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Euronav announces sells 6 VLCCs to International Seaways

Logistic News - Published on Mon, 18 Jun 2018

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Euronav NV announced that it has successfully sold 6 VLCCs to International Seaways. Euronav is disposing of six modern, Chinese built VLCCs to International Seaways for a total consideration of 434 million USD which includes $ 123 million in cash consideration and $ 311 million in the form of assumption of the outstanding debt related to the vessels. This is an important part of the wider Gener8 Maritime transaction as it allows Euronav to retain leverage around our target level of 50% and to retain substantial liquidity going forward. The six vessels are the Gener8 Miltiades (2016 – 301,038 dwt), Gener8 Chiotis (2016 – 300,973 dwt), Gener8 Success (2016 – 300,932 dwt), Gener8 Andriotis (2016 – 301,014 dwt), Gener8 Strength (2015 – 300,960 dwt) and Gener8 Supreme (2016 – 300,933 dwt).

Mr Paddy Rodgers, CEO of Euronav, said: “Euronav and International Seaways have had a close working relationship for over a decade as part of our FSO joint venture with the TI Asia and TI Africa. The transaction concluded today further cements that relationship and critically allows our company to retain substantial liquidity to navigate the tanker cycle.”

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Posted By : Nanda Koijam on Mon, 18 Jun 2018
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