The Saverys family’s clear-out of previous management at Euronav cost nearly $6m, figures in its annual report show.

All the Belgium tanker owner’s top bosses left last year as a result of the failed merger with John Fredriksen’s Frontline and the subsequent deal in which the Saverys took control.

The company’s remuneration report for 2023 shows that former chief executive Hugo De Stoop, who left by mutual agreement in May, received a basic salary of €141,000 ($151,000), with a termination fee of €1.7m and €662,000 in variable pay on top.

This gave him a total package of €2.8m.

The rest of the top table survived until November, when the Saverys family moved in as executives following the purchase by their Compagnie Maritime Belge of Fredriksen’s holding.

Chief financial officer Lieve Logghe received a basic salary of €478,000, plus a €928,000 termination fee, for a total of €1.96m.

British investor relations manager Brian Gallagher, paid in sterling, banked a pay-off of £324,000 ($407,000), lifting his total remuneration to £680,000.

Chief operating officer Alex Staring pocketed severance of €1.36m and chief people officer Thierry De Grieze received €480,000, while general counsel Egied Verbeeck banked a €500,000 pay-off.

The severance payments add up to more than $5.7m.

Emissions increase as fleet grows

Euronav also revealed an increase in its direct Scope 1 CO2 emissions due to a larger fleet.

The vessels pumped out 3% more CO2-equivalent at 2.23m tonnes last year as two VLCCs and a suezmax were added.

The average laden and ballast speed of the VLCC fleet was also higher in 2023 compared with 2022.

However, looking from an efficiency perspective, the Energy Efficiency Operational Index reduced to 4.38 grams per tonne of transport work, from 4.7 grams in 2022, the owner said.

EEOI is seen as a good metric to show efficient operation and utilisation of a fleet of vessels, because it refers to cargo carried during any given voyage, Euronav said.

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