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Euronav buys out Oak Maritime stake in a VLCC

Photo of Sam Chambers Sam ChambersNovember 2, 2016
13 Less than a minute

Euronav has agreed to pay Oak Maritime $39m to take over the outstanding 50% it does not control in the VLCC V.K. Eddie. Euronav will take full control of the 11-year-old, Daewoo-built tanker in mid-November.

Hugo De Stoop, Euronav’s CFO, said: “This is a logical move for both parties. It permits Euronav to further simplify our financial and operating structure. In addition, it reiterates our positive view on the medium-term outlook for the tanker sector by actively increasing our capacity at what, we believe, are attractive asset prices.”

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Photo of Sam Chambers Sam ChambersNovember 2, 2016
13 Less than a minute
Photo of Sam Chambers

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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