Euronav sells aging VLCC for FPSO conversion

Paul Gunton
Paul Gunton

07 August 2019

Antwerp-based tanker operator Euronav has announced that subsidiary Euronav Luxembourg has sold the 2005-built VLCC VK Eddie to a global supplier and operator of offshore floating platforms. A capital gain on the sale of approximately $14.4M will be recorded during the current quarter. The vessel has been delivered to her new owners, MOL subsidiary Modec, and will be converted into an FPSO and therefore leave the worldwide trading fleet.

VK Eddie

Euronav’s reputation for providing high quality operational tonnage is appreciated in the offshore sector with the 305,261 dwt VK Eddie being the ninth vessel the Company has successfully introduced into an offshore project over the past decade. The Daewoo-built vessel’s sister ship Flandre was also sold by Euronav to the same new owner at the end of 2017 for conversion.

Euronav considers regular fleet rejuvenation an important function of vessel management in providing quality services to its clients. With the transaction Euronav sold its oldest VLCC, bringing the total balance of its VLCC fleet to 42 VLCCs, with an average age of 6.7 years.