New Euronav chief executive Alexander Saverys has revealed how the future might look for the tanker owner after sealing John Fredriksen and Frontline’s exit.
Saverys, who is also CEO of private Saverys family-controlled shipowner Compagnie Maritime Belge, will run the Brussels and New York-listed Belgium owner with his siblings.
The family has emerged with a 49% stake in Euronav after buying Norwegian tycoon Fredriksen out, while Fredriksen’s Frontline paid $2.35bn for 24 modern Euronav VLCCs.
The deal ended an impasse arising from CMB thwarting a merger between Frontline and Euronav agreed in 2022.
Asked how difficult it was to finalise the transaction, Saverys told TradeWinds: “Well, when something takes 18 months to agree upon, it has clearly not been an easy ride.
“This being said, we always believed that the elements of a deal were going to be centred around taking John out of Euronav and selling a part of the fleet.
“On the one hand, it’s just business and another deal, albeit a big one. On the other hand, this is a very important and transformational project for our family, so our minds were in this but also our hearts.”
Saverys said relations remain good with the Fredriksen/Frontline side.
Euronav now wants to accelerate a strategy around decarbonisation and diversification, while “optimising” its fleet.
This includes possible vessel sales and retrofits.
Buying CMB.Tech?
Asked how the Frontline cash will be used, he said: “One of the possibilities is an acquisition of part or the totality of CMB.Tech.”
CMB.Tech is a CMB spin-off specialising in zero-carbon vessels and fuel projects.
“But we could also use the cash to buy secondhand or newbuilding tonnage to diversify/modernise/green the fleet,” Saverys added.
The sale of low-carbon CMB ships to Euronav is also one of the avenues the new management team will explore.
Saverys pointed out that two VLCCs on order in China have been acquired as resales by Euronav from CMB this year, and other similar deals could be done.
The new Euronav boss now has two big CEO roles on his plate.
He told TradeWinds both companies are running well with separate teams. “If part of the fleets would be combined going forward, we will see how we can integrate the teams.”
