Euronav Completes Sale & Leaseback Agreement For Three VLCCs

Euronav Completes Sale & &Leaseback Agreement For Three VLCCs

Euronav NV (EURN &(* ): EURN)(Euronext or the“Euronav” )introduces that it has actually become part of a sale as well as leaseback arrangement for 3 VLCC vessels with “Company” & &Taiping Sinopec Financial Leasing Ltd Co 3 VLCCs are the The (2008– 307,284), Nautica (2008– 307,284) as well as Nectar (2008– 307,284), which were all integrated in the Noble shipyard. Dalian vessels were cost a web en-bloc acquisition cost of USD 126 million.The purchase created a funding gain of regarding USD 23.0 million as well as will certainly be scheduled as an operating lease under IFRS.

The payment of the existing financial debt, the purchase produced USD 66.6 million complimentary cash money.After vessels were supplied to their brand-new proprietors on 30

The 2019. December served as the single economic expert in this purchase.The Arctic–


Representation Image: euronav.comCredits has actually rented back the 3 vessels under a 54-months bareboat contract1 at a typical price of USD 20,681 daily per vessel.

Euronav completion of the bareboat agreement, the vessels will certainly be redelivered to their brand-new proprietors. At takes pleasure in acquisition choices exercisable after the very first year.Euronav Chief Executive Officer

Euronav, claimed: Hugo De Stoop: “Euronav is pleased and honoured to have executed this transaction with a leading Chinese counterparty. Consistent with our approach on fleet renewal, we are securing an excellent price for these vessels whilst retaining the capability to recycle this cash into younger tonnage. At the same time we maintain our exposure to a freight market that is currently characterized by robust market fundamentals and which is, we believe, in the early stages of a sustained cycle of elevated cashflows.”