Euronav profits from suezmax sale to Seven Islands Shipping

Belgian tanker owning giant Euronav has announced the sale of 2005-built suezmax tanker Bastia.

The tanker was sold for $20.5m, slightly less than the VesselsValue market valuation of $21.04m, resulting in a profit of $700,000 in just 11 months.

Euronav acquired the vessel in November 2019 via 50-50 joint ventures with affiliates of Ridgebury Tankers and clients of Tufton Oceanic.

Data from VesselsValue shows the ship has been renamed Concord, and is part of the fleet of Seven Islands Shipping. The acquisition takes the Indian company’s fleet to 19 tankers.

“Whilst the holding period was relatively short, the strong tanker market over the past 11 months has helped driving an exceptional return in excess of 50% on this investment,” Euronav stated.

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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