially integrating two 6,000 cubic meter ammonia fuel storage tanks. This readiness will enable the vessel to transition to ammonia-based propulsion, paving the way for “zero-carbon” operation in the future.
The order came on the back of a significant transaction between Euronav’s majority shareholders, CMB, and Frontline, which resulted in Frontline’s acquisition of twenty-four eco VLCCs from Euronav.
This strategic acquisition enhances Frontline’s fleet to a total of 89 vessels, establishing the company as the largest tanker owner in the public domain when measured by deadweight tonnage. It also reduces the average fleet age of the company to 6.1 years, with the addition of 24 ECO vessels expected to enhance fuel efficiency and reduce fleet emissions.
In contrast, Euronav is focused on diversifying and modernizing its fleet, with a strong emphasis on integrating alternative fuels and future-proofing its fleet.
After finalizing the deal with Frontline, CMB plans to implement an ambitious decarbonization strategy for the company which will include fleet diversification, decarbonization, and optimization.
This diversification will include acquiring second-hand future-proof tonnage, ordering newbuildings, and potentially adding part or entire CMB and CMB.TECH’s future-proof fleet to Euronav’s portfolio, with a focus on low-carbon emitting ships, hydrogen and ammonia-powered ships.
CMB also plans to invest significantly in green technology, low-carbon engines, fuel supply systems, and the production of low-carbon fuels, positioning ‘Euronav as a leader’ in the decarbonization of the shipping industry.