Euronav Sells and Leases Back VLCC Newton

MarineLink
Tuesday, February 23, 2021

Belgian tanker operator Euronav said Tuesday it had entered into a sale and leaseback agreement for the very large crude carrier Newton with China's Taiping & Sinopec Financial Leasing Ltd Co. The VLCC was sold for $36 million.

"The transaction produced a capital gain of about $2.4 million. After repayment of the existing debt, the transaction generated $19 million free cash," Euronav said.

The company has now leased back the 2009-built, 307,284 DWT VLCC under a 36-month bareboat contract at an average rate of $22,500 per day. At the end of the bareboat contract, the vessel will be redelivered to its owners.  

Euronav CEO Hugo De Stoop, stated, “Euronav is pleased that we managed to execute another transaction with this leading Chinese counterparty, as it is a trusted partner. By securing an excellent price for this vessel, we maintain the capability to purchase younger tonnage, using the generated revenues. This is consistent with our approach on fleet renewal.”


Categories: Energy Vessels Activity VLCC Crude Carriers

Related Stories

Aker Solutions, PTAS JV Hooks Brownfield Services Extension off Brunei

CDWE Wraps Up Pin Pile Installation Job for Taiwanese Offshore Wind Farm

Azeri SOCAR Plans New Agreements with Oil and Gas Majors

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

Indonesia's Medco Starts Production at Natuna Sea Fields

Indonesia Grants Approval to Kuwaiti Firm for Anambas Block in Natuna Sea

Scarborough FPU's Topsides and Hull Come Together in Major Engineering Feat (Video)

VARD Snags $125M Shipbuilding Deal for Subsea Construction Vessel

Woodside to Shed Some Trinidad and Tobago Assets for $206M

Current News

MODEC, Carbon Clean to Advance FPSO-Mounted Carbon Capture Tech

Aker Solutions, PTAS JV Hooks Brownfield Services Extension off Brunei

CDWE Wraps Up Pin Pile Installation Job for Taiwanese Offshore Wind Farm

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Azeri SOCAR Plans New Agreements with Oil and Gas Majors

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Fugro Lands Deepwater Gas Field Job in Southeast Asia

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

China's Sinopec Laucnhes $690M Hydrogen Venture Capital Funds

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com