Euronav delays VLCC deliveries

Euronav delays VLCC deliveries

Euronav has delayed delivery of two VLCCs it has on order at Hyundai Heavy Industries (HHI) by around three months until the first quarter of 2017.

The NYSE-listed tanker giant purchased the vessels as resales in July from Petros Pappas’  private company Product Shipping and Trading for $84.5m each.

The duo were originally scheduled to hit the water in October and November this year.

“It is, in fact, hard to understand why anyone would think of taking delivery of a ship in the last two to three months of the year, given the importance that the vintage year has on the value of any ship,” said Hugo De Stoop, Euronav’s CFO.

“It makes sense for any ship owner to do this, and would assist in smoothing out the world orderbook going forward.”

Euronav will pay $97m to the yard in the first quarter of 2017, rather than in the final quarter this year, as scheduled previously.

 

 

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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