Euronav completes sale of six VLCCs to International Seaways

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.”

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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