Euronav’s VLCC Fleet Additions Owned by Maersk

Euronav’s four recently purchased fleet additions worth $342m were bought from Maersk Tankers, the Danish group said yesterday.

 
The four form part of a fleet of six VLCCs Maersk Tankers had on bareboat charter.

As the ships were not bringing in enough cash, Maersk Tankers decided to acquire them and sell them on.

“We have decided to pursue an exit of these unprofitable charters by purchasing the vessels from their current owners with the intention to subsequently resell them at an appropriate time,” said Morten Engelstoft, Maersk Tankers CEO.

Euronav has already purchased Maersk Tankers’ VLCC fleet of 15 ships for $980m.

The latest purchase are believed to be Japanese built vessels, Maersk Hojo, Maersk Hakata, Bright Harmony and Bright Pioneer.

The move will leave Maersk Tankers with only two crude tankers once the delivery to Euronav is completed, however Maersk explained that the move goes in line with its strategy “to become a pure product tanker company.”

Euronav will take over the VLCCs in 2014 and 2015.

[mappress]

Press Release; July 11th, 2014