Antwerp, Belgium - 19 November 2019
Euronav NV (NYSE: EURN &Euronext: EURN) (“Euronav” or the “Company”) announces it has entered into a joint venture together with affiliates of Ridgebury Tankers and clients of Tufton Oceanic. Each 50%-50% jointventure company has acquired one Suezmax vessel.
Euronav will also provide financing for the joint ventures on commercially attractive terms. The joint ventures have acquired the two Suezmax tankers for a total consideration of 40.6 million USD with the vessels being delivered for the winter spot market 2019/2020 (one vessel delivered with immediate effect and one vessel expected to be delivered before the end of themonth). Both vessels will be commercially managed by Euronav’s chartering desk.
This opportunistic undertaking reflects the strength of Euronav’s balance sheet and flexibility in responding quickly to the current constructive crude tanker market freight conditions. These two on-the-water vessels are ideally positioned to take advantage of what Euronav and our partners believe is the early stages of a sustained period of elevated freight rates in the largetanker market.
Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The Company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN.
Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav’s owned and operated fleet consists of 2 ULCCs, 42 VLCCs, 27 Suezmaxes (of which 2 owned in 50%-50% joint venture) and 2 FSO vessels (both owned in 50%-50% joint venture).
Euronav NV press release