Euronav has ordered two high specification ice class suezmax tankers from Hyundai Heavy Industries in South Korea.
The Belgian tanker ordered the ships on the back of securing two additional long-term time charter contracts of seven years each with Valero Energy starting in late 2018. Euronav stressed the new ships were ordered as replacement tonnage and are not adding to what it described as “speculative new capacity” to the global tanker fleet.
Euronav’s CEO Paddy Rodgers said: “By extending our strong partnership with a key customer, Euronav is also providing high quality and long duration earnings visibility for our stakeholders. Such fixed income capability provides Euronav with enhanced financial optionality as we move forward.”