Belgium’s Euronav has made three big moves in its fleet-renewal drive towards sustainable shipping.
The company has sold three VLCCs, taken delivery of two newcastlemax bulkers, and ordered three newbuildings.
Euronav has ordered one VLCC and two newcastlemax bulkers newbuildings at Qingdao Beihai Shipbuilding Heavy Industry.
“Euronav and CMB.Tech now have five VLCCs and 24 newcastlemaxes on order at Qingdao Beihai Shipyard. All of these will be ammonia ready/fitted,” the company said.
The prices for the single crude tanker and the pair of 210,000-dwt bulkers were not disclosed.
Qingdao Beihai is scheduled to deliver all three ships during the first half of 2027.
As part of its fleet optimisation plan, Euronav said it has sold three Dalian-built VLCCs — the 308,000-dwt Nectar and Noble (both built 2008) and Newton (built 2009).
The company did not disclose the buyer’s name nor the sale price of the individual tanker. But it said the transaction would generate a capital gain of $83.5m.
“This sale reconfirms Euronav and CMB.Tech’s strategy of recycling capital at a historical high point in the tanker market,” the company said.
Online platform VesselsValue puts a spot current market value of the Nectar at $49.41m, the Noble at $51.67m and the Newton at $53.51m.
On 18 March, Euronav and CMB.Tech took delivery of the fourth super-eco newcastlemax bulker — the 210,000-dwt Mineral France — from Qingdao Beihai.
“This brings Euronav and CMB.Tech’s newcastlemax fleet to four vessels on the water all trading spot in a highly supportive dry-bulk freight environment,” it said.
It is scheduled to take delivery of another six newcastlemaxes this year.
“These recent transactions once again demonstrate that Euronav and CMB.Tech are going full steam ahead with the ambition to grow and to become the benchmark in sustainable shipping,” the company said.
“The year 2023 has been a transformative period for Euronav and CMB.Tech and its shareholders. The deadlock with Frontline was resolved, the renewed strategy to become the benchmark in sustainable shipping was rolled out through the successful completion of the CMB.Tech transaction and the mandatory public takeover bid was concluded.”
Euronav will propose distributing $4.57 per share to all shareholders at its annual shareholders’ meeting scheduled for 16 May.
The proposed payout will be a combination of a dividend and a repayment from the share issue premium.
