Belgian tanker owner Euronav has entered into a sale and leaseback agreement for its 2009-built VLCC Newton with Taiping & Sinopec Financial Leasing.
The vessel was sold for $36m and leased back to Euronav under a 36-month bareboat charter contract at an average rate of $22,500 per day.
At the end of the bareboat contract, the vessel will be redelivered to its owners.
“Euronav is pleased that we managed to execute another transaction with this leading Chinese counterparty, as it is a trusted partner. By securing an excellent price for this vessel, we maintain the capability to purchase younger tonnage, using the generated revenues. This is consistent with our approach on fleet renewal,” said Euronav CEO Hugo De Stoop.