Belgian tanker owner Euronav has decided to add one more VLCC to its fleet by exercising a previously agreed option for an additional newbuild.
The Brussels and New York-listed firm agreed to buy one ship back in August, with an option for another to be lifted in the next two months.
The option has now been lifted and the company will be buying a second one. Both vessels will cost $112.2m a piece with what Euronav described as highly favourable terms and schedule. The two VLCCs will be delivered in the third quarter of 2026.
Euronav has been stealing the headlines recently after the Saverys family and John Fredriksen agreed to end the two-year battle for control of Euronav whereby John Fredriksen-controlled Frontline could walk away – pursuant to approval by regulators and shareholders – with 24 Euronav VLCCs for $2.35bn in exchange for Fredriksen backing away from his aggressive takeover manoeuvres.
The ships in question are young, with an average age of 5.3 years, and they will make Frontline the largest publicly traded tanker owner in the world, with its fleet capacity leaping by 58% to 19.7m dwt.
Under the agreement, Frontline and Fredriksen’s investment vehicle Famatown will sell all their shares, representing 26.12% of Euronav’s issued shares, in the Belgian firm to the Saverys’ Compagnie Maritime Belge (CMB) at a price of $18.43 per share to be followed by a public mandatory takeover at the same price taking Euronav private.
