Annual accounts filed by Euronav’s Luxembourg subsidiary have revealed the destination of an older VLCC sold in March.
Information from Euronav Luxembourg shows how the 308,000-dwt Newton (built 2009) was bought out of a Chinese finance lease and sold to South Korea’s Sinokor Merchant Marine for a massive profit.
The Belgian tanker owner’s subsidiary said it had declared an option to repurchase the tanker from Taiping & Sinopec TJ11 Shipping Leasing Co in January.
The ship had previously been bareboat-chartered back to Euronav Luxembourg.
The company paid $30m to take back ownership and then two months later sold the vessel for $54.5m.
The tanker was one of three Euronav VLCCs sold en bloc last month, with Chinese interests linked to the deal.
The accounts back up broker reports that Sinokor also acquired the 308,000-dwt Nectar and Noble (both built 2008).
Euronav Luxembourg said only that these two tankers were bought out of financial leases in China last year and sold on to the parent for a combined gain of $2m.
Euronav had previously revealed no details of the transaction other than a capital gain of $83.5m for all three ships.
The price of purchase options is rarely revealed in public statements.
Brokers told TradeWinds the sales were above their expectations and were seen as relatively firm following a decline in the value of older tankers.
Former Maersk Tankers vessels
The trio was sold to Euronav by Maersk Tankers in 2014 at prices ranging from $56.8m for the Nectar and Noble to $61.2m for the Newton.
Euronav Luxembourg has now sold all of its four VLCCs chartered to its parent.
But the company retains loans to Euronav.
The outstanding interest-bearing debt was $177m at the end of 2023, down from $190m in 2022.
There is also a $5m loan to Euronav Hong Kong, down from $10m the year before, and to Euronav Shipping NV for $18m. This is a new loan fixed in 2023.
The subsidiary received interest totalling $13.4m in 2023 from the loans, down from $16m in 2022.
Sinokor also snapped up five VLCCs built in 2009 and 2010 from John Fredriksen’s Frontline in January.
