EURONAV Announces Long Term Time Charters And Fleet Renewal

By Vessels

Euronav NV (NYSE: EURN & Euronext: EURN) announces that it has signed two long-term time charter contracts of seven years each with Valero Energy Inc. for Suezmax vessels with specialised Ice Class 1C capability starting in 2018. 

EURONAV Announces Long Term Time Charters And Fleet Renewal

Image courtesy: EURONAV

In order to fulfil this contract, Euronav has ordered two high specification Ice Class Suezmax vessels from Hyundai Heavy Industries shipyard in South Korea. Additional specifications for these vessels include substantially increased steel structure, specific emissions controls and other bespoke operational capabilities. Delivery of these vessels is expected in early 2018 when each of the time charter contracts will begin.

Over many months of price discovery, management believes that the Company has secured an excellent price for two high specification vessels in line with its policy of not adding net new capacity to the global tanker fleet.

Paddy Rodgers said: “Euronav and its predecessors have been serving the Quebec refinery with purpose built new buildings since 1998. In a world of continuous change our commitment to serve our customer remains a constant point”.