Euronav NV yesterday (May 19) announced an agreement with Bretta Tanker Holdings Inc. (Bretta) to terminate its Suezmax joint venture.

The joint venture covers four Suezmax vessels: the Captain Michael (2012 - 157,648 dwt), the Maria (2011 - 157,523 dwt), the Eugenie (2010 - 157,672 dwt) and the Devon (2011 - 157,642 dwt).

EURONAV Announces Termination Of Suezmax Joint Venture

Crude oil tanker Devon - Image: Euronav

Euronav will assume full ownership of the two youngest vessels, the Captain Michael and the Maria, and Bretta will assume full ownership of the Eugenie and the Devon.

MARIA - IMO 9530890

Crude oil Tanker Maria - Image: Euronav

According to the agreement, Euronav will compensate its partner for the difference in value due to the younger age profile of the ships it will own as well as the voyages in progress and will pay Bretta the sum of USD 15.1 million upon closing the transaction which is foreseen to take place in the current quarter.

Source: Euronav