Euronav inks VLCC sale and leaseback deal

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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