Euronav rejuvenates VLCC fleet

Antwerp, Belgium - 29 April 2022

Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav” or the “Company”) purchased two eco-VLCCs, the Chelsea (2020 - 299,995 dwt) and the Ghillie (2019 - 297,750 dwt), for USD 179 million in total in cash. They are sisters of our D-class vessels (Delos, (2021 - 300,200 dwt), Diodorus (2021 - 300,200 dwt), Doris (2021 - 300,200 dwt) and Dickens (2021 - 299,550 dwt). These vessels were all built in Korea at DSME, are fitted with scrubbers and are the latest generation of eco-type VLCC.

In parallel to this transaction, Euronav has sold four older S-class VLCCs for an en-bloc price of USD 198 million. A capital gain of USD 1.2 million will be recorded on the sale of these vessels. The four vessels are the Sandra (2011 - 323, 527 dwt), Sara (2011 - 322,000 dwt), Simone (2012 - 315,988 dwt) and the Sonia (2012 - 314,000 dwt). All four vessels are non-eco VLCCs with significant higher consumptions and carbon footprint than modern eco-VLCCs.

Fleet rejuvenation
The combination of these two transactions demonstrates the Company’s focus on the modernisation of its fleet and the improvement of the fleet consumption and emission profile, which in turn enables Euronav to maximise the overall return of the company.

The transactions have reduced the average age of Euronav’s fully owned VLCC fleet from 7.3 years to 6.6 years, making it amongst the youngest VLCC fleets globally.

Euronav considers regular fleet rejuvenation as an important function of ship management in providing quality services to our clients. These top of the range eco-vessels will deliver an improvement in our operational performance upon delivery later this quarter. The price represents good value in the context of high newbuild prices and extended delivery schedules for new tonnage, but also in the swapping out of older for newer tonnage.

About Euronav
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 V-Plus vessels, 41 VLCCs (three to be delivered), 27 Suezmaxes (of which one is in a joint venture, two vessels that are time chartered in and three vessels to be delivered) and 2 FSO vessels (both owned in 50%-50% joint venture). Regulated information within the meaning of the Royal Decree of 14 November 2007.

Euronav NV press release