Euronav Sells Suezmax Veteran

Belgian tanker owner Euronav NV has disposed of another older vessel as it ramps up efforts to shed outdated tonnage and renew fleet.

Following last week’s sale of its oldest VLCC, Euronav said today that it has sold the 1998-built Suezmax Cap Georges for USD 9.3 million.

The 146,652 dwt vessel was delivered to its new owners yesterday.

The tanker owner and operator said that it will record a capital gain of approximately USD 8.5 million from the sale in the current quarter.

As explained, the sale of the Cap Georges comes in anticipation of the delivery of the first of four Suezmax vessels early in 2018 currently under construction at the Hyundai Heavy Industries (HHI) yard in South Korea.

These vessels are part of a seven-year contract for four vessels with an unnamed global refinery player.

Euronav’s owned and operated fleet consists of 55 double hulled vessels being 1 V-Plus vessel, 30 VLCCs, 18 Suezmaxes, four Suezmaxes under construction and two FSO vessels (both owned in 50%-50% joint venture).