Euronav Offloads Suezmax Oldie

  • Business & Finance

As part of its fleet renewal program, Belgian crude oil shipping company Euronav has disposed of a 1998-built Suezmax tanker.

The 146,640 dwt Cap Romuald was sold for USD 10.6 million to an unnamed buyer.

As informed, the Suezmax was delivered to its new owner on August 22, 2018.

Following the sale, Euronav said it will record a capital gain of approximately USD 9 million in the current quarter.

In line with its fleet rejuvenation strategy and together with the sale, Euronav is taking in operation four new Suezmax vessels. Three of them — Cap Pembroke, Cap Quebec and Cap Port Arthur — have already been delivered to the company, with the remaining one due for delivery at the end of August.

The four vessels will all go under seven-year time charter contracts with a global refinery player, according to Euronav.

Earlier this month, Euronav reported a net loss of USD 51.6 million for the first half of 2018 following the completion of the merger with the US-based shipping company Gener8 Maritime.

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