Euronav to buy 15 VLCCs from Maersk Tankers Singapore for US$980 million

By Finance

Belgian shipping group Euronav decided to buy 15 VLCCs (Very Large Crude Carriers) from the Maersk Tankers Singapore Pte Ltd. The contract's price is US$980 million and will be paid when the vessels are delivered. The carriers are with average age of 4 years and will be acquired according to the plan of Euronav to expand their fleet which now has 1 ULCC, 11 VLCCs and 23 Suezmaxes.

The VLCCs will be operated by the company Tankers International VLCC Pool (Euronav is founding member). The large crude tanker market has good perspectives for the future.

The selling process will be conducted according to the shipping industry sale form. Vessels will be delivered to June this year except 1 ship under charter in the moment which will be delivered to the end of 2014. 

The Belgian company considers this contract as a beginning to a wider consolidation of the world tanker fleet, with the concurrent benefits of synergy and logistical enhancement to the benefit of all stakeholders. The advisor for Euronav about this deal was RMK Maritime.

Euronav - Company that provides shipping services. Euronav owns modern fleet of large tankers.

Maersk Tankers Singapore Pte Ltd - The company owns and operates a fleet of crude oil carriers and product tankers.

RMK Maritime - independent maritime advisory company located in London and New York.