International Seaways takes six Euronav VLCCs

International Seaways takes six Euronav VLCCs

American tanker operator International Seaways has revealed it is the company taking six modern Euronav VLCCs for $434m on the back of the latter’s move to acquire Gener8 Maritime. The six 300,000 dwt ships have an average age of 1.7 years and all of them were built at Shanghai Waigaoqiao Shipbuilding.

The deal, scheduled to go through in the first half of next year, will see the average age of the International Seaways fleet reduce by more than two years while expanding the size of the fleet by 30% on a dwt basis. The International Seaways fleet will hit 60 ships with this acquisition.

The company’s president Lois Zabrocky described the deal as a “compelling” en bloc transaction.

Euronav decided to sell the six ships to preserve the company’s liquidity as it went about a $504m deal to take over tanker rival Gener8 Maritime.

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