Belgium’s Euronav has entered joint ventures with affiliates of Ridgebury Tankers and clients of Tufton Oceanic, with each of the 50%-50% joint ventures having acquired a suezmax tanker.
Euronav will also provide financing for the joint ventures, who have paid $40.6m for the pair. The vessels being delivered this month, and both vessels will be commercially managed by Euronav’s chartering desk.
“This opportunistic undertaking reflects the strength of Euronav’s balance sheet and flexibility in responding quickly to the current constructive crude tanker market freight conditions. These two on-the-water vessels are ideally positioned to take advantage of what Euronav and our partners believe is the early stages of a sustained period of elevated freight rates in the large tanker market,” Euronav said.