EURONAV sells VLCC TI Topaz

By Vessels

Euronav NV (NYSE: EURN & Euronext: EURN) (Euronav) earlier today announced that the Company has sold the VLCC TI Topaz (2002 – 319,430 dwt), one of its two oldest VLCC vessels, for USD 21 million.

EURONAV sells VLCC TI Topaz
Image courtesy of Euronav

The vessel is wholly owned by Euronav. The company will record a capital loss on the sale of this vessel in an amount of USD 21 million and will record it in this current quarter.

The vessel is expected to be delivered during the second quarter ahead of its third Special Survey which will be performed by her new owner.

The TI Topaz joined the Euronav Fleet in the first quarter of 2005 and has contributed positively over the years to the results of Euronav especially during strong freight rate years such as 2005, 2006, 2008, 2010, 2015 and 2016. The book loss relates to the value of the ship in our books where assets follow straight line depreciation.

Source: Euronav