Fresh from completing its takeover of Gener8 this week, Belgian tanker giant Euronav has now sold six VLCCs to long term business partner International Seaways finalising a deal announced late last year.
Euronav is disposing of six modern, Chinese built VLCCs to International Seaways for a total consideration of $434m which includes $123m in cash consideration and $311m in the form of assumption of the outstanding debt related to the vessels.
“This is an important part of the wider Gener8 Maritime transaction as it allows Euronav to retain leverage around our target level of 50% and to retain substantial liquidity going forward,” Euronav said in a release today.
The six vessels are the Gener8 Miltiades, Gener8 Chiotis, Gener8 Success, Gener8 Andriotis, Gener8 Strength and Gener8 Supreme.
Paddy Rodgers, CEO of Euronav, commented: “Euronav and International Seaways have had a close working relationship for over a decade as part of our FSO joint venture with the TI Asia and TI Africa. The transaction concluded today further cements that relationship and critically allows our company to retain substantial liquidity to navigate the tanker cycle.”
