Euronav now owns the world’s last two ULCCs

Euronav now owns the world’s last two ULCCs

Euronav now owns the only two remaining ULCCs in the world, having completed the $32.5m purchase of the Seaways Laura Lynn from its close tanker ally in the US, International Seaways. The ship has been renamed Oceania, and flagged with the Belgian registry. It joins the TI Europe at Euronav, the only other ULCC in the world.

“Bringing the only other ULCC in the world fleet under our control will provide us with a significant strategic opportunity,” Paddy Rodgers, CEO of Euronav, claimed today.

Two weeks ago just after it had completed its takeover of Gener8, Euronav sold six VLCCs to long term business partner International Seaways finalising a deal announced late last year.

Euronav and International Seaways have had a close working relationship for over a decade as part of their FSO joint venture with the TI Asia and TI Africa.

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.

Related Posts