Euronav NV (NYSE: EURN & Euronext: EURN) (Euronav) announced earlier today that the Suezmax Bastia (2005 – 159,155 dwt) was sold for USD 20.5 million. A capital gain on the sale of approximately USD 0.7 million will be recorded in the current quarter in the joint venture company.
The vessel has been delivered to her new owners.
The vessel was acquired in November 2019 in a 50/50 joint venture with affiliates of Ridgebury Tankers and clients of Tufton Oceanic.
Whilst the holding period was relatively short, the strong tanker market over the past 11 months has helped driving an exceptional return in excess of 50% on this investment.