Euronav banks $34.7m from selling its vintage ULCC

Belgium-based tanker giant Euronav has sold its 2002-built ultra large crude carrier Europe to undisclosed buyers.

The New York and Brussels-listed owner said the Marshall Islands-flagged vessel will be delivered during the current quarter as debt-free and generate a capital gain of $34.7m.

The 441,561 dwt ship, which was one of only four of such scale constructed in 2002 and 2003 and also one of the oldest in the company’s fleet, will be used for storage after delivery. VesselsValue estimates the ULCC as worth $43.5m.

In June, the company offloaded its two oldest suezmax vessels, the 2004-built Cap Pierre and the 2003-built Cap Leon for a capital gain of $12.4m.

Euronav, with a fleet of around 70 ships, has an ongoing interest in the three other ULCCs. The company retains ownership of the 2003-built Oceania and 100% ownership of the 2002-built FSO Asia and FSO Africa, with both ULCC vessels converted into purpose-built FSOs under a long-term contract in Qatar.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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