Euronav orders 1 VLCC and 2 Suezmaxes

Source: www.gulfoilandgas.com 12/7/2023, Location: Africa

Euronav NV has lifted the option for one more VLCC at Qingdao Beihai (China) and ordered two Suezmaxes at Daehan Shipbuilding (South Korea).

Euronav now has three VLCC’s on order at Qingqdao Beihai following the ordering of two VLCC’s earlier in the year. The purchase price of the third ship is identical to the previous two. The vessel is expected to be delivered in Q4 2026 and will be ready to be powered by a dual-fuel diesel-ammonia engine.

Furthermore, Euronav has concluded two newbuilding ice classed Suezmax orders at Daehan Shipbuilding. These two new ships have been long term time chartered to Valero. Delivery of these vessels is expected in April/May 2026 when each of the time charter contracts will begin.

CEO Alexander Saverys said: “We are very happy to extend our series of ammonia powered VLCC’s at Qingdao Beihai. We now have three state-of-the-art VLCC’s on order that are attractively priced and will deliver within 2026. We are also delighted to extend our relationship with our long-standing customer Valero with an order of 2 new Suezmaxes that will enter long term time charters. These two transactions reflect the strength of the Euronav position in the tanker market and the rapid application of our new strategy. We look forward to updating you in detail on our strategy at our upcoming capital market day in Q1 2024.”


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