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Euronav Gains US 18M Upon Redelivery of 4 VLCCs Under Sale & Leasebac

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Published Jan 26, 2022 2:48 PM by The Maritime Executive

[By: Euronav]

Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav” or the “Company”) announces that upon the redelivery of 4 VLCCs, which occurs at the maturity of a five-year sale and leaseback agreement, the company will book a USD 18 million capital gain on disposal of assets. The four VLCCs are: the Nautilus (2006; 307,284 dwt), Navarin (2007; 307,284 dwt), Neptun (2007; 307,284 dwt) and the Nucleus (2007; 307,284 dwt). As the first ship was redelivered on 15 December 2021, USD 4.5 million will be booked in the fourth quarter of 2021, whereas the remaining USD 13.5 million will be booked in the first quarter of 2022.

After the departure of these four VLCCs the Euronav fleet will comprise of 41 VLCCs, 27 Suezmaxes, 2 FSO and 2 V-Plus. Euronav recently welcomed two newbuilding in its fleet, the Cedar (2022, 157,310 dwt) and the Cypress (2022; 157,310 dwt). These are two out of five Suezmax-newbuildings that will join the Euronav fleet in the upcoming years. The delivery of three newbuilding VLCCs is scheduled for the first and second quarter of 2023.

The products and services herein described in this press release are not endorsed by The Maritime Executive.