Euronav seals sale and leaseback agreement for four VLCCs
Euronav has entered into a five-year sale and leaseback agreement for four VLCC vessels with investment vehicles advised by Wafra Capital Partners, a Kuwaiti backed private equity partnership. The four VLCCs are the Nautilus (2006), Navarin (2007), Neptun (2007) and Nucleus (2007). The transaction assumes a net en-bloc purchase price of $186m. The transaction produced a capital gain of about $37m for the Belgian tanker operator. After repayment of the existing debt, the transaction generated in excess of $100m free cash. The vessels were delivered to their new owners, the investment vehicles advised by Wafra Capital Partners on December 22. Euronav has leased back the four vessels, which were built by Dalian Shipbuilding Industry Co (DSIC), under a five year bareboat contract at an average rate of $22,000 per day per vessel and at the expiry of each contract the vessels will be redelivered to their new owners.
Maersk tanker laid up for at least one year
The low rates at the crude oil market forced Maersk Tankers to decommission two of its supertankers, the "Maersk Nautilus" and "Maersk Nucleus". The two ships will be laid up next to Malaysia's coast for at least a year. They will be moored in Brunei Bay, which is a popular place for laying up ships. Another supertanker - the "Titan Tulshyan" - is already at anchor in the bay.Upload News