Euronav to Sell Ship Management Business to Anglo-Eastern

Euronav entered an agreement to sell its ship management business (file photo)

Published Apr 16, 2024 4:21 PM by The Maritime Executive

The Saverys family continues in its efforts to reform tanker operator Euronav as they pursue their vision for the future of shipping. After having taken full control of Euronav earlier this year and completing a merger with CMB.TECH, they have now entered an agreement to sell Euronav Ship Management Hellas, the company’s ship management arm to Anglo-Eastern Univan Group.

Terms of the agreement were not announced and they reported that the Heads of Agreement signed between the companies is subject to further documentation and final board of directors’ approval. The proposed transaction calls for Anglo-Eastern to assume ownership of ship management responsibilities for the vessels currently under ESMH on an “as is” basis. The companies highlighted that they are joining forces and building on their existing relationships.

Bjorn Hojgaard, CEO of Anglo-Eastern, emphasized the mutually beneficial nature of the agreement saying that it “will enable both companies to focus on what they do best.” Anglo-Eastern will be responsible for ship management and a broad range of initiatives related to safety, quality, digitalization, crew training, and decarbonization.

Post-integration, ESMH will become part of Anglo-Eastern’s global network, offering the combined entity a wide range of growth opportunities in different regions and ship types. Anglo-Eastern highlights that the transaction will provide it with a strong local presence in the Greek market while also greatly enhancing its footprint in large crude oil tankers. Anglo-Eastern according to its homepage currently has more than 650 vessels representing 52 million dwt under technical management.

Euronav Ship Management (Hellas) was established in Athens, Greece in 2005 and is engaged in the ship management of the trading ocean-going oil tankers of Euronav and the supervision of newbuilding constructions. The ship management responsibilities include crewing, technical, procurement, accounting, safety, and quality assurance.

Since the Saverys completed the integration of Euronav and CMB.TECH, the combined company has grown to around 150 ocean-going vessels (including newbuildings) in dry bulk, container shipping, chemical tankers, offshore wind vessels, and oil tankers. CMB.TECH will become the overarching parent company focusing on new technologies including ammonia and hydrogen for shipping and other segments of transportation while Euronav will continue as the brand for tanker ownership.