Euronav offloads VLCC for offshore conversion

Belgian tanker owner Euronav continues to sell off some of its older tonnage, today announcing the sale of 2004-built VLCC Flandre for $45m.

The vessel has been sold to an operator of offshore floating platforms and delivery is scheduled before the end of the year. It will then be converted to an FPSO, leaving the worldwide VLCC fleet.

Paddy Rodgers, CEO of Euronav said: “This is a remarkable accomplishment for Euronav and simultaneously achieves two key objectives for the Company. Firstly, it profitably assists our fleet renewal program by reducing the age of our fleet and will allow capital to be recycled into modern tonnage. Secondly, this is the seventh vessel we have successfully introduced into an offshore project, further demonstrating our reputation for providing high quality operational tonnage for the offshore sector.”

Flandre is the oldest vessel in the Euronav VLCC fleet after last month’s $22m sale of 2001-built VLCC Artois (pictured) to Ridgebury Tankers.

Euronav will realise a capital gain of around $20.3m from the sale.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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